775 King Road and 2298 Fassel Avenue, Burlington, have been in court-appointed receivership since September 19, 2025, when the Ontario Superior Court of Justice (Commercial List) appointed TDB Restructuring Limited receiver and manager on the application of National Bank of Canada, under section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act, in court file CV-25-00751438-00CL. The bank asserts secured indebtedness of $1,232,726.32 and $1,032,973.88 across the two properties, whose book values — provided to the receiver by the debtor — are $1,808,190 for 775 King Road and $570,000 for 2298 Fassel Avenue. Unsecured claims include $10,804.00 owed to the City of Burlington, with smaller amounts to Turtle Bay Pools and Leisure Inc., Burlington Hydro, Enbridge Gas and Reliance Home Comfort.
The court granted an approval and vesting order for the sale to Humam Alsamawi. Closing terms, as extracted: vesting effective upon delivery of Receiver's Certificate confirming payment of Purchase Price and satisfaction of Closing conditions.
Source: 775 King Road - Approval and Vesting Order dated August 12, 2026
Endorsement of the Honourable Justice W.D. Black dated August 12, 2026 — Endorsement / reasons
Motion Record of the Receiver returnable August 12, 2026 — Application / notice of application
The court granted an approval and vesting order for the sale to Claudio Varrasso and Nicola Varrasso. Closing terms, as extracted: Vesting effective upon delivery of Receiver's Certificate confirming payment of Purchase Price and satisfaction of closing conditions.
Source: 2298 Fassel - Approval and Vesting Order dated February 24, 2026
Endorsement of the Honourable Justice W.D. Black dated February 24, 2026 — Endorsement / reasons
The officer filed report no. First Report of the Receiver. The receivership covers two real properties; the Fassel Property (vacant rental property) has been marketed and sold subject to court approval, while the King Property (the Debtor's principal residence) has not yet been marketed pending the outcome of the Debtor's bankruptcy appeal.
Source: First Report of the Receiver dated February 17, 2026
Motion Record of the Receiver returnable February 24, 2026 — Application / notice of application
The court appointed TDB Restructuring Limited as receiver and manager, on the application of National Bank of Canada. Court file CV-25-00751438-00CL.
Debtor
775 King Road and 2298 Fassel Avenue, Burlington, Ontario
Receiver
TDB Restructuring
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Black | Ontario Superior Court of Justice | 6 orders, Feb 2026 – Aug 2026 | 198 cases on record |
| Justice Steele | Ontario Superior Court of Justice | 2 orders, Sep 2025 | 245 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverTDB Restructuring | Fred Tayar & Associates Professional Corporation | 17 Feb 2026 | Factum · 17 Feb 2026 |
| Applicant | Miller Thomson LLP | 19 Sep 2025 | Service list · 28 May 2026 |
| Purchaser | Arnold Foster LLP | 28 May 2026 | Service list · 28 May 2026 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | National Bank of Canada · in 101 casesCharge registered 2024/05/29 against King Property, registered amount $3,200,000; NBC Payout Statement comprised of personal line of credit principal+interest $1,290,480.62 and legal fees $189,402.43; per diem $175.69 thereafter — First ranking charge per legal opinion of GLG; Receiver proposes distribution to NBC as senior secured creditor up to NBC Principal Indebtedness — debtor: Thomas Dylan Suitor · as of 15 Aug 2026 | $1.48M | Motion Record of the Receiver returnable August 12, 2026 |
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured |
10 more claims in 2 classes The stack holds Secured and Unsecured 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 · 2 approved · 2 not completed · 1 closed — The King APS represents the highest and best available offer, remains conditional on Court approvalSecond Report of the Receiver dated August 4, 2026 · 4 Aug 2026
| Purchaser | Price | Status | Source |
|---|---|---|---|
| Claudio Varrasso and Nicola Varrassothe assets described in the Sale Agreement (the 'Purchased Assets') · real property · agreement 19 Jan 2026 | not stated | Approved24 Feb 2026 | 2298 Fassel - Approval and Vesting Order dated… |
| purchaser under the Fassel APS, closed transaction, unnamedthe Fassel Property · real property | Subscribers | Closed6 Mar 2026 | Second Report of the Receiver dated August 4,… |
| offeror under the First APS, failed to closethe King Property · real property | not stated | Not completed | Second Report of the Receiver dated August 4,… |
| offeror under the Second APS, failed to closethe King Property · real property | not stated | Not completed | Second Report of the Receiver dated August 4,… |
| Humam Alsamawithe Debtor's right, title and interest in and to the assets described in the Sale Agreement (the 'Purchased Assets') · real property · agreement 3 Jul 2026 | Subscribers | Approved12 Aug 2026 | 775 King Road - Approval and Vesting Order… |
Secured creditors: a distribution. National Bank of Canada a distribution.FinalSecond Report of the Receiver · 4 Aug 2026
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Secured | — | — | interim | Finalper the receiver | Second Report of the Receiver · 4 Aug 2026 |
| SecuredNBC (secured creditor) | National Bank of Canada | — | interim | Finalper the receiver | Motion Record of the Receiver · 5 Aug 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.
2 blurred figures 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 plans3 engagements · 3 firms — latest: TDB Restructuring Limited, to 31 Jan 2026, Second Report of the Receiver · 4 Aug 2026
| Firm | Period | Hours | Fees | Rates | Source |
|---|---|---|---|---|---|
| Fred Tayar & Associates Professional CorpCounsel to the receiver | — | — | — | not stated | Second Report of the Receiver · 4 Aug 2026 |
| Goldberg, Lamba & Ghannoum LLPCounsel to the receiver | — | — | — | 1 person | Motion Record of the Receiver · 5 Aug 2026 |
| TDB Restructuring LimitedReceiver | to 31 Jan 2026 | — | not stated | Second Report of the Receiver · 4 Aug 2026 | |
5 blurred figures above
What each firm billed, and each person’s hours and rate — each as the filing states it, with its source.
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See all plansCumulative receipts
$54K
As at 17 Feb 2026First Report of the Receiver dated February 17, 2026
Cumulative disbursements
As at
Professional fees
As at
2 more reported figures
Each one as the filing states it, with its source.
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See all plans| Date | Document | File |
|---|---|---|
775 King Road - Approval and Vesting Order dated August 12, 2026
| PDF · Subscribers | |
Endorsement of the Honourable Justice W.D. Black dated August 12, 2026
| PDF · Subscribers | |
Supplementary Order dated August 12, 2026
| PDF · Subscribers | |
Factum of the Receiver dated August 6, 2026
| PDF · Subscribers | |
Motion Record of the Receiver returnable August 12, 2026
| PDF · Subscribers | |
Second Report of the Receiver dated August 4, 2026
| PDF · Subscribers | |
Service List dated May 28, 2026
| PDF · Subscribers | |
2298 Fassel - Approval and Vesting Order dated February 24, 2026
| PDF · Subscribers | |
Endorsement of the Honourable Justice W.D. Black dated February 24, 2026
| PDF · Subscribers | |
Order dated February 24, 2026
| PDF · Subscribers | |
Factum of the Receiver dated February 17, 2026
| PDF · Subscribers | |
First Report of the Receiver dated February 17, 2026
| PDF · Subscribers | |
Motion Record of the Receiver returnable February 24, 2026
| PDF · Subscribers | |
Notice and Statement of the Receiver dated September 29, 2025
| PDF · Subscribers | |
Appointment Order dated September 19, 2025
| PDF · Subscribers | |
Endorsement of the Honourable Justice Steele dated September 19, 2025
| PDF · Subscribers | |
| Factum of the Applicant dated September 12, 2025 | PDF · Subscribers | |
Application Record dated September 11, 2025
| 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., “775 King Road and 2298 Fassel Avenue, Burlington, Ontario” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 4 November 2026, https://proceedings.ca/case/775-king-road-and-2298-fassel-avenue-burlington-ontario
Sources last checked · summary updated 22 August 2026 · Report a correction · Printed from proceedings.ca/case/775-king-road-and-2298-fassel-avenue-burlington-ontario
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.