Genetic Properties Inc.
- Proceeding
- Receivership (court-appointed)section 243(1) of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, as amended (the "BIA") and section 101 of the Courts of Justice Act, R.S.O 1990 c. C.43, as amended (the "CJA")
- File
- CV-23-00701950-00CL
- Industry
- Real estate · Rental & income property
Genetic Properties Inc. entered court-appointed receivership on November 6, 2023, when the Ontario Superior Court of Justice appointed Grant Thornton Limited as receiver and manager on the application of The Bank of Nova Scotia, under section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act. Justice Steele's endorsement recorded Genetic Properties' indebtedness to BNS at approximately $4.6 million as at June 19, 2023, a figure also cited in Justice Cavanagh's endorsement. KI Equity Corp., through Andrew Curnew, and Waltmar Capital Inc., as second mortgagee, have each claimed to be secured creditors of the company.
A claims procedure has been established — see the order for deadlines.
The officer filed report no. Supplement to the Third Report.
Source: Supplement to Receiver's Third Report dated April 17, 2024.pdf
Supplemental Motion Record of the Receiver returnable April 22, 2024.PDF — Application / notice of application
Motion Record of the Receiver returnable April 22, 2024.PDF — Application / notice of application
Genetic Properties Inc. Claims Package dated February 12, 2024.pdf — Proof of claim (blank form)
Approval and Vesting Order of Justice Wilton-Siegel dated January 24, 2024.PDF — Approval and vesting order
The officer filed report no. Second Report. The Receiver is not operating a business. The property is a vacant industrial building, secured by the Receiver (locks changed January 15, 2024) with insurance and site checks. The Receiver is not party to, and had no involvement in negotiating, the proposed KI Equity sale; it has raised concerns about that sale, and a proposed Receiver-run sales process remains pending.
Source: Second Report of the Receiver dated January 23, 2024.pdf
Supplementary Motion Record-KI Equity Corp. returnable January 24, 2024.PDF — Application / notice of application
Motion Record of KI Equity Corp returnable January 24, 2024.PDF — Application / notice of application
Motion Record of the Receiver dated January 18, 2024.PDF — Application / notice of application
The Ontario Superior Court of Justice granted the receivership order appointing Grant Thornton Limited as receiver and manager of Genetic Properties Inc., on the application of The Bank of Nova Scotia.
Source: Order of Justice Steele Appointing Receiver Over Genetic Properties dated November 6, 2023.pdf
Undated filings2 — no date appears on the document · show
Debtor
Genetic Properties Inc.
Receiver
Doane Grant Thornton
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Wilton-Siegel | Ontario Superior Court of Justice | 4 orders, Jan 2024 – Apr 2024 | 111 cases on record |
| Justice Steele | Ontario Superior Court of Justice | 4 orders, Nov 2023 – Jan 2024 | 245 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverDoane Grant Thornton | Harrison Pensa LLP | 29 Jan 2024 | Order · 29 Jan 2024 |
| Applicant | McMillan LLP | 6 Nov 2023 | Order · 6 Nov 2023 |
| CreditorKI Equity Corp | Miller Thomson LLP | 24 Jan 2024 | Application · 23 Jan 2024 |
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | The Bank of Nova Scotia · in 115 casesGeneral security agreement — Approximate indebtedness as at June 19, 2023, per endorsement of Justice Steele; also referenced by Justice Cavanagh's endorsement as owing approximately $4.6 million — debtor: Genetic Properties Inc. · as of 19 Jun 2023 | $4.6M | First Report of the Receiver dated January 18, 2024.pdf |
| Secured | |||
| Secured | |||
| Secured |
3 more claims in 1 class The stack holds Secured claims.
Every creditor and every amount.
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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.
2 transactions · 1 proposed · 1 not completed — Sale process approved for listing/marketing of the Verbena Property; separate proposed transaction with KI Equity Corp. pending court approvalSecond Report of the Receiver dated January 23, 2024.pdf · 23 Jan 2024
| Purchaser | Price | Status | Source |
|---|---|---|---|
| KI Equity Corp.the Verbena Property · real property | not stated | Proposed | Second Report of the Receiver dated January 23,… |
| Share purchasers under the SPA (Fazari as vendor, Dr. Rita Kilislian and KI Equity Corp. as purchasers) - transaction did not closethe shares of Genetic Properties · share sale · agreement 11 Aug 2023 | not stated | Not completed | Second Report of the Receiver dated January 23,… |
BNS: a distribution.Supplement to Receiver's Third Report dated April 17, 2024.pdf · 16 Apr 2024
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Secured | BNS | — | per the receiver | Supplement to Receiver's Third Report dated April 17, 2024.pdf · 16 Apr 2024 | |
| Secured | Waltmar | — | per the receiver | Supplement to Receiver's Third Report dated April 17, 2024.pdf · 16 Apr 2024 | |
| Unsecured | Canada Emergency Business Account | — | per the receiver | Supplement to Receiver's Third Report dated April 17, 2024.pdf · 16 Apr 2024 | |
| Unsecured | Swaby & Associates | — | per the receiver | Supplement to Receiver's Third Report dated April 17, 2024.pdf · 16 Apr 2024 | |
| Equity | KI Equity | — | per the receiver | Supplement to Receiver's Third Report dated April 17, 2024.pdf · 16 Apr 2024 |
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.
8 blurred figures above
The claims and what each class or creditor recovers — each as the filing states it, with its source.
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See all plans2 engagements · 2 firms — latest: Harrison Pensa LLP, 14 Nov 2023 – 16 Jan 2024Second Report of the Receiver dated January 23, 2024.pdf · 23 Jan 2024
| Firm | Period | Hours | Fees | Rates | Source |
|---|---|---|---|---|---|
| Grant Thornton LimitedReceiver | 15 Nov – 31 Dec 2023 | — | — | Second Report of the Receiver dated January 23, 2024.pdf · 23 Jan 2024 | |
| Harrison Pensa LLPCounsel | 14 Nov 2023 – 16 Jan 2024 | — | — | Second Report of the Receiver dated January 23, 2024.pdf · 23 Jan 2024 |
2 blurred figures above
What each firm billed — each as the filing states it, with its source.
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See all plansCumulative receipts
$9.38M
As at 17 Apr 2024Supplement to Receiver's Third Report dated April 17, 2024.pdf
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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See all plans| Date | Document | File |
|---|---|---|
| Draft Order of Receiver returnable April 22, 2024.pdf | PDF · Subscribers | |
Endorsement of Justice Wilton-Siegel dated April 22, 2024.PDF
| PDF · Subscribers | |
Order of Justice Wilton-Siegel dated April 22, 2024.PDF
| PDF · Subscribers | |
Supplement to Receiver's Third Report dated April 17, 2024.pdf
| PDF · Subscribers | |
| Supplemental Motion Record of the Receiver returnable April 22, 2024.PDF | PDF · Subscribers | |
| Book of Authorities of Receiver returnable April 22, 2024.PDF | PDF · Subscribers | |
| Factum of the Receiver returnable April 22, 2024.PDF | PDF · Subscribers | |
| Motion Record of the Receiver returnable April 22, 2024.PDF | PDF · Subscribers | |
| Genetic Properties Inc. Claims Package dated February 12, 2024.pdf | PDF · Subscribers | |
Endorsement of Justice Steele dated January 29, 2024.PDF
| PDF · Subscribers | |
Order for Fees and Approval of Justice Steele dated January 29, 2024.PDF
| PDF · Subscribers | |
Approval and Vesting Order of Justice Wilton-Siegel dated January 24, 2024.PDF
| PDF · Subscribers | |
Endorsement of Justice Wilton-Siegel dated January 24, 2024.pdf
| PDF · Subscribers | |
Moving Parties Factum-KI Equity Corp. returnable January 23,2024.PDF
| PDF · Subscribers | |
Second Report of the Receiver dated January 23, 2024.pdf
| PDF · Subscribers | |
Supplementary Motion Record-KI Equity Corp. returnable January 24, 2024.PDF
| PDF · Subscribers | |
Motion Record of KI Equity Corp returnable January 24, 2024.PDF
| PDF · Subscribers | |
First Report of the Receiver dated January 18, 2024.pdf
| PDF · Subscribers | |
Motion Record of the Receiver dated January 18, 2024.PDF
| PDF · Subscribers | |
| Service List as of November 27, 2023.docx | PDF · Subscribers | |
Endorsement of Justice Cavanagh dated November 15, 2023.pdf
| PDF · Subscribers | |
Order of Justice Steele Appointing Receiver Over Genetic Properties dated November 6, 2023.pdf
| PDF · Subscribers | |
Endorsement of Justice Steele dated November 3, 2023.pdf
| PDF · Subscribers | |
| Checklist for Proofs of Claim.pdf | PDF · Subscribers | |
| Proof of Claim.pdf | 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., “Genetic Properties Inc.” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 4 November 2026, https://proceedings.ca/case/genetic-properties-inc