Core FSC Lakeshore Limited Partnership and Core FSC Lakeshore GP Inc.
Follow- Proceeding
- Receivership (court-appointed)section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act
- File
- CL-26-00000179-0000
Core FSC Lakeshore Limited Partnership and Core FSC Lakeshore GP Inc. have been placed in court-appointed receivership as of May 19, 2026, on application under section 243 of the BIA by The Toronto-Dominion Bank. TD holds a general security agreement dated March 30, 2023 and a continuing collateral mortgage registered March 31, 2023 against the real property in the registered principal amount of $20,000,000, together with PPSA registrations made March 30, 2023. The Bank issued a demand and section 244 notice on March 4, 2026 citing indebtedness of $18,121,745.58; an affidavit sworn April 28, 2026 put the balance at $18,240,367.62 including interest to that date and excluding professional fees. A second mortgage registered December 19, 2025 by Forum Subterra General Partner Inc. for $249,390, made without TD's knowledge or consent, breached negative covenants in the loan agreement. The debt is also guaranteed, 75% by the Forgestone guarantors and 25% by the Core guarantors, including personal guarantors Robert Corey Hawtin, Lucie Andlauer and Gloria Tilson; as of the application the Bank had not moved to enforce those guarantees.
The court appointed BDO Canada Limited as receiver and manager, on the application of The Toronto-Dominion Bank. Court file CL-26-00000179-0000.
Source: Receivership Order
Core FSC Lakeshore Limited Partnership and Core FSC Lakeshore GP Inc. — Receivership filed, Ontario.
Filing brief
Old Lakeshore Road: 310 units that were never built
Five addresses on Burlington's waterfront, assembled across two PINs, earmarked for a 310-unit condominium. Nothing was built. TD is owed more than $18.2 million against undeveloped land, and when it applied to appoint a receiver nobody opposed — including the guarantors, one of whom told the court it supported the appointment.
Debtor
Core FSC Lakeshore Limited Partnership and Core FSC Lakeshore GP Inc.
Applicant
The Toronto-Dominion Bank
Receiver
BDO
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | The Toronto-Dominion Bank · in 111 casesGeneral Security Agreement dated March 30, 2023 (first charge over all present and after-acquired personal property, including real property, accounts, equipment, inventory, intangibles and proceeds); Continuing Collateral Mortgage registered March 31, 2023 against the Real Property, registered principal amount $20,000,000 (not the balance); PPSA financing statements registered March 30, 2023 (three registrations each against the LP and GP, covering inventory/equipment/accounts/other personal property/motor vehicles and accounts/other personal property, six-year terms) — Original Loan Agreemen · as of 28 Apr 2026 | $18.2M | Application Record |
| 4 | Secured | Forum Subterra General Partner Inc. (c/o Forum Equity Partners)as of registered December 19, 2025 — Second mortgage against the Real Property, registered December 19, 2025 as Instrument No. HR2150854, registered principal amount $249,390 (registered principal, not a stated outstanding balance) — Registration was made without the knowledge or consent of TD Bank and constitutes a breach of the negative covenants in TD's Loan Agreement (an Event of Default); ranks second/subordinate to TD's first mortgage and GSA. — debtor: Core FSC Lakeshore Limited Partnership and Core FSC Lakeshore GP Inc. | — | Application Record |
| 8 | Unsecured | Miller Thompson LLP · in 3 casesdebtor: Core FSC Lakeshore Limited Partnership and Core FSC Lakeshore GP Inc. | $85.3K | Receiver’s Notice |
| 8 | Unsecured | City of Burlington - Tax OfficeMunicipal tax office claim; document does not designate it as a preferred claim. — debtor: Core FSC Lakeshore Limited Partnership and Core FSC Lakeshore GP Inc. | $65.8K | Receiver’s Notice |
| 8 | Unsecured | Goodmans LLP · in 10 casesdebtor: Core FSC Lakeshore Limited Partnership and Core FSC Lakeshore GP Inc. | $7.72K | Receiver’s Notice |
| 8 | Unsecured | Macnaughton Hermsen Britton Clarkson Planning Limited · in 3 casesdebtor: Core FSC Lakeshore Limited Partnership and Core FSC Lakeshore GP Inc. | $5.63K | Receiver’s Notice |
| 8 | Unsecured | O'Flaherty Construction Inc.debtor: Core FSC Lakeshore Limited Partnership and Core FSC Lakeshore GP Inc. | $1.75K | Receiver’s Notice |
| 8 | Unsecured | Canada Revenue Agency · in 926 casesNo deemed-trust designation stated for this CRA claim. — debtor: Core FSC Lakeshore Limited Partnership and Core FSC Lakeshore GP Inc. | $1.2K | Receiver’s Notice |
| 8 | Unsecured | 14689844 Canada Inc. o/a Ironclad Maintenance & Restorationdebtor: Core FSC Lakeshore Limited Partnership and Core FSC Lakeshore GP Inc. | $825 | Receiver’s Notice |
| 8 | Unsecured | Harris, Sheaffer LLP · in 3 casesdebtor: Core FSC Lakeshore Limited Partnership and Core FSC Lakeshore GP Inc. | $565 | Receiver’s Notice |
| 8 | Unsecured | Rowan Williams Davies & Irwin Incdebtor: Core FSC Lakeshore Limited Partnership and Core FSC Lakeshore GP Inc. | $305 | Receiver’s Notice |
“not stated” means the record names the claim without a figure; “—” means not in the extracted record.
This 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.
| Date | Document | File |
|---|---|---|
Receiver’s Notice
| ||
Endorsement
| ||
Receivership Order
| ||
Application Record
| ||
Filing titles, dates, and extracted key facts are public.
CiteProceedings., “Core FSC Lakeshore Limited Partnership and Core FSC Lakeshore GP Inc.” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 20 September 2026, https://proceedings.ca/case/core-fsc-lakeshore-limited-partnership-and-core-fsc-lakeshore-gp-inc