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.
The court granted an approval and vesting order for the sale to 1001609728 Ontario Inc. Closing terms, as extracted: Vesting occurs upon delivery of the Receiver's Certificate confirming payment of the Purchase Price and satisfaction of closing conditions.
Supplement to the Second Report: no response received on closing conditions for the Debtor's proposed redemption under the FCC Commitment Letter and FVI Second Mortgage Commitment; Purchaser intends to close by approximately end of August 2026.
Source: Supplement to 2nd Report of the Receiver with Appendix
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.
A second order was granted in the receivership, seven days after the Receiver reported the Debtor's failure to produce requested books and records.
Source: Compliance and Document Production Order, dated December 18, 2025
Reported that repeated requests for the Debtor's books and records, including tenancy documentation and a December 4th email to Warda, went unanswered, with the general ledger and source documents unlocated.
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
Guide
Power of sale vs foreclosure vs receivership in Canada
When a Canadian borrower stops paying a mortgage, the lender can sell the property itself, ask a court to foreclose, or have a receiver take control. How the routes differ by province, what each means for owners and tenants, and how long a receivership takes, drawn from the court record.
Outcome brief
Hano Investment: no cheque, no redemption
Justice Steele gave Hano Investment until August 5 to put the money to redeem National Bank's roughly $16.8 million mortgage in trust. On August 7 Justice Black found its proof of financing "indirect and concerning," dismissed the redemption and approved the sale of 30 Baywood Road in Etobicoke, home of the Toronto Grand banquet hall.
Debtor
Hano Investment Ltd.
Applicant
National Bank of Canada
Receiver
EY
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Dietrich | Ontario Superior Court of Justice | 4 orders, Sep 2025 – Dec 2025 | 132 cases on record |
| Justice Black | Ontario Superior Court of Justice | 3 orders, Aug 2026 | 198 cases on record |
| Justice Steele | Ontario Superior Court of Justice | 2 orders, Jul 2026 – Aug 2026 | 245 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverEY | Dickinson Wright LLP | 22 Sep 2025 | Service list · 22 Sep 2025 |
| ApplicantNational Bank of Canada | Fasken Martineau DuMoulin LLP | 22 Sep 2025 | Service list · 22 Sep 2025 |
| DebtorHano Investment Ltd. | Hammond Flesias | 22 Sep 2025 | Service list · 22 Sep 2025 |
| CreditorThird Mortgagee, 9523-5685 Quebec Inc | Schneider Ruggiero Spencer Milburn LLP | 22 Sep 2025 | Service list · 22 Sep 2025 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 3 | Deemed trusts (CRA and other) | Canada Revenue Agency (CRA) · in 985 casesAlleged statutory deemed trust; enhanced Requirements to Pay issued to the Borrower — Document states counsel to the Bank received copies of CRA's enhanced Requirements to Pay in respect of 'alleged deemed trust claims owing by the Borrower' on August 26, 2025; no amount is stated (per Sept 24, 2025 Endorsement, para 15). — debtor: Hano Investment Ltd. · as of 26 Aug 2025 | — | Affidavit - Warda Warda July 21, 2026 |
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured |
3 more claims in 1 class The stack holds Deemed trusts (CRA and other) and Secured claims.
Every creditor and every amount, drawn to scale.
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See all plans“not stated” means the record names the claim without a figure; “—” means not in the extracted record.
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.
2 transactions · 1 proposed · 1 approved — the Transaction is hereby approvedApproval and Vesting Order dated August 7, 2026 · 7 Aug 2026
| Purchaser | Price | Status | Source |
|---|---|---|---|
| referred to only as 'the Purchaser' of the proposed Sale Transaction, unnamed in this documentthe proposed Sale Transaction · asset sale | not stated | Proposed | Supplement 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 2026 | not stated | Approved7 Aug 2026 | Approval and Vesting Order dated August 7, 2026 |
2 engagements · 2 firms — latest: Ernst & Young Inc., 23 Sep – 28 Nov 2025, soughtFirst Report of the Receiver · 11 Dec 2025
| Firm | Period | Hours | Fees | Rates | Source | |||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dickinson Wright LLPCounsel to the receiver | 8 Jul – 27 Nov 2025Sought | 4 people | Motion Record · 11 Dec 2025 | |||||||||||||||||||||||||||||||||||||||||||||||
4 people — Dickinson Wright LLP, 8 Jul – 27 Nov 2025 · 8 blurred figures
| ||||||||||||||||||||||||||||||||||||||||||||||||||
| Ernst & Young Inc.Receiver | 23 Sep – 28 Nov 2025Sought | 7 people | First Report of the Receiver · 11 Dec 2025 | |||||||||||||||||||||||||||||||||||||||||||||||
7 people — Ernst & Young Inc., 23 Sep – 28 Nov 2025 · 23 blurred figures
| ||||||||||||||||||||||||||||||||||||||||||||||||||
37 blurred figures above
What each firm billed, and each person’s hours and rate — each as the filing states it, with its source.
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See all plansCumulative receipts
$774K
As at 14 Jul 2026002 Second Report of the Receiver
Cash on hand
As at
Professional fees
As at
2 more reported figures
Each one as the filing states it, with its source.
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See all plans| Date | Document | File |
|---|---|---|
Ancillary Order dated August 7, 2026
| PDF · Subscribers | |
Approval and Vesting Order dated August 7, 2026
| PDF · Subscribers | |
Endorsement Justice W.D. Black dated August 7, 2026
| PDF · Subscribers | |
Endorsement Justice Steele
| PDF · Subscribers | |
Endorsement signed Justice Steele
| PDF · Subscribers | |
| Affidavit of Vitoria Marinelli | PDF · Subscribers | |
| Affidavit of Nadia Pannozzo | PDF · Subscribers | |
Supplement to 2nd Report of the Receiver with Appendix
| PDF · Subscribers | |
Affidavit - Warda Warda July 21, 2026
| PDF · Subscribers | |
Amended Notice of Motion returnable July 23, 2026
| PDF · Subscribers | |
Book Authorities
| PDF · Subscribers | |
| Factum - Moving Party Respondent July 21, 2026 | PDF · Subscribers | |
Factum of the Receiver
| PDF · Subscribers | |
002 Second Report of the Receiver
| PDF · Subscribers | |
| Motion Record, returnable July 23, 2026 | PDF · Subscribers | |
Compliance and Document Production Order, dated December 18, 2025
| PDF · Subscribers | |
Endorsement of Dietrich, J., dated December 18, 2025
| PDF · Subscribers | |
Sale Process Approval Order dated December 18, 2025
| PDF · Subscribers | |
002 Supplement to First Report of the Receiver
| PDF · Subscribers | |
Factum of the Receiver, dated December 11, 2025
| PDF · Subscribers | |
First Report of the Receiver dated December 11, 2025
| PDF · Subscribers | |
Motion Record, returnable December 18, 2025
| PDF · Subscribers | |
245 - 246 Notice and Statement of Receiver dated 3-Oct-2025
| PDF · Subscribers | |
Endorsement of Dietrich, J., dated September 24, 2025
| PDF · Subscribers | |
Order Appointing Receiver, dated September 24, 2025
| PDF · Subscribers | |
Service List (as of 22-Sep-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., “Hano Investment Ltd.” (Receivership (court-appointed)), Ontario Superior Court of Justice · Commercial List. Retrieved 4 November 2026, https://proceedings.ca/case/hano-investment-ltd
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.