Proceedings.

Craig Developments Inc.

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-24-00730137-00CL
Filings held12
Last activity25 Aug 2026
On the record702 days
Secured debtSubscribers
OverviewSummary updated

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.

Ask in plain language. The answer comes only from this case’s filings, each one cited.
Enter to send · Shift+Enter for a new line
Open this case in Proceedings AI⁠Save your chats, keep long conversations going, and ask across every case.
Case updates12 dated entries
#Sale

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.

Source: Approval and Vesting Order dated August 25, 2026

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.

Parties

Debtor

Craig Developments Inc.

Receiver

TDB Restructuring

Bench and counselPer the orders and service lists on the record

Bench

JudgeCourtOn this docketCases on record
Justice KoehnenOntario Superior Court of Justice4 orders, Aug 202683 cases on record
Justice PennyOntario Superior Court of Justice2 orders, Dec 2024196 cases on record

Counsel of record

PartyCounselFirst seenSource
ReceiverTDB RestructuringRobins Appleby LLP27 Jul 2026Service list · 27 Jul 2026
ApplicantRar Litigation3 Dec 2024Order · 3 Dec 2024
CreditorCanada Mortgage and Housing CorporationDLA Piper (Canada) LLP27 Jul 2026Service list · 27 Jul 2026
Capital structureAs asserted in the filings
stated amounts, drawn to scale · for subscribers
#Priority classCreditorAmountSource
4SecuredFirst 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$9.03MMotion Record of the Receiver returnable July 31, 2026
4Secured
4Secured
4Secured
4Secured
4Secured
4Secured
4Secured
8Unsecured

8 more claims in 2 classes The stack holds Secured and Unsecured claims.

Every creditor and every amount, drawn to scale.

Start 5-day trial

Card required. Nothing charged for 5 days. Cancel anytime.

Already a subscriber? Sign in.

See all plans⁠

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.

Sale processAs stated in the filings

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

PurchaserPriceStatusSource
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 2026SubscribersApproved25 Aug 2026Approval and Vesting Order dated August 25, 2026
Closing termsVesting 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.Approval and Vesting Order dated August 25, 2026
Documents
12 filings
DateDocumentFile
Ancillary Relief Order dated August 25, 2026
  • Counsel Robins Appleby LLP
  • Presiding officer Justice Koehnen
PDF · Subscribers
Approval and Vesting Order dated August 25, 2026
  • Closing terms 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.
  • Counsel Robins Appleby LLP
  • Order date 25 August 2026
  • Presiding officer Justice Koehnen
  • + 3 more extracted facts
PDF · Subscribers
Endorsement of the Honourable Justice Koehnen dated August 25, 2026
  • Presiding officer Justice Koehnen
PDF · Subscribers
Endorsement of the Honourable Justice Koehnen dated August 18, 2026
  • Presiding officer Justice Koehnen
PDF · Subscribers
Supplement to the First Report of the Receiver dated August 17, 2026
  • Process results 0 qualified bids · as of 29 Apr 2025
  • Sale advisor CBRE (listing broker)
  • Sale outcome Approval pending — Formal sale process ran from February 27, 2025 to the April 29, 2025 bid deadline with no commercially acceptable offers; CBRE continued marketing and the property stayed on MLS until February 2026 with no further offers; the Receiver recommends approval of a proposed transaction with a related-party Purchaser under the APS.
  • Financial position Subscribers
  • + 3 more extracted facts
PDF · Subscribers
Supplementary Motion Record of the Receiver returnable August 18, 2026
  • Counsel Robins Appleby LLP
PDF · Subscribers
Service List (updated July 27, 2026)
  • Counsel Robins Appleby LLP
PDF · Subscribers
First Report of the Receiver dated July 24, 2026
  • Financial position · Secured creditors · Unsecured creditors Subscribers
PDF · Subscribers
Motion Record of the Receiver returnable July 31, 2026
  • Applicant FIRST SOURCE FINANCIAL MANAGEMENT INC.
  • Appointee TDB Restructuring Limited
  • Appointee role Court-Appointed Receiver
  • Commencement date 24 July 2026
  • + 6 more extracted facts
PDF · Subscribers
Appointment Order dated December 3, 2024
  • Applicant First Source Financial Management Inc.
  • Appointee TDB Restructuring Limited
  • Appointee role Receiver
  • Commencement date 3 December 2024
  • + 6 more extracted facts
PDF · Subscribers
Endorsement of the Honourable Justice Penny December 3, 2024
  • Presiding officer Justice Penny
PDF · Subscribers
Application Record dated November 14, 2024
  • Applicant FIRST SOURCE FINANCIAL MANAGEMENT INC.
  • Commencement date 14 November 2024
  • Court ONTARIO SUPERIOR COURT OF JUSTICE (COMMERCIAL LIST)
  • Court file no CV-24-00730137-00CL
  • + 1 more extracted fact
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.