Proceedings.

Clarkson Road Holdings Inc., Clarkson Road Developments GP Inc. and 2813427 Ontario Inc

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Active
Proceeding
CCAACompanies' Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended
Court
Ontario Superior Court of Justice
File
CV-24-00719589-00CL
Industry
Real estate · Commercial & mixed-use development
Filings held108
Last activity18 Sep 2026
On the record906 days
Secured debtSubscribers
OverviewSummary updated

Clarkson Road Holdings Inc., Clarkson Road Developments GP Inc. and 2813427 Ontario Inc. have been under CCAA protection in the Ontario Superior Court of Justice since May 3, 2024, with PricewaterhouseCoopers Inc. as Monitor. Interim financing from 1000861289 Ontario Inc. has been enlarged repeatedly, from $3,875,000 under a May 6, 2024 term sheet to $5,000,000, then $5,875,000, and now a General and Construction DIP Facility of up to $7,200,000 plus interest, fees and costs, alongside a separate $2,025,000 facility under a March 27, 2025 term sheet arising from an investment and stalking horse transaction. The DIP lender's quantum and priority are disputed by certain parties, and it delivered a formal demand and BIA s. 244 notice on August 10, 2026, with a motion brought August 17, 2026. Secured claims include construction liens of $29,194,278.06 (Kenaidan Contracting Ltd.) and $1,819,391.19 (Delgant T.O. Ltd.), and $20,928,851.45 owed to CS Capital Limited.

Claims processIf you are owed money

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

Per the Claims Procedure Order dated 11 September 2025.

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Case updates108 dated entries
#Report

The officer filed report no. Eleventh Report. The Monitor reports that the Applicants and DIP Lender have been unable to secure replacement liquidity to fund the increased DIP facility, and the Investor has failed to secure Exit Financing, meaning the Transaction will not close by the contemplated Closing Date; the Monitor does not expect the CCAA stay to be extended past its February 28, 2026 expiry.

Source: Eleventh Report of the Monitor

#Report

The officer filed report no. Tenth Report of the Monitor. The Applicants are in CCAA proceedings with the DIP facility's additional $1.325 million of availability still unfunded, so budgeted professional fees and other costs have been deferred. Closing of the Transaction depends on the Investor securing Exit Financing by the Outside Date.

Source: Tenth Report of the Monitor

#Report

The officer filed report no. Supplement to the Ninth Report of the Monitor. The Applicants' project is being held in care and maintenance mode while a transaction with the Investor (A&R Investment Agreement) is pursued, with closing projected for February 23, 2026. The Monitor supports the transaction, a stay extension and a $1.325 million increase to the General and Construction DIP Facility, and the proposed Claims Procedure Order.

Source: Supplement to the Ninth Report of the Monitor

#Report

The officer filed report no. Ninth Report of the Monitor. The Project is in 'care and maintenance' status with no construction and only essential maintenance, funded by DIP financing, while the Applicants seek approval of a reverse vesting transaction with the Investor, a claims procedure, and a stay extension to February 28, 2026. The Transaction carries closing risk, including financing, KCL's step-in rights, and the Priority Claim Adjustment condition.

Source: Ninth Report of the Monitor

#Report

The officer filed report no. Eighth Report. The Project remains on care and maintenance only, with no new construction anticipated beyond payment of outstanding holdbacks for the winter 2024/25 preservation work. Holding costs and CCAA professional fees are being funded through DIP financing while a revised investment transaction with KCL is being finalized.

Source: Eighth Report of the Monitor

#Report

The officer filed report no. Seventh Report. The Applicants hold the Mississauga development site with no operating receipts, funding only holding costs and restructuring fees through DIP financing while they negotiate with KCL, the priority construction lienholder, on amending the Investment Agreement. The Additional Preservation Activities at the site have been completed.

Source: Seventh Report of the Monitor

#Report

The officer filed report no. Sixth Report of the Monitor. The Applicants have no revenues; they manage the Project site and have completed the Additional Preservation Activities (winter protection works) while exploring options to modify the Investment Agreement or find an alternative transaction after CS Capital's leave motion on the priority dispute was dismissed.

Source: Sixth Report of the Monitor

#Order

The court approved a sale and investment solicitation process. A bid deadline of 2024-06-07.

Source: SISP Order

AnalysisAll insights⁠

Filing brief

Clarkson Road: the lien claimant who paid out the DIP

A townhouse project in Mississauga spent two years in CCAA, won approval for an insider recapitalization that never found its financing, and then sat for six months with its stay lapsed. On September 8, 2026, Justice Cavanagh appointed PwC as receiver on the application of Kenaidan Contracting — by consent, in an order that takes effect only once Kenaidan funds a $10,549,924 payout of the charges held by the lender that had asked for a different receiver.

Parties

Debtor

Clarkson Road Holdings Inc., Clarkson Road Developments GP Inc. and 2813427 Ontario Inc

Monitor

PwC

Bench and counselPer the orders and service lists on the record

Bench

JudgeCourtOn this docketCases on record
Justice CavanaghOntario Superior Court of Justice24 orders, May 2024 – Sep 2026318 cases on record

Counsel of record

PartyCounselFirst seenSource
MonitorPwCBlake, Cassels & Graydon LLP19 Aug 2025Service list · 19 Aug 2025
ApplicantClarkson Road Holdings Inc., Clarkson Road Developments GP Inc. and 2813427 Ontario IncMcCarthy Tétrault LLP2 May 2024Order · 3 May 2024
CreditorCanada Revenue AgencyWeirFoulds LLP19 Aug 2025Service list · 19 Aug 2025
CreditorCS Capital LimitedSR Law Practice
Previously Laishley Reed LLP (last seen 7 Oct 2024)
7 Oct 2024Service list · 19 Aug 2025
CreditorCS Capital Limited, assignee of QRC Limited Partnership and Black Saxon QRC IncLaishley Reed LLP16 Jul 2024Factum · 16 Jul 2024
CreditorDelgant (T.O.) LtdGoodmans LLP23 Jul 2024Factum · 2 Oct 2024
CreditorDolente Concrete & Drain Company Ltd Marc Blouin (Assistant)Beard Winter LLP19 Aug 2025Service list · 19 Aug 2025
CreditorKenaidan Contracting LtdNorton Rose Fulbright Canada LLP22 Jul 2024Order · 8 Sep 2026
CreditorQRC Limited PartnershipLaishley Reed LLP19 Aug 2025Service list · 19 Aug 2025
CreditorRafat General Contractor IncAird & Berlis LLP19 Aug 2025Service list · 19 Aug 2025
Capital structureAs asserted in the filings
stated amounts, drawn to scale · for subscribers
#Priority classCreditorAmountSource
4SecuredSubordinated Administration Charge holders (unnamed)Subordinated Administration Charge — Ranks third in most recent priority order — debtor: Clarkson Road Developments GP Inc., Clarkson Road Holdings Inc. and 2813427 Ontario Inc.$300KMotion Record of DIP Lender (re Appointment of Receiver)
4Secured
4Secured
4Secured
4Secured
4Secured
4Secured
8Unsecured
8Unsecured
8Unsecured

21 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

3 transactions · 2 approved · 1 not completed — the Transaction will not close by the Closing Date contemplated under the A&R Investment AgreementEleventh Report of the Monitor · 9 Feb 2026

Bid deadline (round closed)

7 June 2024

SISP Order

Break fee

Subscribers

SISP Order

Stalking horse

1000861289 Ontario Inc.

Transaction Approval and Reverse Vesting Order

PurchaserPriceStatusSource
1000861289 Ontario Inc.Stalking horsethe Purchased Assets · asset sale · agreement 13 May 2024SubscribersApproved13 May 2024SISP Order
1000861289 Ontario Inc.Stalking horsethe Subscribed Shares (100 Class 'A' common shares of each of the Companies) and the Transferred LP Interests/Units (all LP units in Eleven11 LP), with the Debtors retaining the Retained Assets including the Real Property at 1111 Clarkson Road, Mississauga · share subscription · ResidualCo: 1001327105 Ontario Inc. · agreement 14 Aug 2025SubscribersApproved11 Sep 2025outside 23 Feb 2026Transaction Approval and Reverse Vesting Order
Investorthe Transaction · share subscription · agreement 14 Aug 2025SubscribersNot completeddate not statedEleventh Report of the Monitor
AdvisorsCBRE Limited (listing broker)Transaction Approval and Reverse Vesting Order
Closing termsClosing occurs on delivery of the Monitor's Certificate on or before the Closing Deadline, attesting among other things to receipt of the cash portion of the Investment Amount by wire; the closing steps then occur in the sequence set out in the Closing SequenceTransaction Approval and Reverse Vesting Order
Estate financialsReported figures — never derived

Cash on hand

$19.9K

As at 23 May 2025Seventh Report of the Monitor

Documents
108 filings
DateDocumentFile
Receiver's Notice to Creditors
PDF · Subscribers
Endorsement of J Cavanagh re Receivership
  • Presiding officer Justice Cavanagh
PDF · Subscribers
Receivership Order
  • Counsel Norton Rose Fulbright Canada LLP
  • Presiding officer Justice Cavanagh
  • Financial position · Secured creditors Subscribers
  • + 1 more extracted fact
PDF · Subscribers
Factum of the DIP Lender (re Appointment of Receiver)PDF · Subscribers
Motion Record of DIP Lender (re Appointment of Receiver)
  • Financial position · Secured creditors · Unsecured creditors Subscribers
PDF · Subscribers
Eleventh Report of the Monitor
  • Closing confirmed Did not complete · date not stated · Investor
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 8 more extracted facts
PDF · Subscribers
Tenth Report of the Monitor
  • Cash on hand · Disbursements · Financial position · Operational summary Subscribers
  • + 7 more extracted facts
PDF · Subscribers
Instruction LetterPDF · Subscribers
Notice of DisallowancePDF · Subscribers
Notice of DisputePDF · Subscribers
Proof of ClaimPDF · Subscribers
Claims Procedure Order
  • Counsel Blake, Cassels & Graydon LLP
  • Presiding officer Justice Cavanagh
PDF · Subscribers
Endorsement of J. Cavanagh
  • Presiding officer Justice Cavanagh Farzana Chowdhury
PDF · Subscribers
Order Amending the ARIO
  • Counsel McCarthy Tétrault LLP
  • Presiding officer Justice Cavanagh
PDF · Subscribers
Transaction Approval and Reverse Vesting Order
  • Closing terms Closing occurs on delivery of the Monitor's Certificate on or before the Closing Deadline, attesting among other things to receipt of the cash portion of the Investment Amount by wire; the closing steps then occur in the sequence set out in the Closing Sequence
  • Order date 11 September 2025
  • Outside date 23 February 2026
  • Presiding officer Justice Cavanagh
  • + 5 more extracted facts
PDF · Subscribers
Stay Extension Order
  • Counsel McCarthy Tétrault LLP
  • Presiding officer Justice Cavanagh
PDF · Subscribers
Factum of Delgant T.O. Limited
  • Counsel Goodmans LLP
PDF · Subscribers
Factum of the Applicants (re RVO and Amendment to ARIO)PDF · Subscribers
Motion Record of CS Capital LimitedPDF · Subscribers
Supplement to the Ninth Report of the Monitor
  • Cash on hand · Disbursements · Financial position · Operational summary Subscribers
  • + 7 more extracted facts
PDF · Subscribers
Motion Record of the Monitor (Claims Procedure Order) -19-AUG-2025PDF · Subscribers
Ninth Report of the Monitor
  • Operational summary The Project is in 'care and maintenance' status with no construction and only essential maintenance, funded by DIP financing, while the Applicants seek approval of a reverse vesting transaction with the Investor, a claims procedure, and a stay extension to February 28, 2026. The Transaction carries closing risk, including financing, KCL's step-in rights, and the Priority Claim Adjustment condition.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 4 more extracted facts
PDF · Subscribers
Service List
  • Counsel Aird and Berlis LLP
PDF · Subscribers
Motion Record of the Applicants (re RVO and Amendment to ARIO)PDF · Subscribers
Supplement to the Eighth Report of the Monitor
  • Cash on hand · Disbursements · Financial position · Professional fees Subscribers
  • + 3 more extracted facts
PDF · Subscribers
Eighth Report of the Monitor
  • Operational summary The Project remains on care and maintenance only, with no new construction anticipated beyond payment of outstanding holdbacks for the winter 2024/25 preservation work. Holding costs and CCAA professional fees are being funded through DIP financing while a revised investment transaction with KCL is being finalized.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 3 more extracted facts
PDF · Subscribers
Factum of the ApplicantsPDF · Subscribers
Motion Record of the Applicants (re Stay Extension and Amendment to ARIO)PDF · Subscribers
Motion Record of Delgant (T.O.) Ltd.PDF · Subscribers
Motion Record of Kenaidan Contracting LimitedPDF · Subscribers
Amended and Restated ARIO
  • Counsel McCarthy Tétrault LLP
  • Presiding officer Justice Cavanagh
PDF · Subscribers
Endorsement of J. Cavanagh re (Amended and Restated ARIO)
  • Presiding officer Justice Cavanagh
PDF · Subscribers
Sworn Affidavit of G. FortunaPDF · Subscribers
Factum of the Applicants (re Stay Extension and Amendment to ARIO)PDF · Subscribers
Seventh Report of the Monitor
  • Operational summary The Applicants hold the Mississauga development site with no operating receipts, funding only holding costs and restructuring fees through DIP financing while they negotiate with KCL, the priority construction lienholder, on amending the Investment Agreement. The Additional Preservation Activities at the site have been completed.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 4 more extracted facts
PDF · Subscribers
Motion Record of the Applicants (re Extension Order and Amendment to ARIO)PDF · Subscribers
Endorsement of J. Cavanagh (re Amended and Restated ARIO)
  • Presiding officer Justice Cavanagh
PDF · Subscribers
Aide Memoire of Delgant (T.O.) Ltd.PDF · Subscribers
Aide Memoire of Kenaidan Contracting Ltd.
  • Counsel Norton Rose Fulbright Canada LLP
PDF · Subscribers
Factum of the CompaniesPDF · Subscribers
Sixth Report of the Monitor
  • Operational summary The Applicants have no revenues; they manage the Project site and have completed the Additional Preservation Activities (winter protection works) while exploring options to modify the Investment Agreement or find an alternative transaction after CS Capital's leave motion on the priority dispute was dismissed.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 4 more extracted facts
PDF · Subscribers
Motion Record of the Companies (re Amended and Restated ARIO)PDF · Subscribers
CS Capital v. Kenaidan Contracting -- Motion for Leave to Appeal DismissedPDF · Subscribers
Endorsement of J. Cavanagh (re Stay Extension and Third ARIO Amendment Order)
  • Presiding officer Justice Cavanagh
PDF · Subscribers
Stay Extension and Third ARIO Amendment Order
  • Counsel McCarthy Tétrault LLP
  • Presiding officer Justice Cavanagh
PDF · Subscribers
Fifth Report of the Monitor
  • Operational summary The Applicants own the stalled 1111 Clarkson Road development project and are undertaking additional winter preservation work on the site, funded by DIP facilities, while a priority dispute between CS Capital and construction lien holders remains unresolved and delays completion of the sale and investor solicitation process.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 4 more extracted facts
PDF · Subscribers
Companies' Application Record (re Stay Extension and Third ARIO Amendment Order)PDF · Subscribers
CS Capital's Reply AuthoritiesPDF · Subscribers
CS Capital's Reply FactumPDF · Subscribers
Responding Leave to Appeal Book of AuthoritiesPDF · Subscribers
Responding Leave to Appeal Factum of Kenaidan Contracting Ltd.PDF · Subscribers
Construction DIP ARIO Amendment Order
  • Applicant CLARKSON ROAD DEVELOPMENTS GP INC., CLARKSON ROAD HOLDINGS INC. AND 2813427 ONTARIO INC.
  • Commencement date 11 December 2024
  • Counsel McCarthy Tétrault LLP
  • Court SUPERIOR COURT OF JUSTICE
  • + 2 more extracted facts
PDF · Subscribers
Supplementary Affidavit of the CompaniesPDF · Subscribers
Supplement to the Fourth Report of the MonitorPDF · Subscribers
Responding Motion Record (Delgant TO Ltd)PDF · Subscribers
Fourth Report of the MonitorPDF · Subscribers
Responding Motion Record (Kenaidan)PDF · Subscribers
Motion Record of the Companies (re Construction DIP ARIO Amendment Order)PDF · Subscribers
Book of Authorities of CS Capital LimitedPDF · Subscribers
Factum of CS Capital LimitedPDF · Subscribers
Motion Record of CS Capital Limited - Part 1 of 2PDF · Subscribers
Motion Record of CS Capital Limited - Part 2 of 2PDF · Subscribers
Cost Submissions of CS Capital
  • Counsel Laishley Reed LLP
PDF · Subscribers
Book of Authorities of Delgant (T.O.) Ltd.PDF · Subscribers
Costs Submissions of Delgant (T.O.) Ltd.
  • Counsel Goodmans LLP
PDF · Subscribers
Costs Submissions of Kenaidan Contracting Ltd.
  • Counsel Norton Rose Fulbright Canada LLP
PDF · Subscribers
Endorsement of J. Cavanagh re (Stay Extension and Second ARIO Amendments Order)
  • Presiding officer Justice Cavanagh
PDF · Subscribers
Stay Extension and Second ARIO Amendments Order
  • Counsel McCarthy Tétrault LLP
  • Presiding officer Justice Cavanagh
PDF · Subscribers
Factum of the Companies (re Second Stay Extension and ARIO Amendments Order)PDF · Subscribers
Motion Record of the Companies (re Second Stay Extension and ARIO Amendments Order)PDF · Subscribers
Third Report of the MonitorPDF · Subscribers
Notice of Motion for Leave to Appeal of CS Capital Limited
  • Counsel Goodmans LLP
PDF · Subscribers
Endorsement of J Cavanagh re Motion of CS Capital dismissed
  • Presiding officer Justice Cavanagh
PDF · Subscribers
Endorsement of J Cavanagh (re Stay Extension and ARIO Amendment Order)
  • Presiding officer Justice Cavanagh
PDF · Subscribers
Redline - Stay Extension and ARIO Amendment OrderPDF · Subscribers
Stay Extension and ARIO Amendment Order
  • Counsel McCarthy Tétrault LLP
  • Presiding officer Justice Cavanagh
PDF · Subscribers
Supplemental Motion Record of the ApplicantsPDF · Subscribers
Endorsement of J Cavanagh re July 25, 2024 hearing
  • Presiding officer Justice Cavanagh
PDF · Subscribers
Affidavit of A Pace of CS Capital (re subordination), sworn July 24, 2024PDF · Subscribers
Second Report of the MonitorPDF · Subscribers
Compendium of CS Capital
  • Counsel Laishley Reed LLP
PDF · Subscribers
Factum of Delgant TO Ltd.
  • Counsel Goodmans LLP
PDF · Subscribers
Motion Record of the Applicant (re Stay Extension Order)PDF · Subscribers
Book of Authorities of Kenaidan Contracting
  • Counsel Norton Rose Fulbright Canada LLP
PDF · Subscribers
Responding Factum of Kenaidan ContractingPDF · Subscribers
Transcript and Exhibit Record of Kenaidan ContractingPDF · Subscribers
Factum of CS Capital
  • Counsel Laishley Reed LLP
PDF · Subscribers
Motion Record of Kenaidan Contracting Inc.PDF · Subscribers
Responding Motion Record of Delgant T.O. LtdPDF · Subscribers
Endorsement of J Cavanagh (re Priority Dispute Timetable)
  • Presiding officer Justice Cavanagh
PDF · Subscribers
Priority Dispute Timetable (Draft)PDF · Subscribers
Notice of Priority Motion of CS Capital (Draft)PDF · Subscribers
Amended and Restated Initial Order
  • Applicant CLARKSON ROAD DEVELOPMENTS GP INC., CLARKSON ROAD HOLDINGS INC. AND 2813427 ONTARIO INC.
  • Appointee PricewaterhouseCoopers Inc.
  • Appointee role Monitor
  • Commencement date 13 May 2024
  • + 5 more extracted facts
PDF · Subscribers
Endorsement of J. Cavanagh (re SISP Order and ARIO)
  • Presiding officer Justice Cavanagh
PDF · Subscribers
SISP Order
  • Bid deadline 7 June 2024
  • Order date 13 May 2024
  • Outside date 30 September 2024
  • Break fee Subscribers
  • + 5 more extracted facts
PDF · Subscribers
First Report of the Monitor
  • Purchaser 1000861289 Ontario Inc. (stalking horse) · acquisition and recapitalization of the Applicants · assets and shares · proposed
  • Sale advisor CBRE Limited (listing broker)
  • Sale outcome Sale process approved — SISP proposed for approval at the Comeback Hearing, not yet approved
  • Stalking horse Subscribers
PDF · Subscribers
Notice of Appearance (CS Capital Limited)PDF · Subscribers
Notice of Appearance (Delgant (T.O.) Ltd.)PDF · Subscribers
Notice of Appearance (Dolente Concrete & Drain Company Limited)PDF · Subscribers
List of Creditors
  • Financial position · Secured creditors · Unsecured creditors Subscribers
PDF · Subscribers
Notice of Creditors to CCAAPDF · Subscribers
Application Record of the Companies (re ARIO)PDF · Subscribers
Email Service ListPDF · Subscribers
Application Record of the ApplicantsPDF · Subscribers
Endorsement of J Cavanagh (re Initial Order)
  • Presiding officer Justice Cavanagh
PDF · Subscribers
Initial Order
  • Applicant CLARKSON ROAD DEVELOPMENTS GP INC., CLARKSON ROAD HOLDINGS INC. AND 2813427 ONTARIO INC.
  • Appointee PricewaterhouseCoopers Inc.
  • Appointee role monitor
  • Commencement date 3 May 2024
  • + 6 more extracted facts
PDF · Subscribers
Pre-Filing Report of the Proposed MonitorPDF · Subscribers
Notice of Application of the Applicants
  • Counsel McCarthy Tétrault LLP
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., “Clarkson Road Holdings Inc., Clarkson Road Developments GP Inc. and 2813427 Ontario Inc” (CCAA), Ontario Superior Court of Justice. Retrieved 4 November 2026, https://proceedings.ca/case/clarkson-road-holdings-inc-clarkson-road-developments-gp-inc-and-2813427-ontario

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Sources last checked · summary updated 5 September 2026 · Report a correction · Printed from proceedings.ca/case/clarkson-road-holdings-inc-clarkson-road-developments-gp-inc-and-2813427-ontario

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.