Craig Developments Inc. was placed in court-appointed receivership on 3 December 2024, when the Ontario Superior Court of Justice appointed TDB Restructuring Limited as receiver under section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act, on the application of First Source Financial Management Inc. First Source is the principal secured creditor, its payout stated at $9,032,535.95 with per diem interest of $4,524.94, followed by a $2,000,000 charge now held by 1001015209 Ontario Inc. A disputed $403,651.34 construction-lien claim by Archibald Builders Group remains unresolved.
The court granted an approval and vesting order for the sale to Sabrina Park Inc. Closing terms, as extracted: Vesting is effective upon delivery by the Receiver of a Receiver's Certificate to the Purchaser confirming payment of the Purchase Price, satisfaction or waiver of closing conditions, and completion of the Transaction to the Receiver's satisfaction.
Supplementary Motion Record of the Receiver returnable August 18, 2026 — Application / notice of application
Motion Record of the Receiver returnable July 31, 2026 was filed. Court file CV-24-00730137-00CL.
Source: Motion Record of the Receiver returnable July 31, 2026
The court appointed TDB Restructuring Limited as Receiver, on the application of First Source Financial Management Inc.. Court file CV-24-00730137-00CL.
Case update
Craig Developments: a sale to the lender's venture with the former principal
A year of marketing a stalled townhouse and apartment site in Huntsville drew one letter of intent, so the receiver agreed on July 23 to sell it to Sabrina Park Inc., which it understands to be a joint venture of first mortgagee First Source, owed $9,032,535.95 as of May 31, and the debtor's former principal. The price is sealed, and on the eve of the August 18 approval motion the receiver filed its correspondence with the holder of the $2,000,000 second mortgage to answer a guarantor's affidavit.
Debtor
Craig Developments Inc.
Receiver
TDB Restructuring
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Koehnen | Ontario Superior Court of Justice | 4 orders, Aug 2026 | 83 cases on record |
| Justice Penny | Ontario Superior Court of Justice | 2 orders, Dec 2024 | 196 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverTDB Restructuring | Robins Appleby LLP | 27 Jul 2026 | Service list · 27 Jul 2026 |
| Applicant | Rar Litigation | 3 Dec 2024 | Order · 3 Dec 2024 |
| CreditorCanada Mortgage and Housing Corporation | DLA Piper (Canada) LLP | 27 Jul 2026 | Service list · 27 Jul 2026 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | First Source Financial Management Inc. · in 8 casesFirst-ranking Charge/Mortgage registered Nov 29, 2022 as Instrument No. MT274102, registered principal $7,970,040.00; also GSA (PPSA reg. no. 20221129 1110 1590 0316) and General Assignment of Rents (MT274104) — Combined payout figure per Payout Statement as of May 31, 2026, comprising two loans (Loan 1 $3,439,569.43 principal balance per discharge statement; Loan 2 $2,497,769.98 principal balance per discharge statement); separately, as of Sept 27, 2024, $3,672,853.44 owing on Loan 1 and $2,661,028.21 owing on Loan 2 per Mandel Affidavit demand figures. Receiver obtained legal opinion confirm · as of 31 May 2026 | $9.03M | Motion Record of the Receiver returnable July 31, 2026 |
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 8 | Unsecured |
8 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 approved — The Court approved the Transaction between the Receiver and Sabrina Park Inc. and authorized execution of the Sale Agreement; vesting to occur on delivery of the Receiver's Certificate.Approval and Vesting Order dated August 25, 2026 · 25 Aug 2026
| Purchaser | Price | Status | Source |
|---|---|---|---|
| Sabrina Park Inc.the Debtor's right, title and interest in and to the real property described in the Sale Agreement, including the Property (8, 10, 12, 14, 16, 18, 20 and 22 Sabrina Park Drive and 5 Charles Court, Huntsville, Ontario) · real property · agreement 23 Jul 2026 | Subscribers | Approved25 Aug 2026 | Approval and Vesting Order dated August 25, 2026 |
| Date | Document | File |
|---|---|---|
Ancillary Relief Order dated August 25, 2026
| PDF · Subscribers | |
Approval and Vesting Order dated August 25, 2026
| PDF · Subscribers | |
Endorsement of the Honourable Justice Koehnen dated August 25, 2026
| PDF · Subscribers | |
Endorsement of the Honourable Justice Koehnen dated August 18, 2026
| PDF · Subscribers | |
Supplement to the First Report of the Receiver dated August 17, 2026
| PDF · Subscribers | |
Supplementary Motion Record of the Receiver returnable August 18, 2026
| PDF · Subscribers | |
Service List (updated July 27, 2026)
| PDF · Subscribers | |
First Report of the Receiver dated July 24, 2026
| PDF · Subscribers | |
Motion Record of the Receiver returnable July 31, 2026
| PDF · Subscribers | |
Appointment Order dated December 3, 2024
| PDF · Subscribers | |
Endorsement of the Honourable Justice Penny December 3, 2024
| PDF · Subscribers | |
Application Record dated November 14, 2024
| 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., “Craig Developments Inc.” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 4 November 2026, https://proceedings.ca/case/craig-developments-inc
Sources last checked · summary updated 24 August 2026 · Report a correction · Printed from proceedings.ca/case/craig-developments-inc
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.