Horizen Developments GP Corp.
- Proceeding
- Receivership (court-appointed)section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act
- File
- CV-25-00002469-0000
- Industry
- Real estate
Horizen Developments GP Corp. was placed in court-appointed receivership on September 19, 2025, by order of the Ontario Superior Court of Justice sitting in Bankruptcy and Insolvency, under section 243 of the Bankruptcy and Insolvency Act and provincial Judicature Act authority. The proceeding is carried on court file CV-25-00002469-0000 in Ontario and remains active. The receivership order is the only step recorded to date; nothing further has been entered on the record since the appointment.
The claims bar date has passed — claims were due by
Per the Claims Procedure Notice dated December 10 2025 dated 10 December 2025.
Motion Record of the Receiver returnable September 18, 2026 — Application / notice of application
The court granted an approval and vesting order for the sale to 1423197 Ontario Inc. Closing terms, as extracted: vesting effective upon delivery of Receiver's Certificate confirming payment of Purchase Price, satisfaction of Article 4 conditions, and completion of the Transaction. Sealed: Confidential Appendices 'A', 'B', 'C' and 'D' to the First Report.
Notice and Statement of Receiver (s245/s246) - Dated 2025-09-26 — Notice of receiver (s. 245 / Form 87)
Receivership order made, commencing the proceeding against Horizen Developments GP Corp. under BIA section 243 and provincial Judicature Act authority in the Ontario Superior Court of Justice.
Case update
Horizen Developments: 129 units never built, 10.7% for creditors
The London, Ontario site at 520 Sarnia Road was sold in receivership and the mortgage lender, ADJ Holdings, received $3,169,460. BDO's Second Report now proposes $1,550,927.65 across $14,548,394.59 of proven unsecured claims, a 10.7% distribution, after disallowing the unregistered security behind six investor guarantee claims, and asks to be discharged.
Debtor
Horizen Developments GP Corp.
Receiver
BDO
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | ADJ Holdings Inc. · in 2 casesCollateral mortgage (principal $6,000,000.00, registered as first charge, Instrument ER1576529, May 14, 2024) against 520 Sarnia Road, London, ON; Notice of Assignment of Rents - General (Instrument ER1576530, May 14, 2024); General Security Agreement (GSA) from Respondent and Horizen Developments LP dated May 14, 2024 covering all present/after-acquired personal property, perfected by PPSA registration; Promissory Note (principal $2,800,000.00, dated May 14, 2024); Guarantee dated May 14, 2024 from SF Square LP, SF Square GP Corp. (as GP and in its own capacity), RHH Rental Properties Ltd., F · as of 1 Aug 2025 | $2.99M | Application Record dated September 5, 2025 |
| 4 | Secured | |||
| 4 | Secured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured |
24 more claims in 2 classes The stack holds Secured and Unsecured claims.
Every creditor and every amount, drawn to scale.
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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.
3 transactions · 2 closed · 1 approved — The Proposed Transaction closed and a certificate was issued with the Court evidencing same.Second Report of the Receiver dated September 3, 2026 · 3 Sep 2026
| Purchaser | Price | Status | Source |
|---|---|---|---|
| 1423197 Ontario Inc.all right, title and interest in and to the purchased assets described in the Sale Agreement, including the Property · asset sale · agreement 12 Nov 2025 | not stated | Approved5 Dec 2025 | Approval and Vesting Order dated December 5,… |
| Purchaser as defined in the Approval and Vesting Order; not namedthe property municipally known as 520 Sarnia Road, London, Ontario · real property | not stated | Closed | Second Report of the Receiver dated September… |
| unnamedthe Proposed Transaction as contemplated in the Purchase Agreement | not stated | Closeddate not stated | Second Report of the Receiver dated September… |
Unsecured creditors: a distribution. Sierra General Contracting Inc. paid in full.FinalSecond Report of the Receiver · 3 Sep 2026
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| SecuredSierra Lien Claim | Sierra General Contracting Inc. | — | paid in fullconditional | Estimatedper the receiver | Second Report of the Receiver · 3 Sep 2026 |
| Unsecured | — | — | Finalper the receiver | Second Report of the Receiver · 3 Sep 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.
2 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 plans| Date | Document | File |
|---|---|---|
Endorsement of Justice Carnegie dated September 18, 2026
| PDF · Subscribers | |
Order of Justice Carnegie dated September 18, 2026
| PDF · Subscribers | |
| Factum of the Receiver September 15, 2026 | PDF · Subscribers | |
Motion Record of the Receiver returnable September 18, 2026
| PDF · Subscribers | |
Second Report of the Receiver dated September 3, 2026
| PDF · Subscribers | |
Claims Procedure Notice dated December 10 2025
| PDF · Subscribers | |
Claims Procedure Proof of Claim Form dated December 10, 2025
| PDF · Subscribers | |
Ancillary Order dated December 5, 2025
| PDF · Subscribers | |
Approval and Vesting Order dated December 5, 2025
| PDF · Subscribers | |
Claims Procedure Order dated December 5 2025
| PDF · Subscribers | |
Claims Procedure Order dated December 5, 2025
| PDF · Subscribers | |
Endorsement of Justice Cook dated December 5 2025
| PDF · Subscribers | |
| Factum of the Receiver_BDO Canada Limited_December 3 2025 | PDF · Subscribers | |
| First Report of the Receiver dated December 2, 2025 | PDF · Subscribers | |
| Motion Record of the Receiver dated December 2, 2025 | PDF · Subscribers | |
Notice and Statement of Receiver (s245/s246) - Dated 2025-09-26
| PDF · Subscribers | |
Receivership Order dated September 19, 2025
| PDF · Subscribers | |
Application Record dated September 5, 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., “Horizen Developments GP Corp.” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 4 November 2026, https://proceedings.ca/case/horizen-developments-gp-corp