#Filing
Supplementary Motion Record of the Receiver returnable August 18, 2026 — Application / notice of application
Craig Developments Inc.
FollowActive
- 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
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.
Proceedings AIAsk this case — answers cite the filings
Case updates9 dated entries
6 earlier updates, back to 3 December 2024 — subscribers.
AnalysisAll insights
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
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Penny | Ontario Superior Court of Justice | 2 orders, Dec 2024 | 179 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 | Professional Corporation Previously Rar Litigation (last seen 3 Dec 2024) | 3 Dec 2024 | Service list · 27 Jul 2026 |
| CreditorCanada Mortgage and Housing Corporation | Dla Piper LLP | 27 Jul 2026 | Service list · 27 Jul 2026 |
Capital structureAs asserted in the filings
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | First Source Financial Management Inc. · in 7 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 |
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.
7 more claims across lower-ranking classesSubscribe to view
Documents8 filings
| Date | Document | File |
|---|---|---|
Supplementary Motion Record of the Receiver returnable August 18, 2026
| PDF · Subscribers | |
Supplement to the First Report of the Receiver dated August 17, 2026
| PDF · Subscribers | |
Motion Record of the Receiver returnable July 31, 2026
| PDF · Subscribers | |
Service List (updated July 27, 2026)
| PDF · Subscribers | |
First Report of the Receiver dated July 24, 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 20 September 2026, https://proceedings.ca/case/craig-developments-inc