720434 NB Inc.
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- Proceeding
- Receivership (court-appointed)SECTION 33 OF THE JUDICATURE ACT, R.S.N.B. 1973, c. J-2, RULE 41 OF THE RULES OF COURT, N.B. REG 82-73 and SECTION 243 OF THE BANKRUPTCY AND INSOLVENCY ACT, RSC 1985, C B-3
- File
- SJM-41-2024
Filings held63
Last activity5 Aug 2026
On the record889 days
Secured debt$1.48M
OverviewSummary updated
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.
Claims processIf you are owed money
A claims procedure has been established — see the order for deadlines.
Per the Claims Process Order dated July 29, 2026 dated 29 July 2026.
Proceedings AIAsk this case — answers cite the filings
Case updates59 dated entries · 4 undated
#Filing
Notice of Motion for Leave to Appeal (Form 62A) returnable January 13, 2025.PDF — Application / notice of application
#Filing
Supplementary Notice of Appeal (Form 62C) dated December 17, 2024.pdf — Response / objection pleading
#Filing
Receiver's Notice of Motion to Quash Appeal dated December 9, 2024.pdf — Application / notice of application
#Filing
Executed Affidavit of Liam Murphy re Motion to Quash Appeal dated December 2, 2024.pdf — Application / notice of application
#Filing
Second Mortgage Holders Notice of Appeal dated November 15, 2024.pdf — Application / notice of application
#Report
On April 15, 2024, the Court of King's Bench of New Brunswick issued the order appointing Grant Thornton Limited as receiver and manager of 720434 N.B. Inc.
Source: Notice to Tenants - 720-760.pdf
#Filing
Amended Notice of Application with Schedules dated April 8, 2024.pdf — Application / notice of application
#Report
Supplement to the Pre-Filing Report of the Proposed Receiver dated April 8, 2024.pdf — Pre-filing report
Undated filings4 — no date appears on the document · show
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Filing
Written Submissions of the Appellants in Response to the Respondent's Motion to Quash the Appeal.pdf — Application filed
Parties
Debtor
720434 NB Inc.
Receiver
Doane Grant Thornton
Capital structureAs asserted in the filings
| 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 | Second Lenders - Loan 4: Peter Buehlow; Brenda Vanderelst; Colleen Robinson; Douglas Heaney; TFSA No. 262480 for Robert Campbell; LRSP No. 260596 for Ryan Labong; TFSA No. 262483 for Michelle Young; Ras of December 12, 2022 (mortgage execution date) — Mortgage against 21 Dickey Street, Amherst, NS, PID No. 25017815, Document No. 121926159 (registered mortgage principal, second position) — Amount shown is registered mortgage principal, not exact payout balance — debtor: 720434 N.B. Inc. | $922K | Affidavit of Kyle Ford.PDF |
| Secured | Second Lenders - Loan 2: 5020736 Ontario Inc.; John Law; Janice Wharton; LIRA No. 263525 for Joe Brown; TFSA No. 263533 for Adriana Donkersgoed; RRSP No. 262891 for Josh Wood; TFSA No. 252243 for Kathas of December 12-13, 2022 (mortgage execution date) — Mortgage against 15 Dickey Street, Amherst, NS, PID No. 25017781, Document No. 121926415 (registered mortgage principal, second position) — Amount shown is registered mortgage principal, not exact payout balance — debtor: 720434 N.B. Inc. | $729K | Affidavit of Kyle Ford.PDF |
| Secured | Second Lenders (collectively) - Loan 1: 14459059 Canada Limited; Jason Chin; Chen Liu; John Law; LIRA No. 260998 for Christopher Perry; TFSA No. 313101 for William Greunberg; RRSP No. 262426 for James · in 2 casesas of December 12-13, 2022 (mortgage execution date); payout statement effective March 8, 2024 — Mortgage against 10 Dickey Street, Amherst, NS, PID No. 25356205, Document No. 121926944 (registered mortgage principal, second position) — Amount shown is registered mortgage principal (Loan 1), not a stated exact payout balance; a payout statement effective March 8, 2024 exists (Exhibit D) but the exact figure was not visible in text — debtor: 720434 N.B. Inc. | $618K | Affidavit of Kyle Ford.PDF |
| Secured | Second Lenders - Loan 6: Waterford Homes; Iryna Gulevych; TFSA No. 258895 for Lesley Grisbrook; RRSPSP No. 310588 for Tim Milani; TFSA No. 258596 for Gayle Moss; TFSA No. 260289 for Angelo D. Giancolaas of date of mortgage registration (Document No. 46317233) — Mortgage against 720-760 College Street, Amherst/Bathurst area, PID Nos. 20846283, 20846309, 20846291, Document No. 46317233 (registered mortgage principal, second position) — Amount shown is registered mortgage principal, not exact payout balance — debtor: 720434 N.B. Inc. | $610K | Affidavit of Kyle Ford.PDF |
| Secured | Second Lenders - Loan 8: Leysa Colantonio; Andrew Brockway Medicine Prof Corporation; Peter Bieberstein; RRSP No. 257228 for Bogna Kotasinska; RRSP No. 255979 for Anthony Tse; TFSA No. 255696 for Jessas of date of mortgage registration (Document No. 42617266) — Mortgage against 9 Rue Butte-a-Eloi, Cap-Pele, NB, PID No. 70292529, Document No. 42617266 (registered mortgage principal, second position) — Amount shown in para 9 as $247,500 but summary table (para 10) lists $574,200 for this same loan/property - discrepancy in document itself between narrative and summary table; not a balance, registered principal figure(s) as stated — debtor: 720434 N.B. Inc. | $248K | Affidavit of Kyle Ford.PDF |
| Secured | Lauren Molyneaux (Loan 3)as of November 29, 2022 (mortgage execution date) — Mortgage against 15-29 Donald Street, Amherst, NS, PID No. 25017906, Document No. 12196879 (registered mortgage principal, second position) — Amount shown is registered mortgage principal, not exact payout balance — debtor: 720434 N.B. Inc. | $248K | Affidavit of Kyle Ford.PDF |
| Secured | Second Lenders - Loan 7: Jonathan Molyneaux; RRSP No. 262870 for Jonathan Molyneauxas of date of mortgage registration (Document No. 12196879) — Mortgage against 80 Rupert Street, Amherst, NS, PID No. 25030644, Document No. 12196879 (registered mortgage principal, second position) — Amount shown is registered mortgage principal, not exact payout balance — debtor: 720434 N.B. Inc. | $185K | Affidavit of Kyle Ford.PDF |
| Secured | Caisse Populaire Acadienne Lteeas of April 15, 2024 (Receivership Order date) — First mortgage(s) on properties owned by 720434 N.B. Inc.; roughly $16,000,000 referenced as amount required to pay out Caisse per '35 McKnight Plan' — Applicant/first-ranking secured lender that obtained Receivership Order; ~$16,000,000 figure is a proposed payout estimate under 35 McKnight Plan, not a stated balance — debtor: 720434 N.B. Inc. | — | Affidavit of Kyle Ford.PDF |
“not stated” means the record names the claim without a figure; “—” means not in the extracted record.
This 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.
Sale processAs stated in the filings
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 | $33KReceiver would direct $33,000 to Clear Claim out of the disputed $150,000 Clear Claim Funds | 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,… |
AdvisorsGrant Thornton Limited (sale agent)Second Report of the Receiver dated July 29, 2024.pdf
RecoveriesAs stated in the filings
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 distribution | Estimatedper the receiver | Ninth Report of the Receiver · 25 May 2026 |
| Secured | Second Mortgage Holders | $5.76Mestimated | 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.
Documents
63 filings
| Date | Document | File |
|---|---|---|
| Notice of Motion | ||
| Brief dated August 4, 2026 | ||
| Notice to Creditors and Proof of Claim Form dated July 31, 2026 | ||
| Claims Process Order dated July 29, 2026 | ||
| Letter to Court dated July 14, 2026 | ||
| Pre Hearing Brief dated July 14, 2026 | ||
| Notice of Motion dated July 13, 2026 | ||
Supplement to the Ninth Report of the Receiver, dated July 10, 2026
| ||
Ninth Report of the Receiver dated May 25, 2026
| ||
Eighth Report of the Monitor dated March 3, 2026
| ||
| Seventh Report of the Receiver dated September 30, 2025 | ||
| Decision of Appeal heard September 11, 2025 | ||
| Sixth Report of the Receiver dated May 9, 2025.pdf | ||
| Affidavit of Jonathan Frenette filed on February 10, 2025.pdf | ||
Fifth Report of the Receiver dated January 31, 2025.pdf
| ||
| Notice of Motion for Leave to Appeal (Form 62A) returnable January 13, 2025.PDF | ||
| Decision of Appeal heard January 9, 2025 | ||
| Motion returnable January 9, 2025.pdf | ||
| Respondent Motion Brief returnable January 9, 2025.pdf | ||
| Affidavit of Kyle Ford sworn December 30, 2024.pdf | ||
| Supplementary Notice of Appeal (Form 62C) dated December 17, 2024.pdf | ||
| Receiver's Letter to Court of Appeal dated December 9, 2024.pdf | ||
| Receiver's Notice of Motion to Quash Appeal dated December 9, 2024.pdf | ||
| Executed Affidavit of Liam Murphy re Motion to Quash Appeal dated December 2, 2024.pdf | ||
| Fourth Report of the Receiver dated November 22, 2024.pdf | ||
| Second Mortgage Holders Notice of Appeal dated November 15, 2024.pdf | ||
| Notice of Hearing returnable November 5, 2024.pdf | ||
Notice of Motion returnable November 5, 2024.pdf
| ||
| Affidavit of Remi Doiron sworn November 1, 2024.pdf | ||
| Letter to the Court from Second Mortgagees.pdf | ||
| Letter to Interested Parties dated October 9, 2024.pdf | ||
| Affidavit of Leslie Phillipo Collard sworn September 27, 2024.pdf | ||
| Written Submissions of the Second Mortgagees.pdf | ||
| Affidavit of Jamie Collard sworn September 24, 2024.pdf | ||
| Filed Affidavit of Michael Lach sworn September 24, 2024.pdf | ||
Third Report of the Receiver dated September 19, 2024.pdf
| ||
| Affidavit of Douglas Schipilow.PDF | ||
| Appendix A - Conditions of Sale.pdf | ||
Second Report of the Receiver dated July 29, 2024.pdf
| ||
| Sales Process and Bidding Procedures dated June 21, 2024.pdf | ||
| Solicitation Letter dated June 21, 2024.pdf | ||
First Report of the Receiver dated June 5, 2024.pdf
| ||
| Notice and Statement of the Receiver 245.pdf | ||
| Notice to Tenants - 10 Dickey Street.pdf | ||
| Notice to Tenants - 15 Dickey Street.pdf | ||
| Notice to Tenants - 15-29 Donald Ave.pdf | ||
| Notice to Tenants - 150 Rue 10e.pdf | ||
| Notice to Tenants - 21 Dickey Street.pdf | ||
| Notice to Tenants - 35 McKnight Street.pdf | ||
Notice to Tenants - 720-760.pdf
| ||
| Notice to Tenants - 80 Rupert Street.pdf | ||
| Notice to Tenants - 9 Butte-à‐Éloi.pdf | ||
| Tenant FAQ and Property Manager Contact.pdf | ||
Amended Notice of Application with Schedules dated April 8, 2024.pdf
| ||
| Supplement to the Pre-Filing Report of the Proposed Receiver dated April 8, 2024.pdf | ||
| Pre-filing Report of the Proposed Receiver dated March 19,2024.pdf | ||
| Affidavit of Julien Levesque dated March 14, 2024.pdf | ||
| Affidavit of Jonathan Molyneaux.PDF | ||
Affidavit of Kyle Ford.PDF
| ||
| Appendix B - Tender Bidding Form.pdf | ||
| Confidentiality Agreement.pdf | ||
| Draft Affidavit of Kyle Ford | ||
| Written Submissions of the Appellants in Response to the Respondent's Motion to Quash the Appeal.pdf | ||
Filing titles, dates, and extracted key facts are public.
CiteProceedings., “720434 NB Inc.” (Receivership (court-appointed)), Court of King's Bench of New Brunswick. Retrieved 20 September 2026, https://proceedings.ca/case/720434-nb-inc