#Sale
Approved the receiver's sale of the property to 7397 Islington Avenue LP under the amended and restated purchase agreement dated August 26, 2026.
Source: Approval and Vesting Order
CB 11 South Woodbridge Corp
ActiveFollow
- Proceeding
- Receivership (court-appointed)section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act
- File
- CV-22-00684756-00CL
- Industry
- Real estate · Residential development
OverviewSummary updated
CB 11 South Woodbridge Corp has been under court-appointed receivership since September 18, 2022, when the Ontario Superior Court of Justice appointed a receiver and manager on the application of Canada ICI Capital Corporation in file CV-22-00684756-00CL. ICI holds a first charge over the property and a first-ranking general security agreement on an original $7.5 million commitment, with $8,036,291.39 owing per its mortgage payout statement as of January 3, 2023, backed by guarantees from Michael Smith and Capital Build Construction Management Corp. A second mortgage held by Dr. Fred Hui, registered at $1.5 million, was postponed to ICI under an April 15, 2021 subordination and standstill agreement. Three construction liens sit on title — Capital Build at $722,070, KNYMH at $108,505 and HK United at $92,407.23 — with the asserted priorities under section 78(5) of the Construction Act disputed and unresolved.
Proceedings AIOpen Proceedings AI
Case updates19 dated entries
#Report
Second report: sought approval of the amended purchase agreement with SC Land Inc., assigned to 7397 Islington Avenue LP, and distribution of proceeds; put ICI's claim at $11,257,179.19 as of August 31, 2026.
Source: Second Report of the Receiver and Manager, dated September 10, 2026
#Order
Justice Black ordered, on the motion of lien claimant KNYMH Incorporated, that its lien action be tried under section 37 of the Construction Act, and lifted the receivership stay only for that purpose.
Source: Order, dated October 2, 2024
#Report
First report: described the property as vacant, undeveloped land with construction not begun and no employees, and a conditional asset purchase agreement from the sale process awaiting waiver of the due diligence condition.
#Report
#Order
Placed the company in receivership on Canada ICI Capital Corporation's application, appointing a receiver and manager under s.243(1) of the BIA, s.101 of the Courts of Justice Act and s.37 of the Construction Act.
AnalysisAll insights
Case update
CB 11 South Woodbridge: the Islington land sells short of the mortgage
Four years after Ernst & Young Inc. took over a vacant 1.91-acre condominium site north of Highway 407, the Commercial List approved its sale on September 17, 2026 at a sealed price the receiver says will not repay the $11,257,179.19 now owed on a $7.5 million first mortgage, with the lender behind that mortgage financing the buyer.
Parties
Debtor
CB 11 South Woodbridge Corp
Receiver
EY
Bench and counselPer the orders and service lists on the record
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Cavanagh | Ontario Superior Court of Justice | 3 orders, Sep 2026 | 318 cases on record |
| Justice Black | Ontario Superior Court of Justice | 2 orders, Oct 2024 | 198 cases on record |
| Justice Osborne | Ontario Superior Court of Justice | 2 orders, Sep 2022 | 168 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverEY | Reconstruct LLP · Dickinson Wright LLP | 15 Feb 2023 | Service list · 15 Feb 2023 |
| Applicant | Blaney McMurtry LLP | 29 Jul 2022 | Application · 29 Jul 2022 |
| CreditorCanada ICI Capital Corporation | Blaney McMurtry LLP | 15 Feb 2023 | Service list · 15 Feb 2023 |
| CreditorHK United Construction Ltd | Blaney McMurtry LLP | 15 Feb 2023 | Service list · 15 Feb 2023 |
| CreditorKNYMH Incorporated | SimpsonWigle LAW LLP | 15 Feb 2023 | Service list · 15 Feb 2023 |
| CreditorLien Claimant, KNYMH Incorporated | SimpsonWigle LAW LLP | 2 Oct 2024 | Order · 2 Oct 2024 |
| CreditorSecond Mortgagee, Dr | Borden Ladner Gervais LLP | 15 Feb 2023 | Service list · 15 Feb 2023 |
Capital structureAs asserted in the filings
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Canada ICI Capital Corporation (ICI) · in 9 casesFirst mortgage over 7397 Islington Avenue, Vaughan (ICI Mortgage, registered principal $7.5 million); PPSA general security agreement over all assets and undertaking — ICI Mortgage Indebtedness per ICI Payout Statement (Appendix D): loan principal $7,646,706.05, accrued interest $2,967,201.29, other fees/charges $643,271.85 (excludes legal fees/costs from Aug 1, 2026 onward). ICI is mortgage servicer; Equitable Bank funded the loan as the actual Lender. Independent security opinion from Reconstruct LLP confirms validity/enforceability but not quantum or priority. — debtor: CB 11 South Woodbrid · as of 31 Aug 2026 | $11.3M | Motion Record, returnable September 17, 2026 |
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 8 | Unsecured |
5 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 processAs stated in the filings
2 transactions · 1 proposed · 1 not completed — Transaction approved by court orderApproval and Vesting Order · 17 Sep 2026
| Purchaser | Price | Status | Source |
|---|---|---|---|
| 7397 Islington Avenue LPthe Purchased Assets (as defined in the A&R APA) of CB 11 · real property · agreement 26 Aug 2026 | not stated | Proposed | Second Report of the Receiver and Manager,… |
| the 2023 Potential Purchaser, unnamedthe Property · asset sale · agreement 20 Jan 2023 | not stated | Not completed | Second Report of the Receiver and Manager,… |
AdvisorsCBRE Limited (listing broker); Ernst & Young Real Estate Services Inc. (listing broker)Second Report of the Receiver and Manager, dated September 10, 2026
Closing termsVesting occurs upon delivery of Receiver's Certificate confirming payment of purchase price and satisfaction/waiver of closing conditionsApproval and Vesting Order
Sealed materialsSale Agreement attached as Confidential Appendix to the ReportApproval and Vesting Order
Estate financialsReported figures — never derived
Professional fees
$269K
As at 29 Aug 2026Second Report of the Receiver and Manager, dated September 10, 2026
Documents
19 filings
| Date | Document | File |
|---|---|---|
Ancillary Order
| PDF · Subscribers | |
Approval and Vesting Order
| PDF · Subscribers | |
Endorsement
| PDF · Subscribers | |
Factum of the Receiver, returnable September 17, 2026
| PDF · Subscribers | |
Motion Record, returnable September 17, 2026
| PDF · Subscribers | |
Second Report of the Receiver and Manager, dated September 10, 2026
| PDF · Subscribers | |
Endorsement of Black, J., dated October 2, 2024
| PDF · Subscribers | |
Order, dated October 2, 2024
| PDF · Subscribers | |
Endorsement of McEwen, J., dated February 15, 2023
| PDF · Subscribers | |
| Order Re Approval of Activities and Sealing, dated February 15, 2023 | PDF · Subscribers | |
Service List as of February 15, 2023
| PDF · Subscribers | |
1. Notice of Motion, returnable February 15, 2023 2. First Report of the Receiver and Appendices dated February 8, 2023 Appendix “A” – Appointment Order dated September 18, 2022 Appendix “B” – Corporate Profiles of CB 11 and Capital Build Appendix “C” – ICI Mortgage Loan Payout Statement as of January 3, 2023 Appendix “D” – CBRE Limited Agreement dated October 5, 2022 Appendix “E” – ICI Lien Claims Analysis dated January 18, 2023 Appendix “F” – Receiver’s Statement of Receipts and Disbursements from September 18, 2022 to February 7, 2023 3. Draft Order re Activities and Sealing
| PDF · Subscribers | |
The purpose of this First Report is to: (a) provide a summary of the background of the Company; (b) report on the activities of the Receiver since its appointment; (c) update the Court on the process undertaken by the Receiver to market and sell the Property (the “Sale Process”); (d) update the Court on the position of Canada ICI Capital Corporation (“ICI”) regarding the liens registered against the Property, and the position of the lienholders; (e) provide information in support of the Receiver’s request for Court approval of the activities of the Receiver, including with respect to the Sale Process, as described in this First Report; and (f) provide information in support of the Receiver’s request for a sealing order over the Confidential Appendix attached hereto, pending the closing of a transaction, or further order of the Court, as it contains other information that could adversely affect the Sale Process and any further sale process for the Property
| PDF · Subscribers | |
Certificate of Appointment
| PDF · Subscribers | |
| 245 - 246 Notice dated September 28, 2022 | PDF · Subscribers | |
Endorsement of Osborne, J., dated September 18, 2022
| PDF · Subscribers | |
Receivership Order, dated September 18, 2022
| PDF · Subscribers | |
Endorsement of Dietrich, J., dated August 3, 2022
| PDF · Subscribers | |
Notice of Application, dated July 29, 2022
| 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., “CB 11 South Woodbridge Corp” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 4 November 2026, https://proceedings.ca/case/cb-11-south-woodbridge-corp