#Sale
The court granted an approval and vesting order for the sale to 12252856 Canada Inc. Closing terms, as extracted: vesting effective upon delivery of Receiver's Certificate confirming payment of Purchase Price and satisfaction of conditions.
9265988 Canada Corp.
ActiveFollow
- Proceeding
- Receivership (court-appointed)section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act
- File
- CV-20-00635650-00CL
- Industry
- Real estate · Residential development
OverviewSummary updated
9265988 Canada Corp. has been under court-appointed receivership since February 12, 2020, when the Ontario Superior Court of Justice (Commercial List) appointed KSV Kofman Inc. as receiver on the application of MarshallZehr Group Inc. as Administrator, under section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act. The proceeding is active under court file CV-20-00635650-00CL. The company's principal asset is the property at 201, 227 and 235 King Road, Richmond Hill, Ontario, secured by a syndicated loan committed at $18,000,000 under an April 19, 2018 commitment letter as amended, led by Vector Financial Services Limited as agent with MarshallZehr as administrator. Trisura Guarantee Company of Canada holds a $3,500,000 mortgage on title, a PPSA registration and a deposit trust agreement covering pre-sold townhome deposits. Mortgages held by 9439676 Canada Inc., 10855278 Canada Inc. and 2592536 Ontario Inc. total approximately $6.9 million. The Toronto-Dominion Bank, which registered a PPSA financing statement, advised the receiver's counsel that nothing is owed to it.
Proceedings AIOpen Proceedings AI
Case updates9 dated entries
#Report
The officer filed report no. Second Report. The Company has no ongoing business operations beyond the real property development project; the Receiver has completed rezoning and is now seeking court approval of a sale transaction for the property and its own discharge.
#Order
Receivership order made over 9265988 Canada Corp., commencing the proceeding in the Ontario Superior Court of Justice (Commercial List) under file CV-20-00635650-00CL.
Parties
Debtor
9265988 Canada Corp.
Receiver
KSV
Bench and counselPer the orders and service lists on the record
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Conway | Ontario Superior Court of Justice | 2 orders, Aug 2020 | 310 cases on record |
| Justice Hainey | Ontario Superior Court of Justice | 2 orders, Feb 2020 | 211 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverKSV | Chaitons LLP | 11 Aug 2020 | Order · 11 Aug 2020 |
| CreditorKSV Kofman Inc | Chaitons LLP | 11 Aug 2020 | Order · 11 Aug 2020 |
Capital structureAs asserted in the filings
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | MarshallZehr Group Inc. (as Administrator, syndicated Loan led by Vector Financial Services Limited) · in 19 casesMortgage on the Property (201, 227, 235 King Road, Richmond Hill, Ontario); original facility amount per commitment letter dated April 19, 2018, as amended — Loan syndicated; Vector Financial Services Limited is agent/lead, MarshallZehr is administrator; loan was used to refinance existing mortgages on the Property; figure is original committed loan amount, not a stated outstanding balance — debtor: 9265988 Canada Corp. · as of 19 Apr 2018 | $18M | First Report of the Receiver dated March 5, 2020 |
| Secured | |||
| Secured | |||
| Secured | |||
| Secured |
4 more claims in 1 class The stack holds Secured claims.
Every creditor and every amount, drawn to scale.
Start 5-day trial
Card required. Nothing charged for 5 days. Cancel anytime.
Already a subscriber? Sign in.
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.
Sale processAs stated in the filings
2 transactions · 1 proposed · 1 approved — the Transaction is hereby approvedApproval and Vesting Order dated August 11, 2020 · 11 Aug 2020
| Purchaser | Price | Status | Source |
|---|---|---|---|
| Bridlepath Capital Corporation and City Core Consortia Limitedthe Real Property, Assumed Contracts, Permits and Plans · asset sale · nominee/assignee: a company to be incorporated · agreement 1 May 2020 | Sealed | Proposed | Second Report of the Receiver dated August 5,… |
| 12252856 Canada Inc.the Respondent's right, title and interest in and to the Purchased Assets · real property · agreement 30 Apr 2020 | not stated | Approved11 Aug 2020 | Approval and Vesting Order dated August 11, 2020 |
AdvisorsCBRE Limited (listing broker)Second Report of the Receiver dated August 5, 2020
Closing termsvesting effective upon delivery of Receiver's Certificate confirming payment of Purchase Price and satisfaction of conditionsApproval and Vesting Order dated August 11, 2020
Fees and ratesAs stated in the filings
3 engagements · 1 firm — latest: KSV Restructuring Inc., to 31 Jul 2020, in feesSecond Report of the Receiver · 5 Aug 2020
| Firm | Period | Hours | Fees | Rates | Source | |||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| KSV Restructuring Inc.Receiverperiod 3 of 3 | to 31 Jul 2020 | 2 people | Second Report of the Receiver · 5 Aug 2020 | |||||||||||||||||||||||||||
2 people — KSV Restructuring Inc., to 31 Jul 2020 · 9 blurred figures
| ||||||||||||||||||||||||||||||
| KSV Restructuring Inc.Receiverperiod 3 of 3 | 1 Apr – 31 Jul 2020 | 2 people | Second Report of the Receiver · 5 Aug 2020 | |||||||||||||||||||||||||||
2 people — KSV Restructuring Inc., 1 Apr – 31 Jul 2020 · 8 blurred figures
| ||||||||||||||||||||||||||||||
| KSV Restructuring Inc.Receiverperiod 1 of 3 | to 31 Mar 2020 | 3 people | Second Report of the Receiver · 5 Aug 2020 | |||||||||||||||||||||||||||
3 people — KSV Restructuring Inc., to 31 Mar 2020 · 11 blurred figures
| ||||||||||||||||||||||||||||||
37 blurred figures above
What the firm billed, and each person’s hours and rate — each as the filing states it, with its source.
Start 5-day trial
Card required. Nothing charged for 5 days. Cancel anytime.
Already a subscriber? Sign in.
See all plansEstate financialsReported figures — never derived
Professional fees
$69.3K
As at 31 Jul 2020Second Report of the Receiver dated August 5, 2020
Documents
9 filings
| Date | Document | File |
|---|---|---|
Approval and Vesting Order dated August 11, 2020
| PDF · Subscribers | |
Court Order dated August 11, 2020
| PDF · Subscribers | |
Motion Record returnable August 11, 2020
| PDF · Subscribers | |
Second Report of the Receiver dated August 5, 2020
| PDF · Subscribers | |
First Report of the Receiver dated March 5, 2020
| PDF · Subscribers | |
| Motion Record returnable March 12, 2020 | PDF · Subscribers | |
Endorsement of Justice Hainey dated February 12, 2020
| PDF · Subscribers | |
Receivership Order dated February 12, 2020
| PDF · Subscribers | |
Application Record returnable February 10, 2020
| 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., “9265988 Canada Corp.” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 4 November 2026, https://proceedings.ca/case/9265988-canada-corp