Proceedings.

10542113 Canada Inc. & Flora I Ltd.

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Proceeding
Receivership (court-appointed)Section 243 of the Bankruptcy and Insolvency Act
Court
Superior Court of Québec · Commercial Division
File
500-11-060843-220
Industry
Real estate
Filings held11
Last activity29 Sep 2025
On the record1,681 days
Secured debtSubscribers
OverviewSummary updated

10542113 Canada Inc. and Flora I Ltd. are the subject of an active court-appointed receivership before the Superior Court of Québec (Commercial Division), commenced 30 March 2022 under section 243 of the Bankruptcy and Insolvency Act together with provincial Judicature Act authority, and carried on the court's file as number 500-11-060843-220. The record in the proceeding to date consists of a single court officer report, filed the same day the receivership commenced. No further steps have been recorded on the file.

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Case updates11 dated entries
#Report

The officer filed report no. Sixth Interim Report of the Receiver. The Flora Property was surrendered to Romspen on October 18, 2024 under a Voluntary Surrender. The Receiver is transferring remaining contracts, with one legal hypothec claim still being adjudicated in the parallel bankruptcy, and expects to complete the administration within a few months.

Source: Sixth Interim Report of the Receiver

#Report

The officer filed report no. Fifth Interim Report of the Receiver. The Receiver is maintaining and preserving the partially built Flora condo project, with Romspen funding the work, while resolving remaining construction lien claims. It expects to surrender the property to Romspen and complete realization within about six months.

Source: Fifth Interim Report of the Receiver

#Report

The officer filed report no. Fourth Interim Report of the Receiver. The Receiver is preserving and protecting the partially built Flora condo project (Tower A near final height, Tower B partly built, Tower C unbuilt). A new 3-year construction permit was obtained in December 2023, with construction intended to resume; liens are being settled and realization of assets is expected within 3 to 6 months.

Source: Fourth Interim Report of the Receiver

#Report

The officer filed report no. Third Interim Report of the Receiver. The Receiver is maintaining and preserving the partially completed Flora Project while pursuing a new construction permit (the prior permit was held no longer valid as of April 1, 2023). No concrete offers have been made by potential buyers, and realization of assets is expected within three to six months.

Source: Third Interim Report of the Receiver

#Report

The officer filed report no. Second Interim Report of the Receiver. The Receiver is maintaining the partially built Flora Project (conservatory measures, heating, security, repairs) while seeking a buyer after the first SISP purchaser's deal fell through. A Motion for Directions on the validity of the building permit is set for March 30, 2023, and completion is anticipated in 9 to 12 months.

Source: Second Interim Report of the Receiver

Parties

Debtor

10542113 Canada Inc. & Flora I Ltd.

Receiver

MNP

Capital structureAs asserted in the filings
stated amounts, drawn to scale · for subscribers
#Priority classCreditorAmountSource
4SecuredRomspen Investment Corporation · in 17 casesSenior ranking conventional hypothec against the Flora Property ("Romspen Hypothec") — Includes approximately $4,932,007 for subrogated secured claims resulting from payments made by Romspen to subcontractors — debtor: 10542113 Canada Inc. and Flora I Limited Partnership · as of 30 Mar 2022$19.5MNotice and Statement of Receiver
4Secured
4Secured
4Secured
4Secured
4Secured
4Secured
4Secured
4Secured
4Secured

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

Every creditor and every amount, drawn to scale.

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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.

Estate financialsReported figures — never derived

Cumulative receipts

$11.6M

As at 24 Mar 2025Sixth Interim Report of the Receiver

Cumulative disbursements

As at

Cash on hand

As at

Professional fees

As at

3 more reported figures

Each one as the filing states it, with its source.

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Documents
11 filings
DateDocumentFile
Final Report of the Receiver
  • Commencement date 30 March 2022
  • Court SUPERIOR COURT (Commercial Division)
  • Court file no 500-11-060843-220
  • Financial position Subscribers
  • + 1 more extracted fact
PDF · Subscribers
Sixth Interim Report of the Receiver
  • Operational summary The Flora Property was surrendered to Romspen on October 18, 2024 under a Voluntary Surrender. The Receiver is transferring remaining contracts, with one legal hypothec claim still being adjudicated in the parallel bankruptcy, and expects to complete the administration within a few months.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 4 more extracted facts
PDF · Subscribers
Fifth Interim Report of the Receiver
  • Operational summary The Receiver is maintaining and preserving the partially built Flora condo project, with Romspen funding the work, while resolving remaining construction lien claims. It expects to surrender the property to Romspen and complete realization within about six months.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 4 more extracted facts
PDF · Subscribers
Fourth Interim Report of the Receiver
  • Operational summary The Receiver is preserving and protecting the partially built Flora condo project (Tower A near final height, Tower B partly built, Tower C unbuilt). A new 3-year construction permit was obtained in December 2023, with construction intended to resume; liens are being settled and realization of assets is expected within 3 to 6 months.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 4 more extracted facts
PDF · Subscribers
Third Interim Report of the Receiver
  • Operational summary The Receiver is maintaining and preserving the partially completed Flora Project while pursuing a new construction permit (the prior permit was held no longer valid as of April 1, 2023). No concrete offers have been made by potential buyers, and realization of assets is expected within three to six months.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 4 more extracted facts
PDF · Subscribers
Second Interim Report of the Receiver
  • Operational summary The Receiver is maintaining the partially built Flora Project (conservatory measures, heating, security, repairs) while seeking a buyer after the first SISP purchaser's deal fell through. A Motion for Directions on the validity of the building permit is set for March 30, 2023, and completion is anticipated in 9 to 12 months.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 4 more extracted facts
PDF · Subscribers
First Interim Report of the Receiver
PDF · Subscribers
Notice and Statement of Receiver
  • Financial position · Secured creditors · Unsecured creditors Subscribers
PDF · Subscribers
Certificate of FilingPDF · Subscribers
Order Appointing a Receiver
  • Applicant ROMSPEN INVESTMENT CORPORATION
  • Appointee MNP LTD.
  • Appointee role receiver
  • Commencement date 30 March 2022
  • + 5 more extracted facts
PDF · Subscribers
Motion to Appoint a Receiver and Contestation
  • Applicant ROMSPEN INVESTMENT CORPORATION
  • Appointee MNP LTD.
  • Appointee role Proposed Receiver
  • Court SUPERIOR COURT
  • + 5 more extracted facts
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., “10542113 Canada Inc. & Flora I Ltd.” (Receivership (court-appointed)), Superior Court of Québec · Commercial Division. Retrieved 4 November 2026, https://proceedings.ca/case/flora-i-ltd-and-10542113-canada-inc

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Sources last checked · summary updated 8 August 2026 · Report a correction · Printed from proceedings.ca/case/flora-i-ltd-and-10542113-canada-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.