Ashcroft Homes - 108 Richmond Road Inc.
Follow- Proceeding
- Receivership (court-appointed)section 243(1) of the BIA and section 101 of the CJA
- File
- CV-24-00096452-0000
- Industry
- Real estate · Residential development
Ashcroft Homes - 108 Richmond Road Inc. has been in court-appointed receivership since June 24, 2024, on Royal Bank of Canada's application in the Ontario Superior Court of Justice (CV-24-00096452-0000). RBC's first-ranking charge over 114 Richmond Road (378 Leighton Terrace), registered in March 2021 and backed by a personal guarantee from David Choo, was confirmed valid, enforceable and first in priority by the Receiver's independent legal opinion of January 12, 2026. The sale transaction closed April 9, 2026, with $972,621.03 paid on account of City of Ottawa property tax arrears. Following a $6,000,000 interim distribution, RBC's updated payout statement of June 8, 2026 puts the remaining indebtedness at $2,486,883.70, which the net proceeds held by the Receiver are insufficient to pay in full. Construction liens registered by QM&E Engineering Inc. are disputed; Stantec Consulting Ltd. confirmed on May 26, 2026 that it no longer seeks priority to the funds held in trust.
The court granted an approval and vesting order for the sale to 1001311448 Ontario Inc. Closing terms, as extracted: Vesting is effective upon delivery by the Receiver to the Purchaser of a Receiver's Certificate confirming payment of the Purchase Price, satisfaction or waiver of the closing conditions in sections 5.1(a)(iii), (iv) and (v) and 5.2(a) of the Sales Agreement, and completion of the Sales Transaction to the Receiver's satisfaction.
Source: Approval and Vesting Order
Filing of Receivership amd Reporting Duties of Receiver — Notice of receiver (s. 245 / Form 87)
The court appointed MNP Ltd. as Receiver, on the application of Royal Bank of Canada. Court file CV-24-00096452-0000.
Source: Order Appointing Receiver
Placed the company in receivership on Royal Bank of Canada's application under BIA s. 243 and provincial Judicature Act powers, opening court file CV-24-00096452-0000.
Outcome brief
Ashcroft Homes: the Abbey, the City of Ottawa and a $750,000 price cut
MNP sold the Abbey and the vacant lands at 114 Richmond Road for $8,750,000 in April 2026, after a $750,000 price cut that the receiver and the buyer tied to steps taken by the City of Ottawa, which disputes the receiver's account. RBC, paid $6,000,000, was still owed $2,486,883.70 on June 8.
Debtor
Ashcroft Homes - 108 Richmond Road Inc.
Receiver
MNP
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice MacLeod | Ontario Superior Court of Justice | 3 orders, Jul 2025 – Jun 2026 | 22 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverMNP | Dentons Canada LLP | 29 Jul 2025 | Order · 29 Jul 2025 |
| CreditorAffiliated FM Insurance Company | Reconstruct LLP | 22 Jun 2026 | Order · 22 Jun 2026 |
| CreditorDuca Financial Services Credit Union Ltd | Blaney McMurtry LLP | 11 Jun 2026 | Application · 11 Jun 2026 |
| CreditorQM&E Engineering Inc | Mbc Law Professional Corporation | 11 Jun 2026 | Application · 11 Jun 2026 |
| CreditorRoyal Bank of Canada | McMillan LLP | 11 Jun 2026 | Application · 11 Jun 2026 |
| CreditorStantec Consulting Ltd | Dickinson Wright LLP | 11 Jun 2026 | Application · 11 Jun 2026 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Royal Bank of Canada · in 574 casesFirst-ranking charge/mortgage over 114 Richmond Road (378 Leighton Terrace), registered March 2021 with stated principal amount $7,000,000 (registered principal, not a balance); Site Specific Security Agreement dated March 16, 2021; PPSA registration; personal guarantee from David Choo. Receiver's independent legal opinion (Jan 12, 2026): charge valid, enforceable, first priority; security attached and perfected. — Amount is the post-interim-distribution indebtedness per RBC's updated payout statement of June 8, 2026, after a $6,000,000 interim distribution. Earlier figures: $7,511,787.67 as o · as of 8 Jun 2026 | $2.49M | Motion Record |
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 8 | Unsecured |
4 more claims in 2 classes The stack holds Secured and Unsecured 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.
Sale closed — The Receiver certifies that the Purchaser has paid the Purchase Price, the closing conditions have been satisfied or waived, and the Sales Transaction for the Property has been completed.Receiver's Certificate · 9 Apr 2026
| Purchaser | Price | Status | Source |
|---|---|---|---|
| 1001311448 Ontario Inc.the real property municipally known as 114 Richmond Road (and also known as 378 Leighton Terrace), Ottawa, Ontario, PIN 04021-0451 (LT) · real property · agreement 29 Jul 2025 | not stated | Closeddate not stated | Receiver's Certificate |
| Date | Document | File |
|---|---|---|
Endorsement
| PDF · Subscribers | |
Order
| PDF · Subscribers | |
Confirmation of Motion
| PDF · Subscribers | |
Motion Record
| PDF · Subscribers | |
| Ancillary Order | PDF · Subscribers | |
Approval and Vesting Order
| PDF · Subscribers | |
| Filing of Receivership amd Reporting Duties of Receiver | PDF · Subscribers | |
Notice of Receivership
| PDF · Subscribers | |
Receiver's Certificate
| PDF · Subscribers | |
Amended Order Appointing Receiver
| PDF · Subscribers | |
Order Appointing Receiver
| 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., “Ashcroft Homes - 108 Richmond Road Inc.” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 16 October 2026, https://proceedings.ca/case/ashcroft-homes-108-richmond-road-inc