Proceedings.

Elderwood Holdings Inc., Elderwood Townhomes Inc., Elderwood Townhomes II Inc. and 2633501 Ontario Inc.

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Closed
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
Filings held18
Last activity6 Mar 2026
On the record571 days
Secured debt$10.3M
OverviewSummary updated

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.

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Case updates19 dated entries
Parties

Debtor

Elderwood Holdings Inc., Elderwood Townhomes Inc., Elderwood Townhomes II Inc. and 2633501 Ontario Inc.

Applicant

Trez Capital Limited Partnership

Receiver

KSV

Bench and counselPer the orders and service lists on the record

Bench

JudgeCourtOn this docketCases on record
Justice DietrichOntario Superior Court of Justice2 orders, Feb 2025 – Nov 202589 cases on record
Justice CavanaghOntario Superior Court of Justice2 orders, Apr 2025288 cases on record

Counsel of record

PartyCounselFirst seenSource
ApplicantTrez Capital Limited PartnershipBennett Jones LLP26 Feb 2025Affidavit · 26 Feb 2025
DebtorElderwood Holdings Inc., Elderwood Townhomes Inc., Elderwood Townhomes II Inc. and 2633501 Ontario Inc.Bresver Grossman Chapman & Habas LLP5 Mar 2025Service list · 5 Mar 2025
Capital structureAs asserted in the filings
stated amounts, drawn to scale · 1 named without a figure
#Priority classCreditorAmountSource
Court-ordered charges
1Court-ordered chargesReceiver'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$250KReceivership Order dated February 27, 2025
1Court-ordered chargesReceiver's Charge — first charge on the Property in priority to all security interests, trusts (including, without limitation, deemed trusts), liens, charges and encumbrances, statutory or otherwise, in favour of any Person, but subject to —Receivership Order dated February 27, 2025
Pre-filing debt
4SecuredTCC Mortgage Holdings Inc. (as Nominee for Trez Capital Limited Partnership; successor-in-interest, since December 2024, to Computershare Trust Company of Canada as original Nominee)First-ranking mortgage/charge over the Real Property registered November 4, 2021 in the registered amount of $9,300,000 (registration amount, not outstanding balance); General Security Agreement dated November 4, 2021; General Assignment of Rents dated November 4, 2021; Assignment of Contracts dated November 4, 2021; Assignment of Insurance Proceeds dated November 4, 2021; Assignment and Pledge of Interest Reserve Account dated November 4, 2021; Beneficial Owners' Agreement dated November 4, 2021 (Beneficial Owners postponed/subordinated their interest in the Property to the Nominee's security · as of 7 Jan 2025$10.3MApplication Record dated February 27, 2025
8UnsecuredUnsecured creditors (aggregate as reported) · in 532 casesDocument names no individual unsecured creditors; figure is approximate ('approximately $350,000') — debtor: Elderwood Holdings Inc.$350KFirst Report of the Receiver dated April 23, 2025

“not stated” means the record names the claim without a figure; “—” means not in the extracted record.

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 processPer the transactions

Sale approvedApproval and Vesting Order dated November 14, 2025 · 14 Nov 2025

PurchaserPriceStatusSource
TCC Mortgage Holdings Inc.not statedApproved14 Nov 2025Approval and Vesting Order dated November 14,…
Closing termsSealing of Confidential Appendix "1" to be kept confidential until the earlier of the closing of the Transaction or further Order of the CourtApproval and Vesting Order dated November 14, 2025
Sealed materialsConfidential Appendix "1" to the Second ReportApproval and Vesting Order dated November 14, 2025
RecoveriesAs stated in the filings

Closed · the record states no distribution outcome.

Fees and ratesAs stated in the filings

5 engagements · 2 firms — latest: RECONSTRUCT LLP, 27 Feb – 5 Nov 2025, $50,523.35 soughtMotion Record of the Receiver · 6 Nov 2025

FirmPeriodHoursFeesRatesSource
KSV Restructuring Inc.Receiverperiod 3 of 327 Feb – 31 Oct 2025Sought—$113,448.25total$516stated averageMotion Record of the Receiver · 6 Nov 2025
KSV Restructuring Inc.Receiverperiod 2 of 3to 30 Sep 2025——$516stated averageSecond Report of the Receiver · 6 Nov 2025
KSV Restructuring Inc.Receiverperiod 1 of 3———$516.26stated averageSecond Report of the Receiver · 6 Nov 2025
RECONSTRUCT LLPCounsel to the receiverperiod 2 of 227 Feb – 5 Nov 2025Sought85.4$50,523.35ex. tax$563stated averageMotion Record of the Receiver · 6 Nov 2025
ReconstructCounsel to the receiverperiod 1 of 2from 27 Feb 202585.4$50,223.35ex. tax$563stated averageSecond Report of the Receiver · 6 Nov 2025
Estate financialsReported figures — never derived

Professional fees to date

Receiver fees: $113,448; Reconstruct fees: $50,223

As at 6 Nov 2025Second Report of the Receiver dated November 6, 2025

Documents
18 filings
DateDocumentFile
Receiver's Discharge Certificate dated March 6, 2026PDF
Approval and Vesting Order dated November 14, 2025
  • Closing terms Sealing of Confidential Appendix "1" to be kept confidential until the earlier of the closing of the Transaction or further Order of the Court
  • Court Ontario Superior Court of Justice (Commercial List)
  • Court file no CV-25-00734688-00CL
  • Order date 14 November 2025
  • + 3 more extracted facts
PDF
Discharge Order dated November 14, 2025
  • Court Ontario Superior Court of Justice (Commercial List)
  • Estate no CV-25-00734688-00CL
  • Presiding officer Justice J. Dietrich
  • Trustee KSV Restructuring Inc.
PDF
Endorsement of Justice Dietrich dated November 14, 2025
  • Presiding officer Justice Dietrich
PDF
Factum of the Receiver re AVO and Discharge Order dated November 11, 2025PDF
Motion Record of the Receiver dated November 6, 2025
  • Fee schedule Engagements: Form: report_table · Rows: · Money: Total: $113K · Quote: the fees and disbursements of the Receiver for the period from February 27, 2924 to October 31,2025 in the total amount of $113,448.25 · includes disbursements · Approximate: false · Period: End: 2025-10-31 · Kind: cumulative · Quote: THIS COURT ORDERS the fees and disbursements of the Receiver for the period from February 27, 2924 to October 31,2025 in the total amount of $113,448.25 · Start: 2025-02-27 · Approval: Quote: THIS COURT ORDERS the fees and disbursements of the Receiver for the period from February 27, 2924 to October 31,2025 in the total amount of $113,448.25 · State: sought · Averages: the Receiver · Currency: · Invoices: · Firm text: KSV Restructuring Inc. · Firm quote: Lawyers for KSV Restructuring Inc., in its capacity as court-appointed Receiver of certain Property of Elderwood Holdings Inc. · Context quote: KSV Restructuring Inc., in its capacity as court-appointed Receiver of certain Property of Elderwood Holdings Inc.; Form: report_table · Rows: · Money: Tax: $6.35K · Label: HST · Quote: plus HST of $6,353.40 · Fees: $50.5K · Quote: $50,523.35 in fees and disbursements · Total: $56.6K · Quote: in the total amount of $56,576.75 (which is compromised of $50,523.35 in fees and disbursements plus HST of $6,353.40) · includes tax · includes disbursements · Approximate: false · Period: End: 2025-11-05 · Kind: cumulative · Quote: THIS COURT ORDERS the fees and disbursements of RECON for the period from February 27, 2025 to November 5, 2025 in the total amount of $56,576.75 · Start: 2025-02-27 · Approval: Quote: THIS COURT ORDERS the fees and disbursements of RECON for the period from February 27, 2025 to November 5, 2025 in the total amount of $56,576.75 · State: sought · Averages: RECON · Currency: · Invoices: · Firm text: RECONSTRUCT LLP · Firm quote: of RECON for the period from February 27, 2025 to November 5, 2025 in the total amount of $56,576.75 (which is compromised of $50,523.35 in fees and disbursements plus HST of $6,353.40) · Hours total: Quote: RECON incurred a total of 85.4 hours at an average hourly rate of $563 (exclusive of applicable taxes). · Value: 85.4 · Context quote: Lawyers for KSV Restructuring Inc., in its capacity as court-appointed Receiver of certain Property of Elderwood Holdings Inc.
PDF
Second Report of the Receiver dated November 6, 2025
  • Fee schedule Engagements: Form: time_summary · Rows: · Money: Approximate: false · Period: End: 2025-09-30 · Kind: invoice · Label: For the Period Ending September 30, 2025 · Quote: For the Period Ending September 30, 2025 · Approval: State: unstated · Averages: the Receiver · Currency: · Invoices: · Firm text: KSV Restructuring Inc. · Firm quote: KSV Restructuring Inc. (' KSV ') was appointed receiver and manager (in such capacity, the ' Receiver ') · Context quote: KSV Restructuring Inc. (' KSV ') was appointed receiver and manager (in such capacity, the ' Receiver '), without security; Form: prose · Rows: · Money: Approximate: false · Period: Kind: unstated · Approval: State: unstated · Averages: the Receiver · Currency: · Invoices: · Firm text: KSV Restructuring Inc. · Firm quote: KSV Restructuring Inc. (' KSV ') was appointed receiver and manager (in such capacity, the ' Receiver ') · Context quote: KSV Restructuring Inc. (' KSV ') was appointed receiver and manager (in such capacity, the ' Receiver '), without security; Form: prose · Rows: · Money: Tax: $6.35K · Label: HST · Quote: HST of $ 6,353.40 · Fees: $50.2K · Quote: $ 50,223.35 in professional fees · Total: $56.6K · Quote: the total amount being claimed for the work performed by RECON during the Billing Period is $ 56,576.75 (comprised of $ 50,223.35 in professional fees and HST of $ 6,353.40 ) · includes tax · Approximate: false · Period: Kind: cumulative · Label: Billing Period · Quote: the total amount being claimed for the work performed by RECON during the Billing Period is $ 56,576.75 · Start: 2025-02-27 · Approval: State: unstated · Averages: RECON · Currency: · Invoices: · Firm text: Reconstruct · Firm quote: RECON has prepared statements of account (the ' Accounts ') in connection with its mandate detailing its fees and disbursements incurred for the period of February 27, 2025 to · Hours total: Quote: RECON incurred a total of 85.4 hours at an average hourly rate of $563 (exclusive of applicable taxes). · Value: 85.4 · Context quote: RECON has prepared statements of account (the ' Accounts ') in connection with its mandate detailing its fees and disbursements incurred for the period of February 27, 2025 to
  • Operational summary The Receiver's activities since the First Report included corresponding with JLL regarding the Sale Process, reviewing offers, corresponding with Bousfields and Pinchin Ltd., corresponding with Trez and Reconstruct, discussing operational matters, corresponding with Socan regarding tenants/maintenance, reviewing Socan's monthly reporting, corresponding with the insurance broker, preparing an Interim Report under Subsection 246(2) of the BIA, and preparing this Second Report.
  • Professional fees Receiver fees: $113K · Reconstruct fees: $50.2K
  • Report date 6 November 2025
  • + 1 more extracted fact
PDF
Endorsement of Justice Cavanagh dated April 29, 2025
  • Presiding officer Justice Cavanagh
PDF
Sale Process Approval Order dated April 29, 2025
  • Bid deadline no earlier than 30 days after commencing the marketing process
  • Order date 29 April 2025
  • Presiding officer Justice Cavanagh
PDF
Factum of the Receiver dated April 25, 2025PDF
First Report of the Receiver dated April 23, 2025
  • Operational summary The Receiver's activities since the commencement of these proceedings have included reviewing the Receivership Order, corresponding with Trez, legal counsel, Socan, and the Company regarding operational and financial matters, opening a receivership bank account, corresponding with insurance and utility providers, preparing a request for proposals to select a realtor, reviewing proposals, negotiating and editing the Listing Agreement, corresponding with Bousfields regarding development potential, sending statutory notices to creditors, and drafting this Report.
  • Report date 23 April 2025
  • Report no First Report
  • Secured creditors $10.3M · Note: Original Loan advance was $9,300,000 (2021 commitment letter); outstanding amount owed as of Jan 7, 2025 is $10,300,000, with interest and costs continuing to accrue. TCC is the only party with a registered charge against the Real Property (as of March 20, 2025) and the only creditor with a registered PPSA security interest. Loan guaranteed by 2633501 Ontario Inc. (related party debtor) and personal guarantors Emil Toma and Allen Toma pursuant to guarantee agreement dated Nov 4, 2021. · Page: 6 · As of: 2025-01-07 · Debtor: Elderwood Holdings Inc. · Creditor: TCC Mortgage Holdings Inc. · Security: First-ranking charge/mortgage on Real Property (originally granted to Computershare Trust Company of Canada as Trez's nominee, registered Nov 4, 2021; assigned to TCC Dec 6, 2024); also general security agreement (PPSA registered Nov 3, 2021), general assignment of rents, general assignment of contracts, assignment and pledge of interest reserve account
  • + 1 more extracted fact
PDF
Motion Record of the Receiver dated April 23, 2025PDF
Service List as of March 5, 2025
  • Counsel Bresver Grossman Chapman & Habas LLP
PDF
Application Record dated February 27, 2025
  • Secured creditors $10.3M · Note: Applicants state TCC (as Nominee) is 'each of the Debtors' sole registered secured creditor under the PPSA, and is the only creditor with a charge against the Lands' and that Applicants are unaware of any additional parties holding secured claims. Obligations guaranteed by 2633501 Ontario Inc. (a corporate co-respondent/related-party guarantor) and personal guarantees of individuals Allen Toma and Emil Toma pursuant to a Guarantee Agreement dated November 4, 2021. · Page: 14 · As of: 2025-01-07 · Debtor: Elderwood Holdings Inc. · Creditor: TCC Mortgage Holdings Inc. (as Nominee for Trez Capital Limited Partnership; successor-in-interest, since December 2024, to Computershare Trust Company of Canada as original Nominee) · Security: First-ranking mortgage/charge over the Real Property registered November 4, 2021 in the registered amount of $9,300,000 (registration amount, not outstanding balance); General Security Agreement dated November 4, 2021; General Assignment of Rents dated November 4, 2021; Assignment of Contracts dated November 4, 2021; Assignment of Insurance Proceeds dated November 4, 2021; Assignment and Pledge of Interest Reserve Account dated November 4, 2021; Beneficial Owners' Agreement dated November 4, 2021 (Beneficial Owners postponed/subordinated their interest in the Property to the Nominee's security); Environmental Representation, Warranty and Indemnity dated November 4, 2021; PPSA registration over EHI's present and after-acquired personal property related to the Lands
PDF
Receivership Order dated February 27, 2025
  • Applicant Trez Capital Limited Partnership; TCC Mortgage Holdings Inc.
  • Appointee KSV Restructuring Inc.
  • Appointee role Receiver and Manager
  • Charges Receiver's Charge; Receiver's Borrowings Charge $250K
  • + 8 more extracted facts
PDF
Affidavit of Jamie Ernst dated February 26, 2025
  • Counsel Bennett Jones LLP
PDF
Factum of the Applicants dated February 18, 2025PDF
Endorsement of Justice Black dated January 29, 2025
  • Presiding officer Justice Black
PDF

Filing titles, dates, and extracted key facts are public.

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 20 September 2026, https://proceedings.ca/case/elderwood-holdings-inc-elderwood-townhomes-inc-elderwood-townhomes-ii-inc-and-26

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Sources last checked · summary updated 5 August 2026 · Report a correction · Printed from proceedings.ca/case/elderwood-holdings-inc-elderwood-townhomes-inc-elderwood-townhomes-ii-inc-and-26

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.