Elderwood Holdings Inc., Elderwood Townhomes Inc., Elderwood Townhomes II Inc. and 2633501 Ontario Inc.
- Proceeding
- Receivership (court-appointed)Subsection 243(1) of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, as amended, and section 101 of the Courts of Justice Act, R.S.O. 1990, c. C.43, as amended
- Court
- Ontario Superior Court of Justice · Commercial List
- File
- CV-25-00734688-00CL
- Industry
- Real estate · Residential development
Elderwood Holdings Inc., Elderwood Townhomes Inc., Elderwood Townhomes II Inc. and 2633501 Ontario Inc. have been under court-appointed receivership since February 27, 2025, when the Ontario Superior Court of Justice (Commercial List) appointed KSV Restructuring Inc. as receiver and manager on the application of Trez Capital Limited Partnership and TCC Mortgage Holdings Inc., under subsection 243(1) of the BIA and section 101 of the Courts of Justice Act, in file CV-25-00734688-00CL. A stay was granted. The Court approved a sale process on April 29, 2025, and on November 14, 2025 approved a sale to TCC Mortgage Holdings Inc., with vesting effective on delivery of the Receiver's Certificate. The record shows receiver's fees of $113,448 and Reconstruct fees of $50,223. The proceeding remains active.
Approved the transaction with TCC Mortgage Holdings Inc. and vested the purchased assets on delivery of the Receiver's Certificate; sealed Confidential Appendix "1" until closing or further order.
Second Report covered the sale process run with JLL and the offers received, correspondence with Bousfields and Pinchin Ltd., and preparation of an interim report under subsection 246(2) of the BIA.
Source: Second Report of the Receiver dated November 6, 2025
Approved the sale process, under which the bid deadline was to fall no earlier than 30 days after the marketing process commenced.
First Report recorded the Receiver's activities to date: opening a receivership bank account, running a request for proposals for a realtor, negotiating the Listing Agreement, and sending statutory notices to creditors.
Appointed KSV Restructuring Inc. receiver and manager of the four Elderwood entities' property, imposed a stay, granted the Receiver's Charge first priority and authorised borrowings to $250,000.
Elderwood Holdings Inc., Elderwood Townhomes Inc., Elderwood Townhomes II Inc. and 2633501 Ontario Inc. — Receivership filed, Ontario.
Debtor
Elderwood Holdings Inc., Elderwood Townhomes Inc., Elderwood Townhomes II Inc. and 2633501 Ontario Inc.
Applicant
Trez Capital Limited Partnership
Receiver
KSV
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Dietrich | Ontario Superior Court of Justice | 4 orders, Feb 2025 – Nov 2025 | 132 cases on record |
| Justice Cavanagh | Ontario Superior Court of Justice | 2 orders, Apr 2025 | 318 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverKSV | Reconstruct LLP | 5 Mar 2025 | Service list · 5 Mar 2025 |
| ApplicantTrez Capital Limited Partnership | Bennett Jones LLP | 26 Feb 2025 | Affidavit · 26 Feb 2025 |
| DebtorElderwood Holdings Inc., Elderwood Townhomes Inc., Elderwood Townhomes II Inc. and 2633501 Ontario Inc. | Bresver Grossman Chapman & Habas LLP | 5 Mar 2025 | Service list · 5 Mar 2025 |
| CreditorTarion Warranty Corporation | Torys LLP | 5 Mar 2025 | Service list · 5 Mar 2025 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| Court-ordered charges | ||||
| 1 | Court-ordered charges | Receiver's Borrowings Charge — in priority to all security interests, trusts (including deemed trusts), liens, charges and encumbrances, statutory or otherwise, in favour of any Person but subordinate in priority to the Receiver's Charge and the charg | $250K | Receivership Order dated February 27, 2025 |
| 1 | Court-ordered charges | |||
| Pre-filing debt | ||||
| 4 | Secured | |||
| 8 | Unsecured | |||
3 more claims in 3 classes The stack holds Court-ordered charges, 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 approvedApproval and Vesting Order dated November 14, 2025 · 14 Nov 2025
| Purchaser | Price | Status | Source |
|---|---|---|---|
| TCC Mortgage Holdings Inc. | not stated | Approved14 Nov 2025 | Approval and Vesting Order dated November 14,… |
Closed · the record states no distribution outcome.
5 engagements · 2 firms — latest: RECONSTRUCT LLP, 27 Feb – 5 Nov 2025, soughtMotion Record of the Receiver · 6 Nov 2025
| Firm | Period | Hours | Fees | Rates | Source |
|---|---|---|---|---|---|
| KSV Restructuring Inc.Receiverperiod 3 of 3 | 27 Feb – 31 Oct 2025Sought | — | Motion Record of the Receiver · 6 Nov 2025 | ||
| KSV Restructuring Inc.Receiverperiod 2 of 3 | to 30 Sep 2025 | — | — | Second Report of the Receiver · 6 Nov 2025 | |
| KSV Restructuring Inc.Receiverperiod 1 of 3 | — | — | — | Second Report of the Receiver · 6 Nov 2025 | |
| RECONSTRUCT LLPCounsel to the receiverperiod 2 of 2 | 27 Feb – 5 Nov 2025Sought | Motion Record of the Receiver · 6 Nov 2025 | |||
| ReconstructCounsel to the receiverperiod 1 of 2 | from 27 Feb 2025 | Second Report of the Receiver · 6 Nov 2025 |
10 blurred figures above
What each firm billed — each as the filing states it, with its source.
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See all plansProfessional fees
Receiver fees: $113,448; Reconstruct fees: $50,223
As at 6 Nov 2025Second Report of the Receiver dated November 6, 2025
| Date | Document | File |
|---|---|---|
| Receiver's Discharge Certificate dated March 6, 2026 | PDF · Subscribers | |
Approval and Vesting Order dated November 14, 2025
| PDF · Subscribers | |
Discharge Order dated November 14, 2025
| PDF · Subscribers | |
Endorsement of Justice Dietrich dated November 14, 2025
| PDF · Subscribers | |
| Factum of the Receiver re AVO and Discharge Order dated November 11, 2025 | PDF · Subscribers | |
Motion Record of the Receiver dated November 6, 2025
| PDF · Subscribers | |
Second Report of the Receiver dated November 6, 2025
| PDF · Subscribers | |
Endorsement of Justice Cavanagh dated April 29, 2025
| PDF · Subscribers | |
Sale Process Approval Order dated April 29, 2025
| PDF · Subscribers | |
| Factum of the Receiver dated April 25, 2025 | PDF · Subscribers | |
First Report of the Receiver dated April 23, 2025
| PDF · Subscribers | |
| Motion Record of the Receiver dated April 23, 2025 | PDF · Subscribers | |
Service List as of March 5, 2025
| PDF · Subscribers | |
Application Record dated February 27, 2025
| PDF · Subscribers | |
Receivership Order dated February 27, 2025
| PDF · Subscribers | |
Affidavit of Jamie Ernst dated February 26, 2025
| PDF · Subscribers | |
| Factum of the Applicants dated February 18, 2025 | PDF · Subscribers | |
Endorsement of Justice Black dated January 29, 2025
| 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., “Elderwood Holdings Inc., Elderwood Townhomes Inc., Elderwood Townhomes II Inc. and 2633501 Ontario Inc.” (Receivership (court-appointed)), Ontario Superior Court of Justice · Commercial List. Retrieved 5 November 2026, https://proceedings.ca/case/elderwood-holdings-inc-elderwood-townhomes-inc-elderwood-townhomes-ii-inc-and-26