AmerCan Corporation et al
- Proceeding
- Receivership (court-appointed)section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act
- Court
- Ontario Superior Court of Justice · Commercial List
- File
- CV-24-00718071-00CL
- Industry
- Real estate
AmerCan Corporation and 1000199992 Ontario Corp. are the subject of an active court-appointed receivership under BIA s. 243. DUCA Financial Services Credit Union Ltd., which advanced $7,080,000 in aggregate principal, states indebtedness of $7,281,653.91 as of April 2, 2024, excluding fees, costs and expenses that continue to accrue. DUCA holds a first-ranking mortgage registered as Instrument No. PR4083453 in the principal amount of $8,000,000, a rent assignment, general security agreements and insurance assignments from both borrowers, a cash collateral agreement, Ontario PPSA registrations, and an unlimited guarantee dated July 11, 2022 from Fanseay Wang. Two charges were later registered against 1000199992 Ontario Corp. without DUCA's consent: a $5,000,000 charge in favour of WPC GP I Inc. and Windsor Private Capital Limited Partnership on November 28, 2023, and a $27,500,000 charge in favour of Cameron Stephens Mortgage Capital Ltd. on December 6, 2023, supported by postponements from AmerCan and Dragon Holding Global Real Estate Funds. Cameron Stephens demanded $50,682,422.01 by April 8, 2024 and has a separate receivership application, Court File No. CV-23-00710795-00CL, held in abeyance.
The officer filed report no. Seventh Report. The receiver is finalizing the closing of the court-approved sale of the Island Properties and is negotiating a limited lifting of the stay to allow a lien claimant to preserve its construction lien claim, with distribution of sale proceeds to be addressed in a future motion.
Source: Seventh Report of MNP Ltd. as Receiver of the Assets, Undertakings and Properties
The officer filed report no. Sixth Report. The Receiver is marketing and completing the sale of the Island Properties (Baby Tar and the Tar Parcels), addressing a septic system compliance issue with the Township and MECP, and arranging for removal of Wang's and Sun's personal effects before closing.
Source: Sixth Report of MNP Ltd. as Receiver of the Assets, Undertakings and Properties of the Respondents
The officer filed report no. Fifth Report. The report focuses on a disputed power-of-sale transaction involving the Condo Property sold by T&C (an assignee of OMHC's mortgage) without the Receiver's involvement or authority, and the Receiver's efforts to obtain a full accounting of the sale proceeds before any vesting order is granted.
Source: Fifth Report of MNP Ltd. as Receiver of the Assets, Undertakings and Properties
The court granted an approval and vesting order for the sale to David Seviour. Closing terms, as extracted: Vesting occurs upon delivery of Receiver's Certificate confirming payment of Purchase Price, satisfaction/waiver of closing conditions, and completion of the Transaction.
Source: Court Order of Justice J. Dietrich- Approval & Vesting Order
The officer filed report no. Third Report. AmerCan and 992 Ontario Corp. are real estate holding companies whose properties (Condo, Boat, Baby Tar and Tar Parcels) have been the subject of disputed transfers and leases to non-arm's length parties shortly before and after the receivership; the Receiver is investigating ownership issues and pursuing court relief to recover and sell these assets rather than any active business operations.
Source: Third Report of MNP Ltd. as Receiver of the Assets, Undertakings and Properties
Second Report of MNP Ltd as Receiver of the Assets, Undertakings and Properties — Court officer report
Motion Record of Owemanco Mortgage Holding Corporation (Motion Returnable August 7, 2024) dated — Application / notice of application
Aide Memoire Owemanco Mortgage Holding Corporation; Scheduling appearance on July 16, 2024 dated — Application / notice of application
A receivership order was granted. Court file CV-24-718071-00CL.
Source: Receivership Order dated
Application Record dated was filed. Court file CV-24-00718071-00CL.
Source: Application Record dated
Outcome brief
AmerCan: a Thousand Islands sale that needs two lots to become one
On July 16, 2026, Justice Dietrich approved MNP's sale of three Thousand Islands parcels to Aura Resorts Inc. at a sealed price and let the receiver apply to join the two lots a septic system crosses. On August 4, a receiver-drafted stay lift let a lien claimant file a trial record ahead of its deadline.
Debtor
amercan corporation et al
Receiver
MNP
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Penny | Ontario Superior Court of Justice | 5 orders, Sep 2024 – Oct 2024 | 196 cases on record |
| Justice Black | Ontario Superior Court of Justice | 4 orders, Apr 2024 – Aug 2026 | 198 cases on record |
| Justice Dietrich | Ontario Superior Court of Justice | 4 orders, Jan 2025 – Jul 2026 | 132 cases on record |
| Justice Kimmel | Ontario Superior Court of Justice | 2 orders, Aug 2024 | 198 cases on record |
Counsel of record
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | Owemanco Mortgage Holding Corporation (OMHC) · in 7 cases$2,000,000 collateral charge against Condo PINs registered May 23, 2023; $2 charge registered June 22, 2023 referencing OMHC's earlier registration — OMHC's parcel registration is a collateral mortgage; primary security is real property in Denver, Colorado (loan of $2,000,000 principal to Wynkoop Denver LLC and AmerCan). Stated amount is before additional interest and before deducting/adding the NBC Redemption Payment ($385,820.92) paid by OMHC on July 3, 2024 to redeem NBC's first mortgage. Receiver has not received an opinion on validity/enforceability of the Charges (at OMHC's request). — d · as of 20 Jun 2024 | $2.03M | First Report of MNP Ltd. as Receiver of the Assets, Undertakings and Properties of the Respondents; Motion Returnable on |
| Secured | |||
| Secured | |||
| Secured |
3 more claims in 1 class The stack holds Secured claims.
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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.
3 transactions · 1 not completed · 1 closed · 1 approved — Court approved the Transaction and granted the Approval and Vesting Order; Receiver is in the process of completing the TransactionSeventh Report of MNP Ltd. as Receiver of the Assets, Undertakings and… · 30 Jul 2026
| Purchaser | Price | Status | Source |
|---|---|---|---|
| Muoiothe Boat · asset sale | not stated | Not completed | Second Supplement to the Third Report of MNP… |
| David Seviourthe Debtors' right, title and interest in and to the assets described in the Sale Agreement (the "Purchased Assets") · asset sale · agreement 30 Aug 2024 | Sealed | Closed21 Feb 2025 | Fourth Report of the Receiver |
| Aura Resorts Inc.AmerCan's right, title and interest in and to the assets described in the Sale Agreement, including, without limitation, the real property further described in Schedule 'B' · real property · agreement 15 May 2026 | Subscribers | Approved | Seventh Report of MNP Ltd. as Receiver of the… |
| Date | Document | File |
|---|---|---|
Affidavit of Christopher J. Hunt
| PDF · Subscribers | |
Court Order of Justice W.D. Black
| PDF · Subscribers | |
Endorsement of Justice W.D. Black
| PDF · Subscribers | |
Factum of the Moving Party dated
| PDF · Subscribers | |
| Motion Record of the Moving Party dated | PDF · Subscribers | |
Seventh Report of MNP Ltd. as Receiver of the Assets, Undertakings and Properties
| PDF · Subscribers | |
Notice of Motion dated
| PDF · Subscribers | |
Endorsement of Justice Jana Steele dated
| PDF · Subscribers | |
| Statement of Fengxi (Fanseay) Wang dated | PDF · Subscribers | |
Aide-Memoire of Receiver dated
| PDF · Subscribers | |
Aide-Memoire of Docks are US Ltd. dated
| PDF · Subscribers | |
Court Order of Justice J. Dietrich – Ancillary Order
| PDF · Subscribers | |
| Receiver's Factum - motion returnable on | PDF · Subscribers | |
Sixth Report of MNP Ltd. as Receiver of the Assets, Undertakings and Properties of the Respondents
| PDF · Subscribers | |
Service List
| PDF · Subscribers | |
Fifth Report of MNP Ltd. as Receiver of the Assets, Undertakings and Properties
| PDF · Subscribers | |
| Aide Memoire of the Receiver, MNP Ltd. | PDF · Subscribers | |
| Application Record | PDF · Subscribers | |
| Responding Motion Record - Xiaojing Jessica Sun | PDF · Subscribers | |
| Certificate of Service - Fanseay Wang | PDF · Subscribers | |
| Responding Motion Record of Fanseay Wang | PDF · Subscribers | |
Fourth Report of the Receiver
| PDF · Subscribers | |
Reasons for Decision by Honourable Justice Jane Dietrich J. dated
| PDF · Subscribers | |
Court Order of Justice J. Dietrich
| PDF · Subscribers | |
Court Order of Justice J. Dietrich- Approval & Vesting Order
| PDF · Subscribers | |
Book of Authorities of the Respondents
| PDF · Subscribers | |
Factum of Xiaojing Jessica Sun in Response to Receiver's Motion; returnable on January 29, 2025 dated
| PDF · Subscribers | |
Factum of the Respondents dated
| PDF · Subscribers | |
| Factum of Receiver; returnable on January 29, 2025 dated | PDF · Subscribers | |
Second Supplementary Motion Record dated
| PDF · Subscribers | |
Second Supplement to the Third Report of MNP Ltd. as Receiver of the Assets, Undertakings and Properties dated
| PDF · Subscribers | |
| Affidavit of Kyle Wilson | PDF · Subscribers | |
| Supplementary Motion Record Receiver dated | PDF · Subscribers | |
Supplement to the Third Report of MNP Ltd. as Receiver of the Assets, Undertakings and Properties dated
| PDF · Subscribers | |
Aide-Memoire /Agenda of the Receiver, MNP Inc. for Scheduling Conference, Nov 19, 2024
| PDF · Subscribers | |
Endorsement Slip of Justice Osborne
| PDF · Subscribers | |
| Revised Responding Motion Record- Xiaojing Jessica Sun | PDF · Subscribers | |
| Responding Motion Record of the Respondents | PDF · Subscribers | |
| Motion Record of the Receiver | PDF · Subscribers | |
Third Report of MNP Ltd. as Receiver of the Assets, Undertakings and Properties
| PDF · Subscribers | |
Endorsement Slip Justice Penny
| PDF · Subscribers | |
Court Order of Justice Penny dated
| PDF · Subscribers | |
Order Inspection of Tar Island
| PDF · Subscribers | |
Affidavit of Fengxi Fanseay Wang
| PDF · Subscribers | |
Aide-Memoire Agenda of the Receiver
| PDF · Subscribers | |
| Motion Record dated | PDF · Subscribers | |
Second Report of MNP Ltd as Receiver of the Assets, Undertakings and Properties
| PDF · Subscribers | |
Order of Justice Penny
| PDF · Subscribers | |
Endorsement of Justice Penny
| PDF · Subscribers | |
| Factum of Tony Muoio dated | PDF · Subscribers | |
Fresh as Amended Factum of Owemanco Mortgage Holding Corporation (Motion Returnable on September 24, 2024) dated
| PDF · Subscribers | |
Affidavit of Janet Nairne dated
| PDF · Subscribers | |
Supplemental to the First Report of MNP Ltd as Receiver (Motion returnable on September 24, 2024) dated
| PDF · Subscribers | |
| Affidavit of Tony Muoio | PDF · Subscribers | |
Court Order of Justice Kimmel dated
| PDF · Subscribers | |
Endorsement of Justice Kimmel dated
| PDF · Subscribers | |
First Report of MNP Ltd. as Receiver of the Assets, Undertakings and Properties of the Respondents; Motion Returnable on
| PDF · Subscribers | |
Affidavit of Sherri Bender, sworn on
| PDF · Subscribers | |
Factum of Owemanco Mortgage Holding Corporation (Motion returnable August 7, 2024)
| PDF · Subscribers | |
| Motion Record of Owemanco Mortgage Holding Corporation (Motion Returnable August 7, 2024) dated | PDF · Subscribers | |
Aide Memoire Owemanco Mortgage Holding Corporation; Scheduling appearance on July 16, 2024 dated
| PDF · Subscribers | |
| Notice and Statement of Receiver dated | PDF · Subscribers | |
Endorsement of Justice W. D. Black dated
| PDF · Subscribers | |
Receivership Order dated
| PDF · Subscribers | |
| Factum of the Applicant dated | PDF · Subscribers | |
Application Record dated
| 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., “AmerCan Corporation et al” (Receivership (court-appointed)), Ontario Superior Court of Justice · Commercial List. Retrieved 4 November 2026, https://proceedings.ca/case/amercan-corporation-et-al