#Sale
The court granted an approval and vesting order. Closing terms, as extracted: Vesting effective upon delivery of Receiver's Certificate confirming payment of Purchase Price and satisfaction of closing conditions.
Grmada Holdings Inc.
ActiveFollow
- Proceeding
- Receivership (court-appointed)section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act
- File
- CV-25-00737678-00CL
- Industry
- Real estate · Residential development
OverviewSummary updated
Grmada Holdings Inc. has been under court-appointed receivership since June 18, 2025, following an application under section 243 of the BIA. The debtor's sole secured creditor is a syndicate of 20 private mortgage lenders holding a first charge registered July 21, 2023 against 3742, 3748 and 3750 Bathurst Street, Toronto, together with a general security agreement and general assignment of rents. The loan matured February 1, 2024 and was extended to July 31, 2024; after default the lender issued a section 244 demand and notice of intention to enforce security on July 25, 2024, and forbearance ran to October 1, 2024. The affidavit of Donald Ierfino sworn April 7, 2025 put the balance at $28,450,456.25 as of March 31, 2025, accruing interest at 11.50% per annum. Obligations were guaranteed personally by Roman Zhardanovsky, the debtor's sole officer and director. The proceeding remains active.
Proceedings AIOpen Proceedings AI
Case updates11 dated entries
#Filing
Notice and Statement of the Receiver dated June 23, 2025 — Notice of receiver (s. 245 / Form 87)
#Order
The court appointed TDB Restructuring Limited as receiver, on the application of AREND CORPORATION, DOMENIC SERICCHI, PETER ADAMO, FRANK ADAMO, ANTONINI FAMILY HOLDINGS INC., 1453595 ONTARIO INC., M ANTONINI HOLDINGS INC., CARMEN ANTONINI, 1599825 ONTARIO LIMITED, 2205633 ONTARIO LIMITED, FREEMAC TILE AND GRANITE INC., FUSION TERRAZZO SYSTEMS INC., MAPLE CORP. INVESTMENTS, TMAC . Court file CV-25-00737678-00CL.
Parties
Debtor
Grmada Holdings Inc.
Applicant
Arend Corporation et al.
Receiver
TDB Restructuring
Bench and counselPer the orders and service lists on the record
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Steele | Ontario Superior Court of Justice | 2 orders, Jun 2026 | 245 cases on record |
| Justice Dietrich | Ontario Superior Court of Justice | 2 orders, Jun 2025 | 132 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverTDB Restructuring | Fogler, Rubinoff LLP | 13 Aug 2025 | Service list · 13 Aug 2025 |
| ApplicantArend Corporation et al. | Rar Litigation | 18 Jun 2025 | Order · 18 Jun 2025 |
| DebtorGrmada Holdings Inc. | Aird & Berlis LLP | 13 Aug 2025 | Service list · 13 Aug 2025 |
| CreditorTarion Warranty Corporation | Torys LLP | 13 Aug 2025 | Service list · 13 Aug 2025 |
Capital structureAs asserted in the filings
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Arend Corporation, Domenic Sericchi, Peter Adamo, Frank Adamo, Antonini Family Holdings Inc., 1453595 Ontario Inc., M Antonini Holdings Inc., Carmen Antonini, 1599825 Ontario Limited, 2205633 Ontarioas of the date of this notice (June 23, 2025) — Security interest on Debtor's assets (nature/instrument not specified); single combined 'Secured Total' reported for the named group of parties — Approximate amount owed as stated by the Receiver; represented by counsel c/o RAR Litigation Lawyers Professional Corporation; group includes individuals and related corporate entities, possible related-party interests, not further detailed — debtor: Grmada Holdings Inc. | $28.5M | Notice and Statement of the Receiver dated June 23, 2025 |
| 8 | Unsecured |
1 more claim in 1 class The stack holds Secured and Unsecured 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.
Sale processAs stated in the filings
Approval pending — Receiver recommends Court approval of the APS credit bid by the Lender for the Real PropertyFirst Report of the Receiver dated May 20, 2026 · 20 May 2026
| Purchaser | Price | Status | Source |
|---|---|---|---|
| Auriga Homes Limitedthe Real Property · real property | Subscribers | Not completed | First Report of the Receiver dated May 20, 2026 |
AdvisorsIntercity Realty Inc. (listing broker)First Report of the Receiver dated May 20, 2026
Closing termsVesting effective upon delivery of Receiver's Certificate confirming payment of Purchase Price and satisfaction of closing conditionsApproval and Vesting Order dated June 1, 2026
Fees and ratesAs stated in the filings
4 engagements · 2 firms — latest: Fogler, Rubinoff LLP, 24 Jun 2025 – 19 May 2026First Report of the Receiver · 20 May 2026
| Firm | Period | Hours | Fees | Rates | Source |
|---|---|---|---|---|---|
| Fogler Rubinoff LLPCounselperiod 3 of 3 | 1 Apr – 19 May 2026Sought | — | not stated | Motion Record of the Receiver · 21 May 2026 | |
| Fogler Rubinoff LLPCounselperiod 1 of 3 | 24 Jun 2025 – 31 Mar 2026Sought | — | not stated | Motion Record of the Receiver · 21 May 2026 | |
| Fogler, Rubinoff LLPCounselperiod 3 of 3 | 24 Jun 2025 – 19 May 2026 | — | — | First Report of the Receiver · 20 May 2026 | |
| TDB Restructuring LimitedReceiver | the Period | — | — | Motion Record of the Receiver · 21 May 2026 |
4 blurred figures above
What each firm billed — each as the filing states it, with its source.
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See all plansDocuments
10 filings
| Date | Document | File |
|---|---|---|
| Ancillary Order dated June 1, 2026 | PDF · Subscribers | |
Approval and Vesting Order dated June 1, 2026
| PDF · Subscribers | |
Endorsement of the Honourable Justice Steele dated June 1, 2026
| PDF · Subscribers | |
Motion Record of the Receiver returnable June 1, 2026
| PDF · Subscribers | |
First Report of the Receiver dated May 20, 2026
| PDF · Subscribers | |
Service List dated August 13, 2025
| PDF · Subscribers | |
Notice and Statement of the Receiver dated June 23, 2025
| PDF · Subscribers | |
Appointment Order dated June 18, 2025
| PDF · Subscribers | |
Endorsement of the Honourable Justice Dietrich dated June 18, 2025
| PDF · Subscribers | |
Application Record dated April 10, 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., “Grmada Holdings Inc.” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 4 November 2026, https://proceedings.ca/case/grmada-holdings-inc