GC King Bond Limited Partnership & GC King Bond GP Inc.
- Proceeding
- Receivership (court-appointed)section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act
- File
- CV-25-00001231-0000
- Industry
- Real estate · Residential development
GC King Bond Limited Partnership and GC King Bond GP Inc. have been under court-appointed receivership in Ontario since May 2, 2025, following a demand for repayment and s. 244 notice by Caisse Desjardins Ontario Credit Union Inc., the first secured senior lender under a June 18, 2021 credit agreement for construction loan and letter of credit facilities. Desjardins reports $27,900,000 owing as at August 31, 2025, secured by a collateral mortgage over the King Bond Site, a general security agreement, assignments of purchase and sale agreements, and guarantees from at least 12 corporate and individual parties. Also registered against the lands are a $9,000,000 Westmount Guarantee Services Inc. charge, postponed to Desjardins but retaining a first charge on purchaser deposits excluded from the Property under the Receivership Order, a $550,000 notice in favour of Markham Centre Financial Investments Inc., and a $400,000 third mortgage held by Song Shao and Yingjie Li, whose security the Receiver has referred to Blaney McMurtry LLP for independent review.
The court granted an approval and vesting order for the sale to Project Green Capital GP Inc., as general partner for Project Green Capital Limited Partnership. Closing terms, as extracted: vesting upon delivery of Receiver's Certificate confirming payment of Purchase Price and satisfaction of closing conditions.
Source: Approval and Vesting Order
The officer filed report no. Supplementary Second Report. The Receiver reports on a court-approved sale (the Transaction) of the Twelve Oaks project, disclaims unassumed unit purchase agreements, and seeks approval of a deposit return protocol to facilitate return of purchaser deposits to unit purchasers whose agreements will not be assumed; it also addresses purchaser objections and a cross-motion by a Debtor principal challenging the sale process.
The officer filed report no. Second Report. The Twelve Oaks Project construction has been largely halted (only 4 of 115 units completed), and the Receiver has focused on site preservation, security, and running a sale process culminating in an agreement to sell the King Bond Site to a purchaser, with proceeds insufficient to fully repay the secured lender.
Source: Second Receiver's Report
The court appointed Deloitte Restructuring Inc. as receiver and manager, on the application of CAISSE DESJARDINS ONTARIO CREDIT UNION INC.. Court file CV-25-00001231-0000.
Source: Receivership Appointment Order
Guide
What happens to your deposit if your builder goes bankrupt in Canada
When a Canadian builder goes bankrupt or into receivership, buyers of condos, new homes and presales have paid deposits that may be in trust, insured or already spent. How Tarion, deposit insurance and the trust rules work in Ontario, British Columbia, Alberta and Québec, what a receiver can do with your purchase agreement, and how deposits come back, drawn from the court record.
Debtor
GC King Bond Limited Partnership & GC King Bond GP Inc.
Applicant
Caisse Desjardins Ontario Credit Union
Receiver
Deloitte
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Steele | Ontario Superior Court of Justice | 5 orders, May 2026 – Jun 2026 | 245 cases on record |
| Justice de Sa | Ontario Superior Court of Justice | 2 orders, May 2025 | 2 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverDeloitte | Blaney McMurtry LLP | 15 Sep 2025 | Factum · 15 Sep 2025 |
| DebtorGC King Bond Limited Partnership & GC King Bond GP Inc. | Shao Law Professional Corporation | 8 May 2026 | Service list · 8 May 2026 |
| Purchaser | Harris Sheaffer LLP · Loopstra Nixon LLP · Metcalfe, Blainey & Burns LLP | 8 May 2026 | Service list · 8 May 2026 |
| PurchaserVirginia Gho, Former Unit at Green City-Twelve Oaks Condominium | Whelton Hiutin LLP | 8 May 2026 | Service list · 8 May 2026 |
| CreditorAviva Insurance Company of Canada, Interested | Fasken Martineau DuMoulin LLP | 8 May 2026 | Service list · 8 May 2026 |
| CreditorJasdip Singh Dhindsa & 2768719 Ontario Inc | Powell Litigation | 8 May 2026 | Service list · 8 May 2026 |
| CreditorJohn Chung Sang Chan and Janice Man-Yee Fung | Waryah Law Professional Corporation | 8 May 2026 | Service list · 8 May 2026 |
| CreditorKingSett Mortgage Corporation, Interested | Bennett Jones LLP | 8 May 2026 | Service list · 8 May 2026 |
| CreditorLeor Margulies | Robins Appleby LLP | 8 May 2026 | Service list · 8 May 2026 |
| CreditorMahyar Makki | Makki Law | 8 May 2026 | Service list · 8 May 2026 |
| CreditorMr. Domenic C. S. Presta | Bianchi Presta LLP | 8 May 2026 | Service list · 8 May 2026 |
| CreditorMr. Wenjun Yang | Sunsion Law | 8 May 2026 | Service list · 8 May 2026 |
| CreditorOGO Excavation Corp | Yuan Law Professional Corporation | 8 May 2026 | Service list · 8 May 2026 |
| CreditorQing Xu | Lu Yun Law Pc | 8 May 2026 | Service list · 8 May 2026 |
| CreditorReciever, Deloitte Restructuring Inc | Blaney McMurtry LLP | 8 Jun 2026 | Order · 8 Jun 2026 |
| CreditorStephen Barbier | Goodmans LLP | 8 May 2026 | Service list · 8 May 2026 |
| CreditorTarion Warranty Corporation | Torys LLP | 8 May 2026 | Service list · 8 May 2026 |
| Creditorthird mortgagee, Song Shao and Yingjie Li | Prudential Law Professional Corporation | 8 May 2026 | Service list · 8 May 2026 |
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | Caisse Desjardins Ontario Credit Union Inc. · in 23 casesListed in Schedule A as of May 02, 2025 balance date; exact balance dated March 14, 2025 used per document — debtor: GC King Bond Limited Partnership · as of 14 Mar 2025 | $26.7M | KBLP Notice and Statement of Receiver .pdf |
| Secured |
1 more claim in 1 class The stack holds Secured claims.
Every creditor and every amount, drawn to scale.
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See all plansSale approved — Receiver authorized and directed to distribute net proceeds from the sale transaction contemplated by the APSAncillary Matters Order · 22 May 2026
| Purchaser | Price | Status | Source |
|---|---|---|---|
| Project Green Capital GP Inc., as general partner for Project Green Capital Limited Partnershipthe King Bond Site · real property · nominee/assignee: Sunny Communities (King Bond) Inc. · agreement 6 Feb 2026 | Subscribers | Approved22 May 2026 | Approval and Vesting Order |
Unsecured creditors: no distribution.Supplementary Second Report of the Receiver · 12 May 2026
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Secured | Third Mortgagees | — | no distributionconditional | per the receiver | Second Receiver's Report · 7 May 2026 |
| Unsecured | Freehold Purchasers | — | no distribution | per the receiver | Supplementary Second Report of the Receiver · 12 May 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.
As at ·
Cumulative receipts
$1.49M
As at 7 May 2026Second Receiver's Report
Cumulative disbursements
As at
Cash on hand
As at
Professional fees
As at
3 more reported figures, and the total the debtor stated at filing
Each one as the filing states it, with its source.
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See all plans| Date | Document | File |
|---|---|---|
Ancillary Matters Order
| PDF · Subscribers | |
Approval and Vesting Order
| PDF · Subscribers | |
Deposit Return Protocol Order
| PDF · Subscribers | |
Endorsement of Justice J. Steele Sa re Approval & Vesting Order
| PDF · Subscribers | |
Receiver Aide Memoire re Purchaser Objections
| PDF · Subscribers | |
| Information Bulletin for Purchasers | PDF · Subscribers | |
Edorsement of Steele, J re adjournment of sale approval hearing
| PDF · Subscribers | |
Factum of the Receiver – dated 2026-05-12
| PDF · Subscribers | |
Supplementary Motion Record of the Receiver
| PDF · Subscribers | |
Supplementary Second Report of the Receiver
| PDF · Subscribers | |
Service List
| PDF · Subscribers | |
| Non-Confidential Motion Record | PDF · Subscribers | |
Second Receiver's Report
| PDF · Subscribers | |
| Update to Purchasers | PDF · Subscribers | |
| Receiver's Q&A Deposits & APS | PDF · Subscribers | |
Endorsement of Justice F. Meyers re SISP Order
| PDF · Subscribers | |
SISP Order
| PDF · Subscribers | |
Factum of the Receiver
| PDF · Subscribers | |
First Receiver's Report
| PDF · Subscribers | |
| Motion Record of the Receiver re SISP Motion | PDF · Subscribers | |
| Notice to Purchasers | PDF · Subscribers | |
| KBGP Supplementary Notice and Statement of Receiver | PDF · Subscribers | |
| KPLP Supplementary Notice and Statement of Receiver | PDF · Subscribers | |
| KBGP Notice and Statement of Receiver | PDF · Subscribers | |
KBLP Notice and Statement of Receiver .pdf
| PDF · Subscribers | |
Endorsement of Justice C. de Sa re Receivership Order
| PDF · Subscribers | |
Receivership Appointment Order
| PDF · Subscribers | |
Application Record
| 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., “GC King Bond Limited Partnership & GC King Bond GP Inc.” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 4 November 2026, https://proceedings.ca/case/gc-king-bond-limited-partnership-gc-king-bond-gp-inc