Ajax Meadows Ltd. (Real Property)
- Proceeding
- Receivership (court-appointed)section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act
- File
- CV-24-00718243-00CL
- Industry
- Real estate · Residential development
Ajax Meadows Ltd. (Real Property) has been in court-appointed receivership since April 22, 2024, when the Ontario Superior Court of Justice (Commercial List) appointed TDB Restructuring Limited receiver on the application of Vector Financial Services Limited, under section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act, in court file CV-24-00718243-00CL. The receiver has compiled secured claims — approximate, and not audited or verified — of $4,000,000.00 owed to Vector Financial Services Limited and Olympia Trust Company and $1,000,000.00 to 2439656 Ontario Inc. and Max Capital Corp, with an unsecured claim of $2,350,000.00 by Global Trade Advisors Ltd.
The officer filed report no. First Supplement to the Second Report. The receivership over the Real Property is substantially complete, with the CRA deemed trust dispute resolved and distributions made to the secured lender; the Receiver now seeks discharge upon filing its discharge certificate.
Source: Supplement to the Second Report of the Receiver dated August 13, 2025
The officer filed report no. Second Report. The receivership concerns a single real property (vacant land) sold pursuant to a court-approved transaction; the sale closed and the receiver distributed net proceeds, though the first mortgagee remains partially unpaid, and the receiver is winding down and seeking discharge.
Source: Second Report of the Receiver dated November 27, 2024
The court granted an approval and vesting order for the sale to Marshall Land Corp. Ltd. Closing terms, as extracted: Vesting effective upon delivery of Receiver's Certificate confirming payment of Purchase Price and satisfaction of closing conditions.
The officer filed report no. First Report. The Receiver marketed and sold the Real Property (vacant land) via CBRE, entered into an APA with a purchaser, and is now seeking court approval of the sale, distribution of proceeds, fees, and its discharge as the administration is substantially complete.
The court appointed TDB Restructuring Limited as receiver, on the application of Vector Financial Services Limited. Court file CV-24-00718243-00CL.
Debtor
Ajax Meadows Ltd. (Real Property)
Receiver
TDB Restructuring
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Conway | Ontario Superior Court of Justice | 5 orders, Apr 2024 – Oct 2024 | 310 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverTDB Restructuring | Paliare Roland Rosenberg Rothstein LLP | 24 Oct 2024 | Order · 24 Oct 2024 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Vector Financial Services Limited and Olympia Trust CompanySecurity interest on the Real Property (approximate amount) — Amount described as approximate; not audited or verified by the Receiver — debtor: Ajax Meadows Ltd. | $4M | Notice and Statement of the Receiver dated May 1, 2024 |
| 4 | Secured | |||
| 8 | Unsecured |
2 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.
Sale closed — the Receiver and the Purchaser successfully closed the TransactionSecond Report of the Receiver dated November 27, 2024 · 27 Nov 2024
| Purchaser | Price | Status | Source |
|---|---|---|---|
| Marshall Land Corp. Ltd.the assets described in the Sale Agreement (the "Purchased Assets") · real property · nominee/assignee: Marshall Homes (Jax) Inc. · agreement 22 Jul 2024 | Subscribers | Closed4 Nov 2024 | Second Report of the Receiver dated November… |
5 engagements · 3 firms — latest: TDB Restructuring Limited, to 8 Oct 2024Second Report of the Receiver · 27 Nov 2024
| Firm | Period | Hours | Fees | Rates | Source |
|---|---|---|---|---|---|
| Gowling WLG (Canada) LLPCounsel to the receiver | 22 Apr – 30 Sep 2024Sought | — | — | not stated | First Report of the Receiver · 11 Oct 2024 |
| Paliare Roland Rosenberg Rothstein LLPCounsel to the receiver | 22 Apr – 30 Sep 2024Sought | — | — | not stated | First Report of the Receiver · 11 Oct 2024 |
| TDB Restructuring LimitedReceiverperiod 3 of 3 | to 8 Oct 2024 | — | — | Second Report of the Receiver · 27 Nov 2024 | |
| TDB Restructuring LimitedReceiverperiod 1 of 3 | 22 Apr – 30 Sep 2024Sought | — | — | First Report of the Receiver · 11 Oct 2024 | |
| TDB Restructuring LimitedReceiverperiod 1 of 3 | the Period | — | — | Motion Record of the Receiver · 27 Nov 2024 |
3 blurred figures above
What each firm billed — each as the filing states it, with its source.
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See all plansCumulative receipts
$100K
As at 11 Oct 2024First Report of the Receiver dated October 11, 2024
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 |
|---|---|---|
| Motion Record of the Receiver dated August 14, 2025 | PDF · Subscribers | |
Supplement to the Second Report of the Receiver dated August 13, 2025
| PDF · Subscribers | |
Motion Record of the Receiver dated November 27, 2024
| PDF · Subscribers | |
Second Report of the Receiver dated November 27, 2024
| PDF · Subscribers | |
Ancillary Relief Order dated October 24, 2024
| PDF · Subscribers | |
Approval and Vesting Order dated October 24, 2024
| PDF · Subscribers | |
Endorsement of the Honourable Justice Conway dated October 24, 2024
| PDF · Subscribers | |
First Report of the Receiver dated October 11, 2024
| PDF · Subscribers | |
Motion Record of the Receiver dated October 11, 2024
| PDF · Subscribers | |
Notice and Statement of the Receiver dated May 1, 2024
| PDF · Subscribers | |
Appointment Order dated April 22, 2024
| PDF · Subscribers | |
Endorsement of the Honourable Justice Conway dated April 22, 2024
| PDF · Subscribers | |
| Factum of the Applicant for the Motion returnable April 22, 2024 | PDF · Subscribers | |
Application Record dated April 12, 2024
| PDF · Subscribers | |
| Service List dated April 12, 2024 | 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., “Ajax Meadows Ltd. (Real Property)” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 4 November 2026, https://proceedings.ca/case/ajax-meadows-ltd-real-property