Cacoeli Asset Management Inc. et al.
- Proceeding
- Receivership (court-appointed)section 129 of the Securities Act, R.S.O. 1990, c. S.5, as amended
- File
- CV-25-00736396-00CL
- Industry
- Financial services · Investment funds & schemes
Cacoeli Asset Management Inc. and related respondents have been in receivership since June 5, 2025, when the Ontario Superior Court of Justice (Commercial List), on the application of the Ontario Securities Commission under section 129 of the Securities Act, appointed Grant Thornton Limited as receiver and manager in court file CV-25-00736396-00CL. On June 17, 2026 the court approved the sale of three multi-residential properties to Teperium Capital Limited under an agreement dated March 5, 2026; the Heiman and Linnwood-Lowther properties closed on July 15, 2026 and the Centreville property on August 19, 2026. The court also approved a sale of the Steeles Property to CB 4577 Steeles Ltd. under an agreement dated May 6, 2026. MCAP Financial Corporation, which holds mortgages on 150-158 Heiman Street in Kitchener and on Moore and Lowther Streets in Cambridge, was owed $5,419,459 by Cacoeli Heiman LP at December 31, 2024.
The court granted an approval and vesting order for the sale to Teperium Capital Limited. Closing terms, as extracted: Vesting occurs upon delivery of the Receiver's Certificate confirming payment of the purchase price and satisfaction of closing conditions. Sealed: Sale Agreement (Confidential Appendix A to the Third Report).
Source: Approval and Vesting Order on Heiman Property of Justice Cavanagh dated June 17, 2026.pdf
The court granted an approval and vesting order for the sale to Teperium Capital Limited. Closing terms, as extracted: Vesting occurs upon delivery of a Receiver's Certificate confirming payment of purchase price, satisfaction/waiver of conditions, and completion of the Transaction. Sealed: Sale Agreement.
Source: Approval and Vesting Order on Linnwood-Lowther Property of Justice Cavanagh dated June 17, 2026.pdf
The court granted an approval and vesting order for the sale to CB 4577 Steeles Ltd. Closing terms, as extracted: Vesting effective upon delivery of Receiver's Certificate confirming payment and satisfaction of closing conditions.
Source: Approval and Vesting Order on Steeles Property of Justice Cavanagh dated June 17, 2026.pdf
The court granted an approval and vesting order for the sale to Teperium Capital Limited. Closing terms, as extracted: vesting effective upon delivery of the Receiver's Certificate confirming payment of purchase price and satisfaction of closing conditions.
Source: Approval and Vesting Order on Centreville Property of Justice Cavanagh dated June 17, 2026.pdf
The officer filed report no. First Supplement to the Third Report.
Source: First Supplement to the Third Report of the Receiver dated June 15, 2026.pdf
Responding Motion Record of Vault Capital dated June 12, 2026.pdf — Application / notice of application
Motion Record of the Receiver returnable June 17, 2026.pdf — Application / notice of application
Response to Application for Leave to Appeal dated December 17, 2025.pdf — Application / notice of application
First Supplement to the Second Report by Grant Thornton Limited dated November 27, 2025.pdf — Court officer report
Application for Leave to Appeal dated November 21, 2025.pdf — Application / notice of application
Motion Record of the Receiver returnable on November 28, 2025.pdf — Application / notice of application
Motion Record - Fresh Evidence Tendered by the Respondent dated September 12, 2025.pdf — Application / notice of application
Motion Record of MCAP Financial Corp returnable June 17, 2025.pdf — Application / notice of application
Respondent's Certificate Respecting Evidence dated June 13, 2025.pdf — Court officer certificate
Responding Motion Record of the OSC dated June 12, 2025.pdf — Application / notice of application
The Ontario Superior Court of Justice made a further receivership order on June 5, 2025, under court file CV-25-00736396-00CL.
Case Conference Brief of Vault Capital dated June 3, 2025.pdf — Application / notice of application
Compendium of the Respondents dated on April 28, 2025.pdf — Application / notice of application
Summary of Submissions Made by Vault Capital Inc dated on April 25, 2025.pdf — Application / notice of application
Compendium of the Respondents returnable April 22, 2025.pdf — Application / notice of application
Responding Application Record for Clifton Blake Capital Corp. returnable April 22, 2025.pdf — Application / notice of application
Application Record of MCAP Financial Corporation dated April 16, 2025.pdf — Application / notice of application
Brief of Cross-Examination Transcripts dated April 8, 2025.pdf — Response / objection pleading
Responding Application Record (Volume 1 of 4, Ex.'s 1-18) dated March 20, 2025.pdf — Application / notice of application
Responding Application Record (Volume 2 of 4, Ex.'s 19-30) dated March 20, 2025.pdf — Application / notice of application
Responding Application Record (Volume 3 of 4, Ex.'s 31-43) dated March 20, 2025.pdf — Application / notice of application
Responding Application Record (Volume 4 of 4, Ex.'s 44-76) dated March 20, 2025 .pdf — Application / notice of application
Supplementary Application Record of the Applicant dated March 12, 2025.pdf — Application / notice of application
Compendium of the Applicant dated February 13, 2025.pdf — Application / notice of application
Responding Motion Record of Terra Bona Developments Ltd dated February 13, 2025.pdf — Application / notice of application
Motion Record of Clifton Blake Capital Corp. dated February 12, 2025.pdf — Application / notice of application
Application Record of the Applicant (Volume 1 of 7) dated February 7, 2025.pdf — Application / notice of application
Application Record of the Applicant (Volume 2 of 7) dated February 7, 2025.pdf — Application / notice of application
Application Record of the Applicant (Volume 3 of 7) dated February 7, 2025.pdf — Application / notice of application
Application Record of the Applicant (Volume 4 of 7) dated February 7, 2025.pdf — Application / notice of application
Application Record of the Applicant (Volume 5 of 7) dated February 7, 2025.pdf — Application / notice of application
Application Record of the Applicant (Volume 6 of 7) dated February 7, 2025.pdf — Application / notice of application
Application Record of the Applicant (Volume 7 of 7) dated February 7, 2025.pdf — Application / notice of application
Undated filings2 — no date appears on the document · show
Case update
Cacoeli: the OSC's receivership test survives, and Centreville is sold
On August 27, 2026 the Supreme Court of Canada refused Cacoeli leave to appeal 2025 ONCA 654, leaving the OSC able to obtain a s. 129 receiver on a serious concern of possible breaches rather than a strong prima facie case. Eight days earlier the receiver had closed the last of three apartment sales, 60 Centreville Street in Kitchener.
Debtor
Cacoeli Asset Management Inc. et al.
Applicant
Ontario Securities Commission
Receiver
Doane Grant Thornton
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Cavanagh | Ontario Superior Court of Justice | 12 orders, Feb 2025 – Jun 2026 | 318 cases on record |
| Justice Steele | Ontario Superior Court of Justice | 5 orders, Apr 2025 – Jun 2025 | 245 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverDoane Grant Thornton | Aird & Berlis LLP | 10 Sep 2025 | Factum · 10 Sep 2025 |
| DebtorCacoeli Asset Management Inc. et al. | Adair Goldblatt Bieber LLP | 28 Feb 2025 | Factum · 26 Feb 2025 |
| CreditorClifton Blake Capital Corp | Scalzi Law LLP · Scalzi Caplan LLP | 12 Feb 2025 | Factum · 25 Nov 2025 |
| CreditorMCAP Financial Corp | Stockwoods LLP | 17 Jun 2025 | Factum · 11 Jun 2025 |
| CreditorMCAP Financial Corporation | Stockwoods LLP | 16 Apr 2025 | Application · 16 Apr 2025 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | MCAP Financial Corporation · in 6 casesMortgage securing 150-158 Heiman Street, Kitchener, Ontario; also mortgage securing 829-841 Moore St. and 356 Lowther Street, Cambridge, Ontario — Aggregate loan balance as of Dec 31, 2024; in default per notice dated April 9, 2025 (Appendix K); second notice of default expected re Moore St./Lowther St. mortgage — debtor: Cacoeli Heiman LP (also secured by 10138851 Canada Inc.) · as of 31 Dec 2024 | $5.42M | Monitor's First Report dated April 14, 2025.pdf |
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured |
12 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.
2 transactions · 1 approved · 1 closed — The Transaction has been completed to the satisfaction of the ReceiverReceivers Certificate - Linnwood-Lowther Property.pdf · 15 Jul 2026
| Purchaser | Price | Status | Source |
|---|---|---|---|
| CB 4577 Steeles Ltd.the Purchased Assets (as defined in the Sale Agreement), including, without limitation, all of the Respondents' rights, title and interests in and to the Steeles Property · real property · agreement 6 May 2026 | not stated | Approved17 Jun 2026 | Approval and Vesting Order on Steeles Property… |
| Teperium Capital Limitedthe Purchased Assets (as defined in the Sale Agreement), including, without limitation, all of the Respondents' rights, title and interests in and to the Heiman Property · real property · agreement 5 Mar 2026 | Sealed | Closed19 Aug 2026 | Receiver's Certificate dated August 19, 2026.pdf |
3 engagements · 1 firm — latest: Aird & Berlis LLP, 1 Apr – 31 May 2026First Supplement to the Third Report of the Receiver dated June 15,… · 15 Jun 2026
| Firm | Period | Hours | Fees | Rates | Source | ||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Aird & Berlis LLPCounsel to the receiverperiod 3 of 3 | 1 Apr – 31 May 2026Sought | — | — | First Supplement to the Third Report of the Receiver dated June 15,… · 15 Jun 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Aird & Berlis LLPCounsel to the receiverperiod 3 of 3 | 1 May – 31 May 2026 | — | 8 people | First Supplement to the Third Report of the Receiver dated June 15,… · 15 Jun 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||
8 people — Aird & Berlis LLP, 1 May – 31 May 2026 · 24 blurred figures
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| Aird & Berlis LLPCounsel to the receiverperiod 1 of 3 | to 30 Apr 2026 | 9 people | First Supplement to the Third Report of the Receiver dated June 15,… · 15 Jun 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
9 people — Aird & Berlis LLP, to 30 Apr 2026 · 27 blurred figures
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57 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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See all plansProfessional fees
$61.9K
As at 31 May 2026First Supplement to the Third Report of the Receiver dated June 15, 2026.pdf
| Date | Document | File |
|---|---|---|
| Judgement dated August 27, 2026.pdf | PDF · Subscribers | |
Receiver's Certificate dated August 19, 2026.pdf
| PDF · Subscribers | |
Receiver's Certificate - Heiman Property.pdf
| PDF · Subscribers | |
Receivers Certificate - Linnwood-Lowther Property.pdf
| PDF · Subscribers | |
Ancillary Relief Order of Justice Cavanagh dated June 17, 2026.pdf
| PDF · Subscribers | |
Approval and Vesting Order on Centreville Property of Justice Cavanagh dated June 17, 2026.pdf
| PDF · Subscribers | |
Approval and Vesting Order on Heiman Property of Justice Cavanagh dated June 17, 2026.pdf
| PDF · Subscribers | |
Approval and Vesting Order on Linnwood-Lowther Property of Justice Cavanagh dated June 17, 2026.pdf
| PDF · Subscribers | |
Approval and Vesting Order on Steeles Property of Justice Cavanagh dated June 17, 2026.pdf
| PDF · Subscribers | |
Endorsement of Justice Cavanagh June 17, 2026.pdf
| PDF · Subscribers | |
First Supplement to the Third Report of the Receiver dated June 15, 2026.pdf
| PDF · Subscribers | |
| Responding Motion Record of Vault Capital dated June 12, 2026.pdf | PDF · Subscribers | |
Factum of Grant Thornton Limited dated June 11, 2026.pdf
| PDF · Subscribers | |
| Notice to Investors dated June 2, 2026.pdf | PDF · Subscribers | |
| Service List as at June 1, 2026.docx | PDF · Subscribers | |
| Motion Record of the Receiver returnable June 17, 2026.pdf | PDF · Subscribers | |
| Third Report of the Receiver dated May 27, 2026.pdf | PDF · Subscribers | |
| Certificate of Respondent dated December 17, 2025.pdf | PDF · Subscribers | |
Notice of Name dated December 17, 2025.pdf
| PDF · Subscribers | |
| Response to Application for Leave to Appeal dated December 17, 2025.pdf | PDF · Subscribers | |
Notice to Investors dated December 10, 2025.pdf
| PDF · Subscribers | |
Endorsement of Justice Cavanagh dated December 1, 2025.pdf
| PDF · Subscribers | |
| Second Supplement to Second Report dated December 1, 2025.pdf | PDF · Subscribers | |
Endorsement of Justice Cavanagh dated November 28, 2025.pdf
| PDF · Subscribers | |
Order of Justice Cavanagh dated November 28, 2025.pdf
| PDF · Subscribers | |
| First Supplement to the Second Report by Grant Thornton Limited dated November 27, 2025.pdf | PDF · Subscribers | |
Aide Memoire of Clifton Blake Capital Corp dated November 25, 2025.pdf
| PDF · Subscribers | |
Factum of Grant Thornton Limited dated November 24, 2025.pdf
| PDF · Subscribers | |
| Application for Leave to Appeal dated November 21, 2025.pdf | PDF · Subscribers | |
| Certificate of Counsel dated November 21, 2025.pdf | PDF · Subscribers | |
| Notice of Name dated November 21, 2025.pdf | PDF · Subscribers | |
Notice to Investors dated November 18, 2025.pdf
| PDF · Subscribers | |
| Motion Record of the Receiver returnable on November 28, 2025.pdf | PDF · Subscribers | |
| Second Report of the Receiver dated November 13, 2025.pdf | PDF · Subscribers | |
| Court of Appeal for Ontario Decision dated September 23, 2025.pdf | PDF · Subscribers | |
| Book of Authorities of the Moving Party dated September 12, 2025.pdf | PDF · Subscribers | |
| Factum of the Moving Party (Respondent in Appeal) dated September 12, 2025.pdf | PDF · Subscribers | |
| Motion Record - Fresh Evidence Tendered by the Respondent dated September 12, 2025.pdf | PDF · Subscribers | |
Appellants' Oral Hearing Compendium dated September 10, 2025.pdf
| PDF · Subscribers | |
| First Report of the Receiver dated September 10, 2025.pdf | PDF · Subscribers | |
| Book of Authorities of The Respondent dated September 2, 2025.pdf | PDF · Subscribers | |
| Compendium of the Respondent dated September 2, 2025.pdf | PDF · Subscribers | |
| Factum of the Respondent dated September 2, 2025.pdf | PDF · Subscribers | |
| Appeal Book and Compendium dated July 3, 2025.pdf | PDF · Subscribers | |
| Exhibit Book dated July 3, 2025.pdf | PDF · Subscribers | |
| Factum of the Appellants dated July 3, 2025.pdf | PDF · Subscribers | |
| Endorsement dated June 17, 2025.pdf | PDF · Subscribers | |
| Motion Record of MCAP Financial Corp returnable June 17, 2025.pdf | PDF · Subscribers | |
| Reply Affidavit of Jedidiah Liu sworn June 16, 2025.pdf | PDF · Subscribers | |
| Second Report of the Monitor dated June 16, 2025.pdf | PDF · Subscribers | |
| Respondent's Certificate Respecting Evidence dated June 13, 2025.pdf | PDF · Subscribers | |
| Responding Factum of the OSC dated June 12, 2025.pdf | PDF · Subscribers | |
| Responding Motion Record of the OSC dated June 12, 2025.pdf | PDF · Subscribers | |
| Responding Party Authorities dated June 12, 2025.pdf | PDF · Subscribers | |
Factum of MCAP Financial Corp returnable June 17, 2025.pdf
| PDF · Subscribers | |
| Case Management Decision dated June 9, 2025.pdf | PDF · Subscribers | |
| Factum of The Appellants dated on June 6, 2025.pdf | PDF · Subscribers | |
| Motion Record dated on June 6, 2025.pdf | PDF · Subscribers | |
| Aide Memoire of the Ontario Securities Commission dated June 5, 2025.pdf | PDF · Subscribers | |
Endorsement of Justice Steele dated June 5, 2025.pdf
| PDF · Subscribers | |
Receivership Order dated June 5, 2025.pdf
| PDF · Subscribers | |
| Aide Memoire of the Respondents dated June 4, 2025.pdf | PDF · Subscribers | |
Receivership Order Compendium of the Ontario Securities Commission dated June 4, 2025.pdf
| PDF · Subscribers | |
| Case Conference Brief of Vault Capital dated June 3, 2025.pdf | PDF · Subscribers | |
Appellants' Certificate date May 30, 2025.pdf
| PDF · Subscribers | |
Notice of Appeal dated May 30, 2025.pdf
| PDF · Subscribers | |
Reasons for Decision by Justice Steele dated May 23, 2025.pdf
| PDF · Subscribers | |
Endorsement of Justice Steele dated April 29, 2025.pdf
| PDF · Subscribers | |
| Compendium of the Respondents dated on April 28, 2025.pdf | PDF · Subscribers | |
| Responding Brief of the Ontario Securities Commission dated on April 28, 2025.pdf | PDF · Subscribers | |
| Aide Memoire of CMLS Financial Limited dated on April 25, 2025.pdf | PDF · Subscribers | |
Aide Memoire of Clifton Blake Capital Corp dated on April 25, 2025.pdf
| PDF · Subscribers | |
| Brief of Grant Thornton Limited dated on April 25, 2025.pdf | PDF · Subscribers | |
Brief of Terra Bona Developments Ltd dated on April 25, 2025.pdf
| PDF · Subscribers | |
| Summary of Submissions Made by Vault Capital Inc dated on April 25, 2025.pdf | PDF · Subscribers | |
| Compendium of the Applicant dated April 22, 2025.pdf | PDF · Subscribers | |
Endorsement of Justice Steele dated April 22, 2025.pdf
| PDF · Subscribers | |
| Compendium of the Respondents returnable April 22, 2025.pdf | PDF · Subscribers | |
| Responding Application Record for Clifton Blake Capital Corp. returnable April 22, 2025.pdf | PDF · Subscribers | |
| Reply Factum of the Ontario Securities Commission dated on April 17, 2025.pdf | PDF · Subscribers | |
| Responding Application Record dated April 17, 2025.pdf | PDF · Subscribers | |
Application Record of MCAP Financial Corporation dated April 16, 2025.pdf
| PDF · Subscribers | |
Factum of the Respondents returnable April 22, 2025.pdf
| PDF · Subscribers | |
Monitor's First Report dated April 14, 2025.pdf
| PDF · Subscribers | |
| Brief of Cross-Examination Transcripts dated April 8, 2025.pdf | PDF · Subscribers | |
| Supplementary Book of Authorities dated April 8, 2025.pdf | PDF · Subscribers | |
| Supplementary Factum dated April 8, 2025.pdf | PDF · Subscribers | |
| Responding Application Record (Volume 1 of 4, Ex.'s 1-18) dated March 20, 2025.pdf | PDF · Subscribers | |
| Responding Application Record (Volume 2 of 4, Ex.'s 19-30) dated March 20, 2025.pdf | PDF · Subscribers | |
| Responding Application Record (Volume 3 of 4, Ex.'s 31-43) dated March 20, 2025.pdf | PDF · Subscribers | |
| Responding Application Record (Volume 4 of 4, Ex.'s 44-76) dated March 20, 2025 .pdf | PDF · Subscribers | |
| Supplementary Application Record of the Applicant dated March 12, 2025.pdf | PDF · Subscribers | |
Endorsement of Justice Osborne dated February 28, 2025.pdf
| PDF · Subscribers | |
Aide Memoire of the Respondents returnable February 28, 2025.pdf
| PDF · Subscribers | |
Endorsement of Justice Cavanagh dated February 18, 2025.pdf
| PDF · Subscribers | |
Endorsement of Justice Cavanagh dated February 14, 2025.pdf
| PDF · Subscribers | |
Monitor Order dated February 14, 2025.pdf
| PDF · Subscribers | |
| Compendium of the Applicant dated February 13, 2025.pdf | PDF · Subscribers | |
| Responding Motion Record of Terra Bona Developments Ltd dated February 13, 2025.pdf | PDF · Subscribers | |
| Aide Memoire of the Respondents dated February 12, 2025.pdf | PDF · Subscribers | |
| Book of Authorities dated February 12, 2025.pdf | PDF · Subscribers | |
Factum of Clifton Blake Capital Corp dated February 12, 2025.pdf
| PDF · Subscribers | |
| Motion Record of Clifton Blake Capital Corp. dated February 12, 2025.pdf | PDF · Subscribers | |
| Application Record of the Applicant (Volume 1 of 7) dated February 7, 2025.pdf | PDF · Subscribers | |
| Application Record of the Applicant (Volume 2 of 7) dated February 7, 2025.pdf | PDF · Subscribers | |
| Application Record of the Applicant (Volume 3 of 7) dated February 7, 2025.pdf | PDF · Subscribers | |
| Application Record of the Applicant (Volume 4 of 7) dated February 7, 2025.pdf | PDF · Subscribers | |
| Application Record of the Applicant (Volume 5 of 7) dated February 7, 2025.pdf | PDF · Subscribers | |
| Application Record of the Applicant (Volume 6 of 7) dated February 7, 2025.pdf | PDF · Subscribers | |
| Application Record of the Applicant (Volume 7 of 7) dated February 7, 2025.pdf | PDF · Subscribers | |
| Factum dated February 7, 2025.pdf | PDF · Subscribers | |
| Statement of Defence dated on August 30, 2024.pdf | PDF · Subscribers | |
| Book of Authorities of the Appellants.pdf | PDF · Subscribers | |
| Certificate of Perfection.pdf | 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., “Cacoeli Asset Management Inc. et al.” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 5 November 2026, https://proceedings.ca/case/cacoeli-asset-management-inc-et-al