Proceedings.

Hano Investment Ltd.

Follow
Active
Proceeding
Receivership (court-appointed)Section 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-25-00746494-00CL
Filings held24
Last activity7 Aug 2026
On the record284 days
Secured debt$15.8M
OverviewSummary updated

Hano Investment Ltd. was placed in court-appointed receivership on September 24, 2025 by the Ontario Superior Court of Justice under section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act, with EY as receiver over the Baywood Property. The Receiver has reported cumulative receipts of $773,739.00. A court-approved sale process run with JLL as listing broker produced an agreement of purchase and sale with 1001609728 Ontario Inc., and the Purchaser's counsel has advised that it intends to complete the transaction by approximately the end of August 2026. The Debtor has brought a Redemption Motion supported by an FVI financing commitment, which the Receiver says it cannot assess without further information. The Debtor's principal, Warda, has not produced the requested books and records. The receivership remains active.

Proceedings AIAsk this case — answers cite the filings
Ask in plain language. The answer comes only from this case’s filings, each one cited.
Enter to send · Shift+Enter for a new line
Case updates26 dated entries
#Report

Second Report: property management transitioned to Kipling Realty Management, tenant licence agreements negotiated, and the JLL sale process produced an agreement of purchase and sale with 1001609728 Ontario Inc.

Source: 002 Second Report of the Receiver

#Report

First Report: Receiver recorded attending the Baywood Property, notifying tenants, collecting rent, engaging insurance and real estate brokers, negotiating property management and utilities, and proposed a sale process with JLL as listing broker.

Source: First Report of the Receiver dated December 11, 2025

#Order

Hano Investment Ltd. — Receivership filed, Ontario.

Parties

Debtor

Hano Investment Ltd.

Applicant

National Bank of Canada

Receiver

EY

Bench and counselPer the orders and service lists on the record

Bench

JudgeCourtOn this docketCases on record
Justice BlackOntario Superior Court of Justice2 orders, Aug 2026176 cases on record
Justice SteeleOntario Superior Court of Justice2 orders, Jul 2026 – Aug 2026220 cases on record
Justice DietrichOntario Superior Court of Justice2 orders, Sep 2025 – Dec 202589 cases on record

Counsel of record

PartyCounselFirst seenSource
ReceiverEYDickinson Wright LLP22 Sep 2025Service list · 22 Sep 2025
ApplicantNational Bank of CanadaFasken Martineau DuMoulin LLP22 Sep 2025Service list · 22 Sep 2025
DebtorHano Investment Ltd.Hammond Flesias22 Sep 2025Service list · 22 Sep 2025
CreditorSecond MortgageeJohn Wolfgang Joseph Pazulla22 Sep 2025Service list · 22 Sep 2025
CreditorThird Mortgagee, 9523-5685 Quebec IncSchneider Ruggiero Spencer Milburn LLP22 Sep 2025Service list · 22 Sep 2025
Capital structureAs asserted in the filings
stated amounts, drawn to scale
Priority classCreditorAmountSource
SecuredNational Bank of Canada · in 87 casesLoan balance as of June 25, 2025, excluding fees, costs and expenses; described as approximate amount — debtor: Hano Investment Ltd. · as of 25 Jun 2025$15.8M245 - 246 Notice and Statement of Receiver dated 3-Oct-2025
Secured1832763 Ontario Ltd.Approximate amount based on security registrations — debtor: Hano Investment Ltd.$3.5M245 - 246 Notice and Statement of Receiver dated 3-Oct-2025
Secured9523-5685 Quebec Inc. · in 2 casesApproximate amount based on security registrations — debtor: Hano Investment Ltd.$1M245 - 246 Notice and Statement of Receiver dated 3-Oct-2025

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 processAs stated in the filings

2 transactions · 1 proposed · 1 approved — the Transaction is hereby approvedApproval and Vesting Order dated August 7, 2026 · 7 Aug 2026

PurchaserPriceStatusSource
referred to only as 'the Purchaser' of the proposed Sale Transaction, unnamed in this documentthe proposed Sale Transaction · asset salenot statedProposedSupplement to 2nd Report of the Receiver with…
1001609728 Ontario Inc.the Debtor's right, title and interest in and to the assets described in the Sale Agreement (the "Purchased Assets") · real property · agreement 14 May 2026not statedApproved7 Aug 2026Approval and Vesting Order dated August 7, 2026
Fees and ratesAs stated in the filings

2 engagements · 2 firms — latest: Ernst & Young Inc., 23 Sep – 28 Nov 2025, $98,714.00 soughtFirst Report of the Receiver · 11 Dec 2025

FirmPeriodHoursFeesRatesSource
Dickinson Wright LLPCounsel to the receiver8 Jul – 27 Nov 2025Sought24.2$26,241.20incl. tax$300 – $1,0004 peopleMotion Record · 18 Dec 2025
4 people — Dickinson Wright LLP, 8 Jul – 27 Nov 2025
NameYear of callHoursRateFees
Lisa Corne198818.2$1,000—
Sabrina Fracassi20230.3$380—
Talya Bertler202412.7$365—
Hugo HeLaw Clerk0.5$300—
Ernst & Young Inc.Receiver23 Sep – 28 Nov 2025Sought197.4$98,714.00ex. taxcourtesy discount$300 – $7257 peopleFirst Report of the Receiver · 11 Dec 2025
7 people — Ernst & Young Inc., 23 Sep – 28 Nov 2025
NameTitleHoursRateFees
Allen YaoPartner/Senior Vice President27.5$725$19,937.50
Michael HayesPartner97.1$725$70,397.50
Cam BearParaprofessional11.8$300$3,540.00
Eric KerbelStaff1$300$300.00
Marie JacksonParaprofessional57.9$300$17,370.00
Marites CarandangParaprofessional1$300$300.00
Robert FergusonParaprofessional1.1$300$330.00
Total Fees—197.4—$112,175.00

Top rate $1,000 · 51st percentile of counsel rates, 2025 · of 80

Estate financialsReported figures — never derived

Cumulative receipts

$774K

As at 14 Jul 2026002 Second Report of the Receiver

Cash on hand

$151K

As at 14 Jul 2026002 Second Report of the Receiver

Professional fees to date

$147,067.57; $40,998.55

As at 14 Jul 2026002 Second Report of the Receiver

Documents
24 filings
DateDocumentFile
Ancillary Order dated August 7, 2026
  • Presiding officer Justice W.D. Black
PDF
Approval and Vesting Order dated August 7, 2026
  • Purchaser 1001609728 Ontario Inc. · the Debtor's right, title and interest in and to the assets described in the Sale Agreement (the "Purchased Assets") · real property · approved
  • Sale outcome Sale approved — the Transaction is hereby approved
PDF
Endorsement Justice W.D. Black dated August 7, 2026
  • Presiding officer Justice W.D. Black
PDF
Endorsement Justice Steele
  • Presiding officer Justice Steele
PDF
Endorsement signed Justice Steele
  • Presiding officer Justice Steele
PDF
Affidavit of Vitoria MarinelliPDF
Affidavit of Nadia PannozzoPDF
Supplement to 2nd Report of the Receiver with Appendix
  • Operational summary The Receiver has not received a response to its inquiries regarding closing conditions for the Debtor's proposed redemption transaction involving new financing documents (FCC Commitment Letter and FVI Second Mortgage Commitment), and the Receiver remains unable to assess the redemption in the absence of required information; counsel to the Purchaser has advised that the Purchaser intends to complete the proposed Sale Transaction by approximately the end of August 2026.
  • Purchaser referred to only as 'the Purchaser' of the proposed Sale Transaction, unnamed in this document · the proposed Sale Transaction · asset sale · proposed
  • Report date 22 July 2026
  • Report no Supplement to Second Report
  • + 1 more extracted fact
PDF
Affidavit - Warda Warda July 21, 2026
  • Secured creditors $3.5M · Note: Registration not authorized by National Bank of Canada (per Sept 24, 2025 Endorsement, para 12); nature/rank of the registered interest not further described. · Page: 30 · As of: 2024-02-13 · Debtor: Hano Investment Ltd. · Creditor: 1832763 Ontario Ltd. · Security: Interest registered against 30 Baywood Road, Toronto, Ontario (Real Property)
PDF
Amended Notice of Motion returnable July 23, 2026PDF
Book AuthoritiesPDF
Factum - Moving Party Respondent July 21, 2026PDF
Factum of the Receiver
  • Counsel Dickinson Wright LLP
PDF
002 Second Report of the Receiver
  • Cash on hand $151K · approximate
  • Operational summary Since the First Report, the Receiver transitioned property management to Kipling Realty Management, negotiated tenant licence agreements, conducted a Court-approved Sale Process with JLL resulting in an APS with 1001609728 Ontario Inc., addressed the Debtor's non-compliance with the Compliance and Document Production Order, and responded to a Redemption Motion brought by the Debtor supported by an FVI financing commitment of uncertain readiness.
  • Professional fees $147K · Description: Receiver's fees and disbursements, November 29, 2025 to February 28, 2026; $41K · Description: Receiver's counsel (Dickinson Wright) fees and disbursements, November 28, 2025 to May 31, 2026
  • Receipts cumulative $774K
  • + 2 more extracted facts
PDF
Motion Record, returnable July 23, 2026PDF
Compliance and Document Production Order, dated December 18, 2025
  • Court Ontario Superior Court of Justice (Commercial List)
  • Debtor names Hano Investment Ltd.
  • Order date 18 December 2025
  • Presiding officer Justice J. Dietrich
  • + 1 more extracted fact
PDF
Motion Record, returnable December 18, 2025
  • Applicant NATIONAL BANK OF CANADA
  • Appointee Ernst and Young Inc.
  • Appointee role Receiver
  • Commencement date 11 December 2025
  • + 5 more extracted facts
PDF
002 Supplement to First Report of the Receiver
  • Operational summary The Receiver has repeatedly requested access to the Debtor's books and records, including tenancy documentation, but Warda has not responded to the December 4th Email or provided the requested information; the existence and location of other books and records, including the general ledger and source documentation, remain unclear.
  • Report date 17 December 2025
PDF
Factum of the Receiver, dated December 11, 2025
  • Counsel Dickinson Wright LLP
PDF
First Report of the Receiver dated December 11, 2025
  • Cash on hand $185K
  • Fee schedule Engagements: Form: time_summary · Rows: Allen Yao; Michael Hayes; Eric Kerbel; Marie Jackson; Cam Bear; Robert Ferguson; Marites Carandang; Fees: 112175 · Hours: 197.4 · Quote: Total Fees | Total Fees | 197.40 | | 112,175.00 · Row kind: subtotal · Rate kind: standard · Name as stated: Total Fees · Money: Tax: $12.9K · Label: HST @ 13% · Quote: HST @ 13% | | | | 12,867.00 · Fees: $98.7K · Quote: Total Discounted Fees | Total Discounted Fees | | | 98,714.00 · Total: $112K · Quote: Total Invoice | | | | 111,843.85 $ · includes tax · includes disbursements · Approximate: false · Disbursements: $263 · Quote: Total Disbursements | | | | 262.85 · Period: End: 2025-11-28 · Kind: invoice · Quote: Summary of Professional Fees for the period September 23, 2025 to November 28, 2025 · Start: 2025-09-23 · Approval: Quote: approving the Receiver's fees and disbursements for the period up to November 28, 2025 · State: sought · Averages: · Currency: · Invoices: · Firm text: Ernst & Young Inc. · Firm quote: Ernst & Young Inc. (' EY ') was appointed as receiver and manager (the ' Receiver ') of all the assets, undertakings and properties of Hano Investment Ltd. · Hours total: Quote: Total Fees | Total Fees | 197.40 | | 112,175.00 · Value: 197.4 · Context quote: attesting to the fees and disbursements of the Receiver for the period from September 24, 2025, to November 28, 2025 · Discount note: Text: Courtesy Discount (12%) · Quote: Less: Courtesy Discount (12%) | Less: Courtesy Discount (12%) | | | (13,461.00); Form: rate_chart · Rows: Lisa Corne; Sabrina Fracassi; Talya Bertler; Hugo He · Money: Total: $16.1K · Quote: TOTAL FEES CURRENT INVOICE | | | 24.20 | $ 16,135.50 · Approximate: false · Period: End: 2025-11-27 · Kind: invoice · Quote: For the period July 8, 2025 to November 27, 2025 · Start: 2025-07-08 · Approval: Quote: and those of its counsel, Dickinson Wright LLP (' DW '), for the period up to November 27, 2025 · State: sought · Averages: — · Currency: · Invoices: · Firm text: Dickinson Wright LLP · Firm quote: Lawyers for Ernst and Young Inc. in its capacity as Court-appointed Receiver · Hours total: Quote: TOTAL FEES CURRENT INVOICE | | | 24.20 | $ 16,135.50 · Value: 24.2 · Context quote: DW has acted as counsel to Ernst and Young Inc., in its capacity as Court-appointed Receiver (the ' Receiver ') in these proceedings.
  • Operational summary The Receiver undertook activities including attending the Baywood Property, informing tenants of the receivership, collecting rent, following up with the Debtor for information, engaging an insurance broker, real estate brokers, negotiating a Property Management Agreement, arranging utility services and property tax inquiries, and proposing a Sale Process for the Baywood Property with JLL as listing broker, while facing significant non-cooperation from the Debtor's principal, Warda, including obstruction of rent collection and failure to provide books and records.
  • Professional fees $112K · Party: Receiver (EY) · Period: September 24, 2025 to November 28, 2025; $26.2K · Party: Receiver's counsel (Dickinson Wright LLP) · Period: July 8, 2025 to November 27, 2025
  • + 2 more extracted facts
PDF
245 - 246 Notice and Statement of Receiver dated 3-Oct-2025
  • Financial position per Receiver's summary of estimated asset values · Hano Investment Ltd. (entity level) — Cash in Bank $85; Accounts Receivable TBD; Real Property (30 Baywood Road) TBD. Unsecured creditors amount is TBD - Receiver has not obtained books, records or a creditor list from management, so amounts owed to unsecured creditors cannot be determined.
  • Secured creditors $3.5M · Note: Approximate amount based on security registrations · Page: 2 · Debtor: Hano Investment Ltd. · Creditor: 1832763 Ontario Ltd.
PDF
Endorsement of Dietrich, J., dated September 24, 2025
  • Presiding officer Justice Dietrich
PDF
Order Appointing Receiver, dated September 24, 2025
  • Applicant National Bank of Canada
  • Appointee Ernst & Young Inc.
  • Appointee role receiver and manager
  • Counsel Fasken Martineau Dumoulin LLP
  • + 7 more extracted facts
PDF
Service List (as of 22-Sep-2025)
  • Counsel John Wolfgang Joseph Pazulla
PDF

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

CiteProceedings., “Hano Investment Ltd.” (Receivership (court-appointed)), Ontario Superior Court of Justice · Commercial List. Retrieved 20 September 2026, https://proceedings.ca/case/hano-investment-ltd

Recently updated

1281805 B.C. Ltd.

British Columbia · NOI

18 Sep 2026

Collection Tuff Avenue Inc.

Quebec · Bankruptcy

18 Sep 2026

6511 Sussex Heights Development Ltd. ("Highline Metrotown") and Minoru View Homes Ltd. ("Minoru Square") et al.

British Columbia · Receivership (court-appointed)

18 Sep 2026

177 Cross Argus Development Inc.

Ontario · NOI

18 Sep 2026

Sources last checked · summary updated 5 August 2026 · Report a correction · Printed from proceedings.ca/case/hano-investment-ltd

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.