Proceedings.

Boreal Capital

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Proceeding
CCAACompanies' Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended
Court
Ontario Superior Court of Justice
File
CV-21-00672654-00CL
Industry
Real estate · Residential development
Filings held66
Last activity22 Aug 2023
On the record1,806 days
Secured debtSubscribers
OverviewSummary updated

Boreal Capital Partners Ltd. has been under CCAA protection in the Ontario Superior Court of Justice since February 2, 2022, when the application commencing the proceeding was filed on the Commercial List under court file CV-21-00672654-00CL. The applicants are Boreal Capital Partners Ltd. together with five related Ontario entities: JRB-331 Sheddon Holdings Ltd., 2123068 Ontario Limited, JRB-109 Reynolds Holdings Ltd., JRB-339 Church Holdings Ltd. and JRB-147 Church Holdings Ltd. The proceeding remains active.

Claims processIf you are owed money

A claims procedure has been established — see the order for deadlines.

Per the Claims Procedure Order dated 25 March 2022.

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Case updates66 dated entries
#Sale

The court granted an approval and vesting order for the sale to Richard Von Hagen and Cindy Von Hagen. Closing terms, as extracted: vesting effective upon delivery of Monitor's Certificate confirming payment of purchase price and completion of Transaction.

Source: Approval and Vesting Order (Suite 208)

#Report

The officer filed report no. Supplemental Seventh Report. 16 of 18 Sold Units in the Sheddon Project have now closed, one more is expected to close imminently and the final unit in September 2022; two Unsold Units remain actively marketed.

Source: Supplement to the Seventh Report of the Monitor

#Sale

The court granted an approval and vesting order for the sale to Stephen Tristram Finbar Rowe and Bridget Anne Rowe. Closing terms, as extracted: vesting effective upon delivery of Monitor's Certificate confirming payment of purchase price net of holdbacks/adjustments and completion of Transaction.

Source: Approval and Vesting Order (Suite 101)

#Sale

The court granted an approval and vesting order for the sale to Ian McLeod and Melanie McLeod. Closing terms, as extracted: vesting effective upon delivery of Monitor's Certificate confirming payment of purchase price and completion of Transaction.

Source: Approval and Vesting Order (Suite 103)

#Sale

The court granted an approval and vesting order for the sale to Thomas Edward Mills and Ann Shirley Mills. Closing terms, as extracted: Vesting effective upon delivery of Monitor's Certificate confirming payment of purchase price and satisfactory completion.

Source: Approval and Vesting Order (Suite 106)

#Sale

The court granted an approval and vesting order for the sale to Wendy Youzwyshyn and Leonard Youzwyshyn. Closing terms, as extracted: vesting effective upon delivery of Monitor's Certificate confirming payment of purchase price and completion of Transaction.

Source: Approval and Vesting Order (Suite 203)

#Sale

The court granted an approval and vesting order for the sale to Anna Maria Jaroszynska. Closing terms, as extracted: vesting effective upon delivery of Monitor's Certificate confirming payment of purchase price and satisfactory completion of Transaction.

Source: Approval and Vesting Order (Suite 204)

#Sale

The court granted an approval and vesting order for the sale to Karen Louise Koury and Allen Joseph Barabas. Closing terms, as extracted: vesting effective upon delivery of Monitor's Certificate confirming payment of purchase price and completion of the Transaction.

Source: Approval and Vesting Order (Suite 207)

#Sale

The court granted an approval and vesting order for the sale to Linda Virginia Gammiero and Dominic Gammiero. Closing terms, as extracted: Vesting effective upon delivery of Monitor's Certificate confirming payment of purchase price and completion of Transaction.

Source: Approval and Vesting Order (Suite 304)

#Sale

The court granted an approval and vesting order for the sale to John Brian Langford Thomas and Susan Dilys Thomas. Closing terms, as extracted: Vesting effective upon delivery of Monitor's Certificate confirming payment of purchase price and completion of Transaction.

Source: Approval and Vesting Order (Suite 104)

#Sale

The court granted an approval and vesting order for the sale to Issac Bazal and Rebecca Bazal. Closing terms, as extracted: Vesting occurs upon delivery of the Monitor's Certificate confirming payment of purchase price and satisfactory completion.

Source: Approval and Vesting Order (Suite 105)

#Sale

The court granted an approval and vesting order for the sale to John Robert Piercy and Barbara Lynn Piercy. Closing terms, as extracted: vesting effective upon delivery of Monitor's Certificate confirming payment of purchase price and satisfactory completion of the Transaction.

Source: Approval and Vesting Order (Suite 202)

#Sale

The court granted an approval and vesting order for the sale to Iris Zawadowski and Andrew Zawadowski. Closing terms, as extracted: Vesting effective upon delivery of Monitor's Certificate confirming payment of purchase price and completion of the Transaction.

Source: Approval and Vesting Order (Suite 205)

#Sale

The court granted an approval and vesting order for the sale to Alice Smith. Closing terms, as extracted: vesting effective upon delivery of Monitor's Certificate confirming payment of purchase price and completion of Transaction.

Source: Approval and Vesting Order (Suite 302)

#Sale

The court granted an approval and vesting order for the sale to William Paul Finkbeiner. Closing terms, as extracted: vesting effective upon delivery of Monitor's Certificate confirming payment of purchase price and completion.

Source: Approval and Vesting Order (Suite 305)

#Report

As noted above, the Meeting of the Affected Creditors of the Applicants to vote on the CCAA Plan is scheduled for July 21, 2022. Pursuant to section 23(1)(d.1) of the CCAA, the Monitor is required to file a report with the Court on the state of the Applicants’ business and financial affairs in advance of the Meeting. Pursuant to section 23(1)(e) of the CCAA, the Monitor is required to advise the Applicants’ creditors of the filing of such report. The purpose of this Fifth report of the Monitor (the “Fifth Report”) is to provide the Court and the Applicants’ creditors with an update and/or report on: a) the Applicants’ business and financial affairs; b) an update on the Investigation; c) the status of the Claims Process; and d) the Monitor’s recommendation to Affected Creditors with respect to voting on the CCAA Plan — Court officer report

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#Report

The purpose of this First Report of the Monitor (the "First Report") is to provide information to the Court on: (a) the Applicants' operations and communications with stakeholders since the granting of the Initial Order; (b) the Monitor's activities since its appointment; (c) the Applicants' motion for an Amended and Restated Initial Order (the "ARIO") substantially in the form attached to the Applicants' Application Record dated November 29, 2021, among other things: (i) extending the Stay Period to February 18, 2022; (ii) increasing the amount of the Administration Charge to $300,000; (iii) increasing the amount that the Applicants are entitled to borrow under the DIP Facility to $10,000,000; (iv) authorizing Kesmark Estates Ltd. ("Kesmark"), in its capacity as Chief Restructuring Officer (the "CRO") of the Boreal Entities, with the consultation of the Monitor, to conduct an investigation with respect to the Property Transfers (as defined in the Initial Order); and (v) amending the powers, services and duties that the CRO is authorized to perform to include conducting the Investigation in consultation with the Monitor, changing the signatory on the Boreal Entities' bank accounts and redirecting the mail sent to the Boreal Entities by changing their mailing addresses — Court officer report

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#Filing

An Amended and Restated Initial Order (the “ARIO”) substantially in the form attached to the Motion Record at Tab 2, amending and restating the Initial Order granted in these proceedings on November 25, 2021 (the “Initial Order”), which among other things: (a) abridges the time for service of the Notice of Motion and the Motion Record herein and dispensing with further service thereof; (b) orders that the Stay Period set out in paragraph 10 of the Initial Order be extended to February 18, 2022; (c) increases the amount of the Administration Charge to $300,000; (d) increases the amount that the Applicants are entitled to borrow under the DIP Facility (as defined below) to $10,000,000; (e) grants Kesmark Estates Ltd. (“Kesmark”), in its capacity as Chief Restructuring Officer (the “CRO”) of the Boreal Entities (as defined below), with the consultation of the Monitor, to conduct an investigation with respect to the Property Transfers (as defined below); (f) directs Aird & Berlis LLP, as Escrow Agent (the “Escrow Agent”) pursuant to the Deposit Trust Agreement dated November 9, 2016 (the “DTA”), to transfer to the Monitor any funds that it currently holds, or in the future may receive or hold, as rental fees for occupancy of units of the Real Property (which, for greater certainty, does not include the Deposits, as defined in the DTA, unless in accordance with the terms and provisions of the DTA); and (g) amends the powers, services and duties that the CRO is authorized to perform to changing the signatory on the Boreal Entities’ bank accounts, and (iii) redirecting mail sent to the Boreal Entities and changing their mailing addresses; and include (i) conducting the Investigation in consultation with the Monitor, (ii) changing the signatory on the Boreal Entities’ bank accounts, and (iii) redirecting mail sent to the Boreal Entities and changing their mailing addresses; and 2. Such further and other relief as this Court deems just — Application / notice of application

PDF · Subscribers

#Report

The purpose of this Pre-filing Report is to provide the following information to this Court: a) EY’s qualifications to act as Monitor; b) an overview of the Applicants; c) background on the circumstances leading to the Applicants’ decision to commence CCAA proceedings; d) an overview of the Applicants’ 13-week cash flow forecast on a consolidated basis for all the Applicants (the “Cash Flow Forecast”) and the Proposed Monitor’s comments regarding the reasonableness thereof; and e) certain relevant matters about the relief sought in the Initial Order — Cash-flow statement

PDF · Subscribers

Parties

Debtor

Boreal Capital

Monitor

EY

Bench and counselPer the orders and service lists on the record

Bench

JudgeCourtOn this docketCases on record
Justice PennyOntario Superior Court of Justice31 orders, Nov 2021 – Aug 2022196 cases on record
Justice ConwayOntario Superior Court of Justice2 orders, Aug 2023310 cases on record

Counsel of record

PartyCounselFirst seenSource
ApplicantBoreal CapitalThornton Grout Finnigan LLP25 Nov 2021Endorsement · 22 Jun 2022
CreditorKyla MaharMiller Thomson LLP22 Jun 2022Endorsement · 22 Jun 2022
Capital structureAs asserted in the filings
stated amounts, drawn to scale · for subscribers
#Priority classCreditorAmountSource
4SecuredHalmont Properties CorporationFrom preliminary List of Creditors, prepared from Applicant's financial records without admission as to liability — debtor: Boreal Capital Partners Ltd., JRB-331 Sheddon Holdings Ltd., 2123068 Ontario Limited, JRB-109 Reynolds Holdings Ltd., JRB-339 Church Holdings Ltd., JRB-147 Church Holdings Ltd. · as of 23 Nov 2021$44.7MCreditors Listing
4Secured
4Secured
4Secured
8Unsecured
8Unsecured
8Unsecured
8Unsecured
8Unsecured
8Unsecured

9 more claims in 2 classes The stack holds Secured and Unsecured claims.

Every creditor and every amount, drawn to scale.

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Sale processAs stated in the filings

22 transactions · 20 approved · 2 proposed — the eighteen purchase agreements of the Sold Units of the Sheddon Project were approved and vested; an ancillary order approving a form of order for the sale of the two unsold units in the future was also granted007. Seventh Report of the Monitor · 28 Jul 2022

PurchaserPriceStatusSource
condominium unit purchasers named in each respective Purchase Agreement, not individually identified in this documentreal property described in each of the Purchase Agreements · real propertynot statedProposedSixth Report of the Monitor
purchaser of the Unsold Units, unnamed and to be filled in laterthe Unsold Units · real propertynot statedProposedSixth Report of the Monitor
Alice Smiththe Company's right, title and interest in and to the assets described in the Sale Agreement (the ' Purchased Assets ') · real property · agreement 29 Jul 2018not statedApproved25 Jul 2022Approval and Vesting Order (Suite 302)
Anna Maria Jaroszynskathe Company's right, title and interest in and to the assets described in the Sale Agreement (the 'Purchased Assets') · real property · agreement 19 Dec 2016not statedApproved25 Jul 2022Approval and Vesting Order (Suite 204)
Barbara Margaret Humeniukthe Company's right, title and interest in and to the assets described in the Sale Agreement (the 'Purchased Assets') · real property · agreement 18 Mar 2017not statedApproved25 Jul 2022Approval and Vesting Order (Suite 206)
Brenda MacKay and John MacKaythe Company's right, title and interest in and to the assets described in the Sale Agreement (the 'Purchased Assets') · real property · agreement 11 Dec 2016not statedApproved25 Jul 2022Approval and Vesting Order (Suite 201)
David George Whiting and Donna Rae Whitingthe Company's right, title and interest in and to the assets described in the Sale Agreement (the 'Purchased Assets') · real property · agreement 17 Aug 2018not statedApproved25 Jul 2022Approval and Vesting Order (Suite 107)
Ian McLeod and Melanie McLeodthe assets described in the Sale Agreement (the 'Purchased Assets') · real property · agreement 16 Jan 2017not statedApproved25 Jul 2022Approval and Vesting Order (Suite 103)
Iris Zawadowski and Andrew Zawadowskithe Company's right, title and interest in and to the assets described in the Sale Agreement (the ' Purchased Assets ') · real property · agreement 2 Dec 2016not statedApproved25 Jul 2022Approval and Vesting Order (Suite 205)
Issac Bazal and Rebecca Bazalthe Company's right, title and interest in and to the assets described in the Sale Agreement (the ' Purchased Assets ') · real property · agreement 2 Dec 2016not statedApproved25 Jul 2022Approval and Vesting Order (Suite 105)
John Brian Langford Thomas and Susan Dilys Thomasthe Company's right, title and interest in and to the assets described in the Sale Agreement (the 'Purchased Assets') · real property · agreement 18 Dec 2016not statedApproved25 Jul 2022Approval and Vesting Order (Suite 104)
John Robert Piercy and Barbara Lynn Piercythe Company's right, title and interest in and to the assets described in the Sale Agreement (the ' Purchased Assets ') · real property · agreement 3 May 2017not statedApproved25 Jul 2022Approval and Vesting Order (Suite 202)
Karen Louise Koury and Allen Joseph Barabasthe Company's right, title and interest in and to the assets described in the Sale Agreement (the 'Purchased Assets') · real property · agreement 23 Jan 2017not statedApproved25 Jul 2022Approval and Vesting Order (Suite 207)
Linda Virginia Gammiero and Dominic Gammierothe Company's right, title and interest in and to the assets described in the Sale Agreement (the 'Purchased Assets') · real property · agreement 1 Dec 2020not statedApproved25 Jul 2022Approval and Vesting Order (Suite 304)
Matthew Varey and Andrea Jackthe Company's right, title and interest in and to the assets described in the Sale Agreement (the ' Purchased Assets ') · real property · agreement 8 Dec 2020not statedApproved25 Jul 2022Approval and Vesting Order (Suite 102)
Michael Collins and Margaret Collinsthe assets described in the Sale Agreement (the 'Purchased Assets') · real property · agreement 22 Feb 2021not statedApproved25 Jul 2022Approval and Vesting Order (Suite 303)
Stephen Tristram Finbar Rowe and Bridget Anne Rowethe Company's right, title and interest in and to the assets described in the Sale Agreement (the ' Purchased Assets ') · real property · agreement 4 Dec 2016not statedApproved25 Jul 2022Approval and Vesting Order (Suite 101)
Thomas Edward Mills and Ann Shirley Millsthe Company's right, title and interest in and to the assets described in the Sale Agreement (the ' Purchased Assets ') · real property · agreement 23 Dec 2016not statedApproved25 Jul 2022Approval and Vesting Order (Suite 106)
Wendy Youzwyshyn and Leonard Youzwyshynthe assets described in the Sale Agreement (the 'Purchased Assets') · real property · agreement 31 Jan 2017not statedApproved25 Jul 2022Approval and Vesting Order (Suite 203)
William Paul Finkbeinerthe Company's right, title and interest in and to the assets described in the Sale Agreement (the 'Purchased Assets') · real property · agreement 3 Dec 2016not statedApproved25 Jul 2022Approval and Vesting Order (Suite 305)
purchasers of the eighteen Sold Units of the Sheddon Project, unnamedthe eighteen purchase agreements of the Sold Units of the Sheddon Project · real propertynot statedApproved007. Seventh Report of the Monitor
Richard Von Hagen and Cindy Von Hagenthe Company's right, title and interest in and to the assets described in the Sale Agreement (the 'Purchased Assets') · real property · agreement 29 Jun 2023not statedApproved22 Aug 2023Approval and Vesting Order (Suite 208)
Closing termsvesting effective upon delivery of Monitor's Certificate confirming payment of purchase price and completion of the TransactionAmended and Restated Approval and Vesting Order (Suite 204)
RecoveriesAs stated in the filings

Unsecured creditors: a distribution. Halmont Properties Corporation a distribution · Roppongi a distribution · Halmont paid in full.Under the plan · sanctionedNotice of Motion · 29 Jul 2022

ClassCreditorClaimsRecoveryBasisSource
SecuredHalmont Properties Corporation—Under the plansanctionedper the courtSanction Order · 10 Jun 2022
SecuredRoppongi—Under the plansanctionedper the courtSanction Order · 10 Jun 2022
PreferredCCAA Charge beneficiaries and CCAA Priority Payment Claims—paid in fullUnder the plansanctionedper the debtorNotice of Motion · 29 Jul 2022
UnsecuredAffected General Unsecured Creditors—a distributionconditionalUnder the plansanctionedper the debtorNotice of Motion · 29 Jul 2022
UnsecuredFunded Debt Unsecured CreditorHalmont—paid in fullUnder the plansanctionedper the debtorNotice of Motion · 29 Jul 2022
Equity——no recoveryUnder the plansanctionedper the debtorNotice of Motion · 29 Jul 2022

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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Fees and ratesAs stated in the filings

1 engagement · 1 firm — Lenczner Slaght LLP, 24 Nov 2021 – 30 May 2022, sought007. Seventh Report of the Monitor · 28 Jul 2022

FirmPeriodHoursFeesRatesSource
Lenczner Slaght LLPCounsel to the monitor24 Nov 2021 – 30 May 2022Sought—17 people007. Seventh Report of the Monitor · 28 Jul 2022
17 people — Lenczner Slaght LLP, 24 Nov 2021 – 30 May 2022 · 43 blurred figures
NameYear of callHoursRateFees
Peter J. OsborneReview of transactions of interest and planning/commencing Monitor's investigation—
Peter J. Osborne———
Peter J. OsborneExamination of J Bowman for Monitor's Investigation—
Peter J. OsborneAssistance with Monitor's Investigation/Court Motions—
Peter J. Osborne1992——
Peter J. OsbornePreparing for and attending hearing to obtain initial order—
Peter J. OsborneReview of transactions of interest and planning/commencing Monitor's investigation—
Matthew B. Lerner2008——
Sarah BittmanReview of transactions of interest and planning/commencing Monitor's investigation—
Sarah BittmanAssistance with Monitor's Investigation/Court Motions—
Sarah Bittman———
Sarah BittmanExamination of J Bowman for Monitor's Investigation—
Sarah BittmanPreparing for and attending hearing to obtain initial order—
Sarah BittmanReview of transactions of interest and planning/commencing Monitor's investigation—
Sarah Bittman2018——
Christina Shiels-SinghLaw Clerk——
Christina Shiels-SinghExamination of J Bowman for Monitor's InvestigationLaw Clerk
SubtotalReview of transactions of interest and planning/commencing Monitor's investigation———
SubtotalAssistance with Monitor's Investigation/Court Motions———
SubtotalExamination of J Bowman for Monitor's Investigation———
SubtotalPreparing for and attending hearing to obtain initial order———

45 blurred figures above

What the firm billed, and each person’s hours and rate — each as the filing states it, with its source.

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Estate financialsReported figures — never derived

Cash on hand

$32.5M

As at 5 Aug 2022Supplement to the Seventh Report of the Monitor

Documents
66 filings
DateDocumentFile
Amended and Restated Approval and Vesting Order (Suite 204)
  • Closing terms vesting effective upon delivery of Monitor's Certificate confirming payment of purchase price and completion of the Transaction
  • Counsel Thornton Grout Finnigan LLP
  • Order date 22 August 2023
  • Presiding officer Justice Conway
  • + 2 more extracted facts
PDF · Subscribers
Approval and Vesting Order (Suite 208)
  • Closing terms vesting effective upon delivery of Monitor's Certificate confirming payment of purchase price and completion of Transaction
  • Counsel Thornton Grout Finnigan LLP
  • Order date 22 August 2023
  • Presiding officer Justice Conway
  • + 2 more extracted facts
PDF · Subscribers
Motion Record re Approval and Vesting Orders (Suites 204 and 208) - Sheddon Project) - Returnable August 22, 2023
  • Applicant BOREAL CAPITAL PARTNERS LTD., JRB-331 SHEDDON HOLDINGS LTD., 2123068 ONTARIO LIMITED, JRB-109 REYNOLDS HOLDINGS LTD., JRB-339 CHURCH HOLDINGS LTD., JRB-147 CHURCH HOLDINGS LTD.
  • Court SUPERIOR COURT OF JUSTICE (COMMERCIAL LIST)
  • Court file no CV-21-00672654-00CL
  • Province ONTARIO
PDF · Subscribers
007 Monitor’s CertificatePDF · Subscribers
Endorsement of Penny, J. re Sanction Order
  • Presiding officer Justice Penny
PDF · Subscribers
Sanction Order
  • Presiding officer Justice Michael A. Penny
  • Recovery outcome Entries: per plan; per unstated; per plan; per unstated; per unstated · Stated on: 2022-06-10 · Table missing:
PDF · Subscribers
Supplement to the Seventh Report of the Monitor
  • Operational summary 16 of 18 Sold Units in the Sheddon Project have now closed, one more is expected to close imminently and the final unit in September 2022; two Unsold Units remain actively marketed.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 4 more extracted facts
PDF · Subscribers
Factum of the Applicants (Plan Sanction Order)PDF · Subscribers
Notice of Motion - Returnable August 9, 2022
  • Recovery outcome Entries: per plan; per plan; per plan; per plan; per plan · Table missing:
PDF · Subscribers
007. Seventh Report of the Monitor
  • Purchaser purchasers of the eighteen Sold Units of the Sheddon Project, unnamed · the eighteen purchase agreements of the Sold Units of the Sheddon Project · real property · approved
  • Recovery outcome Entries: per liquidation_alternative; per liquidation_alternative; per plan; per plan · Stated on: 2022-07-28 · Table missing:
  • Sale outcome Sale approved — the eighteen purchase agreements of the Sold Units of the Sheddon Project were approved and vested; an ancillary order approving a form of order for the sale of the two unsold units in the future was also granted
  • Fee schedule Subscribers
  • + 1 more extracted fact
PDF · Subscribers
Approval and Vesting Order (Suite 101)
  • Closing terms vesting effective upon delivery of Monitor's Certificate confirming payment of purchase price net of holdbacks/adjustments and completion of Transaction
  • Counsel Thornton Grout Finnigan LLP
  • Order date 25 July 2022
  • Presiding officer Justice Michael A. Penny
  • + 2 more extracted facts
PDF · Subscribers
Approval and Vesting Order (Suite 102)
  • Closing terms vesting effective upon delivery of Monitor's Certificate confirming payment of purchase price and completion of the Transaction
  • Counsel Thornton Grout Finnigan LLP
  • Presiding officer Justice Michael A. Penny
  • Purchaser Matthew Varey and Andrea Jack · the Company's right, title and interest in and to the assets described in the Sale Agreement (the ' Purchased Assets ') · real property · approved
  • + 1 more extracted fact
PDF · Subscribers
Approval and Vesting Order (Suite 103)
  • Closing terms vesting effective upon delivery of Monitor's Certificate confirming payment of purchase price and completion of Transaction
  • Counsel Thornton Grout Finnigan LLP
  • Order date 25 July 2022
  • Presiding officer Justice Michael A. Penny
  • + 3 more extracted facts
PDF · Subscribers
Approval and Vesting Order (Suite 104)
  • Closing terms Vesting effective upon delivery of Monitor's Certificate confirming payment of purchase price and completion of Transaction
  • Counsel Thornton Grout Finnigan LLP
  • Order date 25 July 2022
  • Presiding officer Justice Michael A. Penny
  • + 3 more extracted facts
PDF · Subscribers
Approval and Vesting Order (Suite 105)
  • Closing terms Vesting occurs upon delivery of the Monitor's Certificate confirming payment of purchase price and satisfactory completion
  • Counsel Thornton Grout Finnigan LLP
  • Order date 25 July 2022
  • Presiding officer Justice Michael A. Penny
  • + 2 more extracted facts
PDF · Subscribers
Approval and Vesting Order (Suite 106)
  • Closing terms Vesting effective upon delivery of Monitor's Certificate confirming payment of purchase price and satisfactory completion
  • Counsel Thornton Grout Finnigan LLP
  • Order date 25 July 2022
  • Presiding officer Justice Michael A. Penny
  • + 3 more extracted facts
PDF · Subscribers
Approval and Vesting Order (Suite 107)
  • Closing terms Vesting effective upon delivery of Monitor's Certificate confirming payment of purchase price and completion of the Transaction
  • Counsel Thornton Grout Finnigan LLP
  • Presiding officer Justice Michael A. Penny
  • Purchaser David George Whiting and Donna Rae Whiting · the Company's right, title and interest in and to the assets described in the Sale Agreement (the 'Purchased Assets') · real property · approved
  • + 1 more extracted fact
PDF · Subscribers
Approval and Vesting Order (Suite 201)
  • Closing terms vesting effective upon delivery of Monitor's Certificate confirming payment of purchase price and completion of Transaction
  • Counsel Thornton Grout Finnigan LLP
  • Order date 25 July 2022
  • Presiding officer Justice Michael A. Penny
  • + 2 more extracted facts
PDF · Subscribers
Approval and Vesting Order (Suite 202)
  • Closing terms vesting effective upon delivery of Monitor's Certificate confirming payment of purchase price and satisfactory completion of the Transaction
  • Counsel Thornton Grout Finnigan LLP
  • Order date 25 July 2022
  • Presiding officer Justice Michael A. Penny
  • + 2 more extracted facts
PDF · Subscribers
Approval and Vesting Order (Suite 203)
  • Closing terms vesting effective upon delivery of Monitor's Certificate confirming payment of purchase price and completion of Transaction
  • Counsel Thornton Grout Finnigan LLP
  • Order date 25 July 2022
  • Presiding officer Justice Michael A. Penny
  • + 2 more extracted facts
PDF · Subscribers
Approval and Vesting Order (Suite 204)
  • Closing terms vesting effective upon delivery of Monitor's Certificate confirming payment of purchase price and satisfactory completion of Transaction
  • Counsel Thornton Grout Finnigan LLP
  • Order date 25 July 2022
  • Presiding officer Justice Michael A. Penny
  • + 2 more extracted facts
PDF · Subscribers
Approval and Vesting Order (Suite 205)
  • Closing terms Vesting effective upon delivery of Monitor's Certificate confirming payment of purchase price and completion of the Transaction
  • Counsel Thornton Grout Finnigan LLP
  • Order date 25 July 2022
  • Presiding officer Justice Michael A. Penny
  • + 3 more extracted facts
PDF · Subscribers
Approval and Vesting Order (Suite 206)
  • Closing terms vesting effective upon delivery of Monitor's Certificate confirming payment of purchase price and completion of Transaction
  • Counsel Thornton Grout Finnigan LLP
  • Order date 25 July 2022
  • Presiding officer Justice Michael A. Penny
  • + 3 more extracted facts
PDF · Subscribers
Approval and Vesting Order (Suite 207)
  • Closing terms vesting effective upon delivery of Monitor's Certificate confirming payment of purchase price and completion of the Transaction
  • Counsel Thornton Grout Finnigan LLP
  • Order date 25 July 2022
  • Presiding officer Justice Michael A. Penny
  • + 2 more extracted facts
PDF · Subscribers
Approval and Vesting Order (Suite 302)
  • Closing terms vesting effective upon delivery of Monitor's Certificate confirming payment of purchase price and completion of Transaction
  • Counsel Thornton Grout Finnigan LLP
  • Order date 25 July 2022
  • Presiding officer Justice Michael A. Penny
  • + 2 more extracted facts
PDF · Subscribers
Approval and Vesting Order (Suite 303)
  • Closing terms Vesting effective upon delivery of Monitor's Certificate confirming payment of purchase price and completion of Transaction
  • Counsel Thornton Grout Finnigan LLP
  • Presiding officer Justice Michael A. Penny
  • Purchaser Michael Collins and Margaret Collins · the assets described in the Sale Agreement (the 'Purchased Assets') · real property · approved
  • + 2 more extracted facts
PDF · Subscribers
Approval and Vesting Order (Suite 304)
  • Closing terms Vesting effective upon delivery of Monitor's Certificate confirming payment of purchase price and completion of Transaction
  • Counsel Thornton Grout Finnigan LLP
  • Order date 25 July 2022
  • Presiding officer Justice Michael A. Penny
  • + 3 more extracted facts
PDF · Subscribers
Approval and Vesting Order (Suite 305)
  • Closing terms vesting effective upon delivery of Monitor's Certificate confirming payment of purchase price and completion
  • Counsel Thornton Grout Finnigan LLP
  • Order date 25 July 2022
  • Presiding officer Justice Michael A. Penny
  • + 3 more extracted facts
PDF · Subscribers
Endorsement of Justice Penny
  • Presiding officer Justice Penny
PDF · Subscribers
Form of Approval and Vesting Order and Approval of Monitor's Reports
PDF · Subscribers
Sixth Report of the Monitor
  • Purchaser condominium unit purchasers named in each respective Purchase Agreement, not individually identified in this document · real property described in each of the Purchase Agreements · real property · proposed; purchaser of the Unsold Units, unnamed and to be filled in later · the Unsold Units · real property · proposed
  • Sale outcome Approval pending — Monitor recommends the Court grant the Approval and Vesting Orders for the Sold Units and the Ancillary Order for the Unsold Units
  • Stalking horse Subscribers
PDF · Subscribers
Motion Material re Vesting Orders & Ancillary Relief - Returnable July 25, 2022PDF · Subscribers
As noted above, the Meeting of the Affected Creditors of the Applicants to vote on the CCAA Plan is scheduled for July 21, 2022. Pursuant to section 23(1)(d.1) of the CCAA, the Monitor is required to file a report with the Court on the state of the Applicants’ business and financial affairs in advance of the Meeting. Pursuant to section 23(1)(e) of the CCAA, the Monitor is required to advise the Applicants’ creditors of the filing of such report. The purpose of this Fifth report of the Monitor (the “Fifth Report”) is to provide the Court and the Applicants’ creditors with an update and/or report on: a) the Applicants’ business and financial affairs; b) an update on the Investigation; c) the status of the Claims Process; and d) the Monitor’s recommendation to Affected Creditors with respect to voting on the CCAA Plan
  • Recovery outcome Entries: per plan; per plan; per liquidation_alternative; per liquidation_alternative · Stated on: 2022-07-07 · Table missing:
PDF · Subscribers
June 27, 2022PDF · Subscribers
Court Order re Meeting of Creditors to be held July 21, 2022 at 10:00 AMPDF · Subscribers
Endorsement of Justice Penny re Meeting Order and Stay Extension
  • Counsel Thornton Grout Finnigan LLP
  • Presiding officer Justice Penny
PDF · Subscribers
Form of ProxyPDF · Subscribers
Meeting Order - to be held July 21, 2022 at 10:00 AM
  • Counsel Thornton Grout Finnigan LLP
  • Presiding officer Justice Michael A. Penny
PDF · Subscribers
Notice of Meeting of CreditorsPDF · Subscribers
Plan ResolutionPDF · Subscribers
Stay Extension Order - stay extended to August 31, 2022
  • Counsel Thornton Grout Finnigan LLP
  • Presiding officer Justice Michael A. Penny
PDF · Subscribers
Fourth Report of the Monitor
  • Recovery outcome Entries: per plan; per plan; per plan · Stated on: 2022-06-17 · Table missing:
PDF · Subscribers
CCAA Amended Plan of Arrangement
  • Recovery outcome Entries: per plan; per plan; per plan; per plan · Stated on: 2022-06-10 · Table missing:
PDF · Subscribers
Meeting Order Motion Returnable June 22, 2022
  • Presiding officer Justice Penny
  • Recovery outcome Entries: per plan; per plan; per plan; per plan; per plan · Stated on: 2022-06-10 · Table missing:
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Redline Changes CCAA Amended Plan of Arrangement - 10 Jun 2022
  • Recovery outcome Entries: per plan; per plan; per plan · Stated on: 2022-06-10 · Table missing:
PDF · Subscribers
Claims Procedure Order
  • Presiding officer Justice Michael A. Penny
PDF · Subscribers
Dispute Notice
  • Financial position · Secured creditors · Unsecured creditors Subscribers
PDF · Subscribers
Instruction Letter to Complete a Proof of ClaimPDF · Subscribers
Notice of Revision and DisallowancePDF · Subscribers
Notice to Creditors
  • Financial position · Secured creditors · Unsecured creditors Subscribers
PDF · Subscribers
Proof of ClaimPDF · Subscribers
Third Report of the MonitorPDF · Subscribers
Claims Procedure Motion Returnable February 25, 2022
  • Presiding officer Justice Penny
PDF · Subscribers
Stay Extension Order - to June 30, 2022
  • Counsel Thornton Grout Finnigan LLP
  • Presiding officer Justice Michael A. Penny
PDF · Subscribers
Second Report of the MonitorPDF · Subscribers
Stay Extension Motion - Returnable February 8, 2022
  • Applicant BOREAL CAPITAL PARTNERS LTD., JRB-331 SHEDDON HOLDINGS LTD., 2123068 ONTARIO LIMITED, JRB-109 REYNOLDS HOLDINGS LTD., JRB-339 CHURCH HOLDINGS LTD., JRB-147 CHURCH HOLDINGS LTD.
  • Commencement date 2 February 2022
  • Court SUPERIOR COURT OF JUSTICE (COMMERCIAL LIST)
  • Court file no CV-21-00672654-00CL
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Amended and Restated Initial Order
  • Counsel Thornton Grout Finnigan LLP
  • Presiding officer Justice Michael A. Penny
PDF · Subscribers
Factum of The ApplicantsPDF · Subscribers
The purpose of this First Report of the Monitor (the "First Report") is to provide information to the Court on: (a) the Applicants' operations and communications with stakeholders since the granting of the Initial Order; (b) the Monitor's activities since its appointment; (c) the Applicants' motion for an Amended and Restated Initial Order (the "ARIO") substantially in the form attached to the Applicants' Application Record dated November 29, 2021, among other things: (i) extending the Stay Period to February 18, 2022; (ii) increasing the amount of the Administration Charge to $300,000; (iii) increasing the amount that the Applicants are entitled to borrow under the DIP Facility to $10,000,000; (iv) authorizing Kesmark Estates Ltd. ("Kesmark"), in its capacity as Chief Restructuring Officer (the "CRO") of the Boreal Entities, with the consultation of the Monitor, to conduct an investigation with respect to the Property Transfers (as defined in the Initial Order); and (v) amending the powers, services and duties that the CRO is authorized to perform to include conducting the Investigation in consultation with the Monitor, changing the signatory on the Boreal Entities' bank accounts and redirecting the mail sent to the Boreal Entities by changing their mailing addressesPDF · Subscribers
An Amended and Restated Initial Order (the “ARIO”) substantially in the form attached to the Motion Record at Tab 2, amending and restating the Initial Order granted in these proceedings on November 25, 2021 (the “Initial Order”), which among other things: (a) abridges the time for service of the Notice of Motion and the Motion Record herein and dispensing with further service thereof; (b) orders that the Stay Period set out in paragraph 10 of the Initial Order be extended to February 18, 2022; (c) increases the amount of the Administration Charge to $300,000; (d) increases the amount that the Applicants are entitled to borrow under the DIP Facility (as defined below) to $10,000,000; (e) grants Kesmark Estates Ltd. (“Kesmark”), in its capacity as Chief Restructuring Officer (the “CRO”) of the Boreal Entities (as defined below), with the consultation of the Monitor, to conduct an investigation with respect to the Property Transfers (as defined below); (f) directs Aird & Berlis LLP, as Escrow Agent (the “Escrow Agent”) pursuant to the Deposit Trust Agreement dated November 9, 2016 (the “DTA”), to transfer to the Monitor any funds that it currently holds, or in the future may receive or hold, as rental fees for occupancy of units of the Real Property (which, for greater certainty, does not include the Deposits, as defined in the DTA, unless in accordance with the terms and provisions of the DTA); and (g) amends the powers, services and duties that the CRO is authorized to perform to changing the signatory on the Boreal Entities’ bank accounts, and (iii) redirecting mail sent to the Boreal Entities and changing their mailing addresses; and include (i) conducting the Investigation in consultation with the Monitor, (ii) changing the signatory on the Boreal Entities’ bank accounts, and (iii) redirecting mail sent to the Boreal Entities and changing their mailing addresses; and 2. Such further and other relief as this Court deems justPDF · Subscribers
Application RecordPDF · Subscribers
Endorsement
  • Presiding officer Justice Michael A. Penny
PDF · Subscribers
FactumPDF · Subscribers
Initial Order dated November 25, 2021
  • Applicant BOREAL CAPITAL PARTNERS LTD., JRB-331 SHEDDON HOLDINGS LTD., 2123068 ONTARIO LIMITED, JRB-109 REYNOLDS HOLDINGS LTD., JRB-339 CHURCH HOLDINGS LTD., JRB-147 CHURCH HOLDINGS LTD.
  • Appointee Ernst & Young Inc.
  • Appointee role monitor
  • Commencement date 25 November 2021
  • + 6 more extracted facts
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The purpose of this Pre-filing Report is to provide the following information to this Court: a) EY’s qualifications to act as Monitor; b) an overview of the Applicants; c) background on the circumstances leading to the Applicants’ decision to commence CCAA proceedings; d) an overview of the Applicants’ 13-week cash flow forecast on a consolidated basis for all the Applicants (the “Cash Flow Forecast”) and the Proposed Monitor’s comments regarding the reasonableness thereof; and e) certain relevant matters about the relief sought in the Initial OrderPDF · Subscribers
Creditors Listing
  • Financial position · Secured creditors · Unsecured creditors Subscribers
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., “Boreal Capital” (CCAA), Ontario Superior Court of Justice. Retrieved 5 November 2026, https://proceedings.ca/case/boreal-capital

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Sources last checked · summary updated 21 August 2026 · Report a correction · Printed from proceedings.ca/case/boreal-capital

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.