720434 N.B. Inc. is in court-appointed receivership under an order the Court of King's Bench of New Brunswick issued on April 15, 2024 (court file SJM-41-2024), naming Grant Thornton Limited as receiver and manager. The receivership followed an application by Caisse Populaire Acadienne Ltée, the company's first-ranking secured lender, brought under section 243 of the Bankruptcy and Insolvency Act and the New Brunswick Judicature Act. Caisse's security covers properties in New Brunswick and Nova Scotia, including in Cap-Pele, Fredericton and Amherst, and numerous individual and corporate lenders — many holding registered retirement, tax-free and other savings accounts — hold second-ranking mortgages behind it on the same properties.
A claims procedure has been established — see the order for deadlines.
Per the Claims Process Order dated July 29, 2026 dated 29 July 2026.
The officer filed report no. Second Supplement to the Ninth Report. The Receiver's analysis shows each property was cash flow positive on an operational basis through to closing of its sale. It recommends a further interim distribution to the Caisse to pay out the remainder of its secured claim, with the balance of proceeds held pending the Claims Process.
Source: Second Supplement to the Ninth Report of the Receiver dated August 5, 2026
The officer filed report no. Supplement to the Ninth Report. With the closing of the McKnight Property sale, the Receiver has fully realized on all of the Company's property for the benefit of creditors, and remaining matters relate to wind-down items such as the Clear Claim settlement and the Van Wart claim.
Source: Supplement to the Ninth Report of the Receiver, dated July 10, 2026
The officer filed report no. Ninth Report. The Receiver continued operating the remaining rental properties in the ordinary course while closing previously approved sale transactions with successful bidders, with only the McKnight Property sale remaining to close in June 2026, after which the Company's property will be fully realized.
The officer filed report no. Eighth Report. The Receiver continues to operate the 720 Properties in the ordinary course through property managers, responding to a tax sale notice, a property manager transition after Van Wart's closure, and pursuing closing of the Transactions following dismissal of the SAVO Appeal.
Notice of Motion for Leave to Appeal (Form 62A) returnable January 13, 2025.PDF — Application / notice of application
Supplementary Notice of Appeal (Form 62C) dated December 17, 2024.pdf — Response / objection pleading
Receiver's Notice of Motion to Quash Appeal dated December 9, 2024.pdf — Application / notice of application
Executed Affidavit of Liam Murphy re Motion to Quash Appeal dated December 2, 2024.pdf — Application / notice of application
Second Mortgage Holders Notice of Appeal dated November 15, 2024.pdf — Application / notice of application
Amended Notice of Application with Schedules dated April 8, 2024.pdf — Application / notice of application
Supplement to the Pre-Filing Report of the Proposed Receiver dated April 8, 2024.pdf — Pre-filing report
Written Submissions of the Appellants in Response to the Respondent's Motion to Quash the Appeal.pdf — Application filed
Guide
Power of sale vs foreclosure vs receivership in Canada
When a Canadian borrower stops paying a mortgage, the lender can sell the property itself, ask a court to foreclose, or have a receiver take control. How the routes differ by province, what each means for owners and tenants, and how long a receivership takes, drawn from the court record.
Case update
720434 N.B.: what the Caisse leaves, building by building
With 35 McKnight Street closed on July 6, the receiver has sold all nine properties for $18,945,000 gross. The court ordered a claims process on July 29, and on August 4 the second-mortgage lenders, whose appeal of the sale failed in February, asked for $1,000,000 from the surpluses on the Cap-Pelé and Bathurst properties.
Debtor
720434 NB Inc.
Receiver
Doane Grant Thornton
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverDoane Grant Thornton | McInnes Cooper | 9 Dec 2024 | Application · 9 Dec 2024 |
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | Second Lenders - Loan 5 (35 McKnight St mortgage): Brenda Vanderelst; 2364096 Ontario Ltd.; Raymond and Michelle Gauthier; Douglas Heaney; Antonina Mykhayletska and Anatoliy Mykhayletsky; Gordon Rodwias of March 1, 2023 (advance/Int. Adj. Date) — 2nd mortgage against 35 McKnight Street, Fredericton, NB, PID No. 75320168, Document No. 46392517, behind a 1st mortgage to a maximum of 75% of Purchase Price; Assignment of Rents; personal guarantees from Sean Kearney, Clifford (Jamie) Collard, Leslie Collard — Registered mortgage face amount ($1,480,000); actual net advance to lenders was $1,257,095 after 2% lender bonus deduction of $25,655 (see mortgage terms); personal guarantees exist from named individual guarantors — debtor: 720434 N.B. Inc. | $1.48M | Affidavit of Kyle Ford.PDF |
| Secured | |||
| Secured | |||
| Secured | |||
| Secured | |||
| Secured | |||
| Secured | |||
| Secured | |||
| Secured |
8 more claims in 1 class The stack holds Secured claims.
Every creditor and every amount, drawn to scale.
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See all plansThis proceeding was commenced by a secured creditor. The record does not include the debtor’s own statement of assets and liabilities — that ceiling is the record’s, not this page’s.
5 transactions · 3 closed · 1 approved · 1 proposed — With the closing of the sale of the McKnight Property transaction, the Receiver has fully realized on all the Company's Property for the benefit of creditors.Supplement to the Ninth Report of the Receiver, dated July 10, 2026 · 10 Jul 2026
| Purchaser | Price | Status | Source |
|---|---|---|---|
| Goji Properties Inc.the transaction with Goji Properties Inc. · real property | not stated | Closed9 Apr 2026 | Ninth Report of the Receiver dated May 25, 2026 |
| MS Acadia Inc.the transaction with MS Acadia Inc. · real property | not stated | Closed1 Mar 2026 | Ninth Report of the Receiver dated May 25, 2026 |
| Property Investment Atlantic Inc.the sale of the McKnight Property · real property | Sealed | Approved | Ninth Report of the Receiver dated May 25, 2026 |
| Clear Claimsettlement of the Clear Claim Funds held by the Receiver · asset sale | Subscribers | Proposed | Supplement to the Ninth Report of the Receiver,… |
| Colpitts Property Group Ltd.the McKnight Property · real property | not stated | Closed6 Jul 2026 | Supplement to the Ninth Report of the Receiver,… |
Unsecured creditors: not yet estimated. Caisse Populaire Acadienne a distribution · Second Mortgage Holders short.Supplement to the Ninth Report of the Receiver · 10 Jul 2026
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Secured | Caisse Populaire Acadienne | — | a distributionconditional | Estimatedper the receiver | Ninth Report of the Receiver · 25 May 2026 |
| Secured | Second Mortgage Holders | estimated | shortfall | Estimatedper the receiver | Third Report of the Receiver dated September 19, 2024.pdf · 19 Sep 2024 |
| Unsecured | — | — | not yet estimatedconditional | per the receiver | Supplement to the Ninth Report of the Receiver · 10 Jul 2026 |
Each row is one filing's statement, copied as it reads and never computed. "Estimated" is the officer's forecast; "Under the plan" is the plan's or proposal's own term; "Final" is a declared or paid distribution; a row with no chip states no footing. A range is the two numbers stated; "of proven claims" is the document's own denominator.
1 blurred figure above
The claims and what each class or creditor recovers — each as the filing states it, with its source.
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See all plansCumulative receipts
$5.23M
As at 5 Aug 2026Second Supplement to the Ninth Report of the Receiver dated August 5, 2026
Cumulative disbursements
As at
Cash on hand
As at
Professional fees
As at
3 more reported figures
Each one as the filing states it, with its source.
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See all plans| Date | Document | File |
|---|---|---|
| Notice of Motion | PDF · Subscribers | |
Second Supplement to the Ninth Report of the Receiver dated August 5, 2026
| PDF · Subscribers | |
| Brief dated August 4, 2026 | PDF · Subscribers | |
Notice to Creditors and Proof of Claim Form dated July 31, 2026
| PDF · Subscribers | |
| Claims Process Order dated July 29, 2026 | PDF · Subscribers | |
| Letter to Court dated July 14, 2026 | PDF · Subscribers | |
Pre Hearing Brief dated July 14, 2026
| PDF · Subscribers | |
| Notice of Motion dated July 13, 2026 | PDF · Subscribers | |
Supplement to the Ninth Report of the Receiver, dated July 10, 2026
| PDF · Subscribers | |
Ninth Report of the Receiver dated May 25, 2026
| PDF · Subscribers | |
Eighth Report of the Monitor dated March 3, 2026
| PDF · Subscribers | |
Decision of Appeal heard September 11, 2025
| PDF · Subscribers | |
| Seventh Report of the Receiver dated September 30, 2025 | PDF · Subscribers | |
| Decision of Appeal heard January 9, 2025 | PDF · Subscribers | |
| Sixth Report of the Receiver dated May 9, 2025.pdf | PDF · Subscribers | |
| Affidavit of Jonathan Frenette filed on February 10, 2025.pdf | PDF · Subscribers | |
Fifth Report of the Receiver dated January 31, 2025.pdf
| PDF · Subscribers | |
Respondent Motion Brief returnable January 9, 2025.pdf
| PDF · Subscribers | |
| Affidavit of Kyle Ford sworn December 30, 2024.pdf | PDF · Subscribers | |
| Notice of Motion for Leave to Appeal (Form 62A) returnable January 13, 2025.PDF | PDF · Subscribers | |
| Supplementary Notice of Appeal (Form 62C) dated December 17, 2024.pdf | PDF · Subscribers | |
| Motion returnable January 9, 2025.pdf | PDF · Subscribers | |
| Receiver's Letter to Court of Appeal dated December 9, 2024.pdf | PDF · Subscribers | |
Receiver's Notice of Motion to Quash Appeal dated December 9, 2024.pdf
| PDF · Subscribers | |
| Executed Affidavit of Liam Murphy re Motion to Quash Appeal dated December 2, 2024.pdf | PDF · Subscribers | |
| Fourth Report of the Receiver dated November 22, 2024.pdf | PDF · Subscribers | |
| Second Mortgage Holders Notice of Appeal dated November 15, 2024.pdf | PDF · Subscribers | |
| Affidavit of Remi Doiron sworn November 1, 2024.pdf | PDF · Subscribers | |
| Letter to the Court from Second Mortgagees.pdf | PDF · Subscribers | |
Affidavit of Kyle Ford.PDF
| PDF · Subscribers | |
| Letter to Interested Parties dated October 9, 2024.pdf | PDF · Subscribers | |
| Notice of Hearing returnable November 5, 2024.pdf | PDF · Subscribers | |
| Affidavit of Leslie Phillipo Collard sworn September 27, 2024.pdf | PDF · Subscribers | |
| Written Submissions of the Second Mortgagees.pdf | PDF · Subscribers | |
Notice of Motion returnable November 5, 2024.pdf
| PDF · Subscribers | |
| Affidavit of Jamie Collard sworn September 24, 2024.pdf | PDF · Subscribers | |
| Filed Affidavit of Michael Lach sworn September 24, 2024.pdf | PDF · Subscribers | |
Third Report of the Receiver dated September 19, 2024.pdf
| PDF · Subscribers | |
| Affidavit of Douglas Schipilow.PDF | PDF · Subscribers | |
Appendix A - Conditions of Sale.pdf
| PDF · Subscribers | |
Second Report of the Receiver dated July 29, 2024.pdf
| PDF · Subscribers | |
Sales Process and Bidding Procedures dated June 21, 2024.pdf
| PDF · Subscribers | |
| Solicitation Letter dated June 21, 2024.pdf | PDF · Subscribers | |
First Report of the Receiver dated June 5, 2024.pdf
| PDF · Subscribers | |
| Notice and Statement of the Receiver 245.pdf | PDF · Subscribers | |
| Notice to Tenants - 10 Dickey Street.pdf | PDF · Subscribers | |
| Notice to Tenants - 15 Dickey Street.pdf | PDF · Subscribers | |
| Notice to Tenants - 15-29 Donald Ave.pdf | PDF · Subscribers | |
| Notice to Tenants - 150 Rue 10e.pdf | PDF · Subscribers | |
| Notice to Tenants - 21 Dickey Street.pdf | PDF · Subscribers | |
| Notice to Tenants - 35 McKnight Street.pdf | PDF · Subscribers | |
Notice to Tenants - 720-760.pdf
| PDF · Subscribers | |
| Notice to Tenants - 80 Rupert Street.pdf | PDF · Subscribers | |
| Notice to Tenants - 9 Butte-à‐Éloi.pdf | PDF · Subscribers | |
| Tenant FAQ and Property Manager Contact.pdf | PDF · Subscribers | |
Amended Notice of Application with Schedules dated April 8, 2024.pdf
| PDF · Subscribers | |
| Supplement to the Pre-Filing Report of the Proposed Receiver dated April 8, 2024.pdf | PDF · Subscribers | |
| Pre-filing Report of the Proposed Receiver dated March 19,2024.pdf | PDF · Subscribers | |
| Affidavit of Julien Levesque dated March 14, 2024.pdf | PDF · Subscribers | |
| Affidavit of Jonathan Molyneaux.PDF | PDF · Subscribers | |
| Appendix B - Tender Bidding Form.pdf | PDF · Subscribers | |
Confidentiality Agreement.pdf
| PDF · Subscribers | |
| Draft Affidavit of Kyle Ford | PDF · Subscribers | |
| Written Submissions of the Appellants in Response to the Respondent's Motion to Quash the Appeal.pdf | PDF · Subscribers | |
Filing titles and dates are public, and so is each filing's own page. The figures read from them are for subscribers.
CiteProceedings., “720434 NB Inc.” (Receivership (court-appointed)), Court of King's Bench of New Brunswick. Retrieved 4 November 2026, https://proceedings.ca/case/720434-nb-inc
Sources last checked · summary updated 6 September 2026 · Report a correction · Printed from proceedings.ca/case/720434-nb-inc
Facts and summaries are extracted automatically from the court filings linked on each page; the filings remain the authoritative record. Suggested corrections are reviewed against the source filings.