Diamond Luxury Developments Corp.
- Proceeding
- Receivership (court-appointed)section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act
- File
- CV-26-00000762-0000
- Industry
- Construction · Home building & renovation
Diamond Luxury Developments Corp. was placed into court-appointed receivership by order of the Ontario Superior Court of Justice (In Bankruptcy and Insolvency) on July 24, 2026, under BIA s. 243 and the provincial Judicature Acts, in court file CV-26-00000762-0000. The proceeding remains active. The Toronto-Dominion Bank holds secured claims against the debtor of $263,482.37 as at January 27, 2026, comprising an operating facility of $211,552.71 and a credit card facility of $51,929.66 under a November 1, 2024 all-property general security agreement, and a further $514,681.28 as at the same date under a June 7, 2021 security agreement securing a HASCAP credit agreement with a loan amount of $770,000.00. Both are also secured by the unlimited personal guarantee of director Imran Ali Ahmed. The Canada Revenue Agency asserts a deemed trust claim of $52,332.95 for unpaid employee source deductions, having issued a Requirement to Pay to the Bank dated November 19, 2025.
Motion Record of the Receiver returnable October 30, 2026 — Application / notice of application
Order made Friday, July 24, 2026 commenced the receivership over Diamond Luxury Developments Corp. under BIA s. 243 in Ontario court file CV-26-00000762-0000.
Source: Court Order of Justice Kalajdzic dated July 24, 2026 (Receivership Appointment Order)
Supplemental Application Record filed by The Toronto-Dominion Bank (for motion returnable April 24, 2026) — Application / notice of application
Application Record (for motion returnable July 24, 2026) — Application / notice of application
Case update
Diamond Luxury: the receiver asks to let go of 316 William Street
The receiver's cost-benefit analysis puts a sale of the boarded-up London building at a loss of $46,558 to $194,528, and TD Bank has told the receiver it does not wish to enforce its $600,000 mortgage. On a motion returnable October 30, Albert Gelman asks to remove the property from the receivership and be discharged.
Filing brief
Diamond Luxury: a brokerage, a builder, and one house in London
TD Bank's receivership application against Diamond International Realty and Diamond Luxury Developments lists six defaults, and the smallest of them is the most telling: the builder had started banking somewhere else. On July 24 Justice Kalajdzic appointed a receiver over the builder and adjourned the part concerning the brokerage, which owns the London property, to August 7.
Debtor
Diamond Luxury Developments Corp.
Receiver
Albert Gelman
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Nicholson | Ontario Superior Court of Justice | 2 orders, Oct 2026 | 7 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverAlbert Gelman | Garfinkle, Biderman LLP | 19 Oct 2026 | Factum · 19 Oct 2026 |
| ApplicantToronto-Dominion Bank | Harrison Pensa LLP | 24 Jul 2026 | Order · 24 Jul 2026 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 3 | Deemed trusts (CRA and other) | Canada Revenue Agency (GST/HST deemed trust, Diamond Luxury) · in 985 casesDeemed trust under s. 222(3) Excise Tax Act — Deemed trust class; amount is the trust portion CRA asserts out of $574,336.42 total GST/HST owing for periods December 2021 to October 2025 (the as_of date is the date of CRA's letters of August 10 and 11, 2026). Remaining $128,330.32 (penalties and interest) is treated as unsecured. Ranks ahead of TD Bank security to the extent of any realization. CRA had also served a requirement to pay on TD Bank on November 19, 2025. — debtor: Diamond Luxury Developments Corp. · as of 10 Aug 2026 | $446K | Motion Record of the Receiver returnable October 30, 2026 |
| 3 | Deemed trusts (CRA and other) | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 8 | Unsecured | |||
| 8 | Unsecured |
11 more claims in 3 classes The stack holds Deemed trusts (CRA and other), Secured and Unsecured claims.
Every creditor and every amount, drawn to scale.
Card required. Nothing charged for 5 days. Cancel anytime.
Already a subscriber? Sign in.
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.
Unsecured creditors: no distribution.EstimatedMotion Record of the Receiver · 15 Oct 2026
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Unsecured | — | — | no distribution | Estimatedper the receiver | Motion Record of the Receiver · 15 Oct 2026 |
Each row is one filing's statement, copied as it reads and never computed. "Estimated" is the officer's forecast; "Under the plan" is the plan's or proposal's own term; "Final" is a declared or paid distribution; a row with no chip states no footing. A range is the two numbers stated; "of proven claims" is the document's own denominator.
| Date | Document | File |
|---|---|---|
Endorsement - Justice Nicholson dated October 30, 2026
| PDF · Subscribers | |
Release & Discharge Order - Justice Nicholson dated October 30, 2026
| PDF · Subscribers | |
Factum of the Receiver returnable October 30, 2026
| PDF · Subscribers | |
Motion Record of the Receiver returnable October 30, 2026
| PDF · Subscribers | |
Court Order of Justice M.A. Cook dated August 7, 2026 (Appointment Order – Diamond International Realty Inc.)
| PDF · Subscribers | |
Court Order of Justice Kalajdzic dated July 24, 2026 (Receivership Appointment Order)
| PDF · Subscribers | |
Endorsement of Justice Kalajdic dated July 24, 2026
| PDF · Subscribers | |
Endorsement of Justice M. Carneige dated July 10, 2026
| PDF · Subscribers | |
Endorsement of Justice Kelly A. Gorman dated July 3, 2026
| PDF · Subscribers | |
Endorsement of Justice I.F. Leach dated June 5, 2026
| PDF · Subscribers | |
Endorsement of Justice Tranquilli dated May 22, 2026
| PDF · Subscribers | |
Endorsement of Justice Garson dated April 24, 2026
| PDF · Subscribers | |
| Supplemental Application Record filed by The Toronto-Dominion Bank (for motion returnable April 24, 2026) | PDF · Subscribers | |
Application Record (for motion returnable July 24, 2026)
| 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., “Diamond Luxury Developments Corp.” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 4 November 2026, https://proceedings.ca/case/diamond-luxury-developments-corp