Ideal (BC) Developments (Receivership)
Follow- Proceeding
- Receivership (court-appointed)section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act
- File
- CV-21-00672848-00CL
- Industry
- Real estate · Residential development
Ideal (BC) Developments Inc. has been in court-appointed receivership since December 17, 2021, when the Ontario Superior Court of Justice appointed Alvarez & Marsal Canada Inc. as receiver and manager on the application of C & K Mortgage Services Inc. and Canadian Western Trust Company, under section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act (file CV-21-00672848-00CL). The receiver's Amended Notice and Statement puts the estimated book value of assets at $19,643,000 as at December 17, 2021 against liabilities of $36,255,308.87, including $29,165K of secured debt across first- through fifth-ranking mortgages held by C&K, Fiera, Feature Corp. and Amercan, and $5,453,510 in deposits taken under 28 unit agreements of purchase and sale. The receiver has not audited or verified those figures and states realizable values may materially differ.
The officer filed report no. Third Report. The Receiver closed the sale of the Property on May 30, 2022 and is seeking approval to make final distributions, refund the Purchaser, and obtain its discharge, with only administrative wind-up tasks (final HST refunds, stakeholder inquiries, final report) remaining.
The court granted an approval and vesting order for the sale to Amercan Corporation. Closing terms, as extracted: Vesting occurs upon delivery of the Receiver's certificate to the Purchaser, confirming payment of the Purchase Price, satisfaction or waiver of the Sale Agreement closing conditions, and completion of the Transaction to the Receiver's satisfaction. Sealed: The Offer to Purchase (Sale Agreement) is appended as a Confidential Appendix to the Second Report of the Receiver.
Appointed Alvarez & Marsal Canada Inc. receiver and manager of Ideal (BC) Developments Inc. on the application of C & K Mortgage Services and Canadian Western Trust.
Undated filings1 — no date appears on the document · show
Debtor
Ideal (BC) Developments (Receivership)
Receiver
Alvarez & Marsal
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice McEwen | Ontario Superior Court of Justice | 3 orders, Jan 2022 – Jul 2022 | 143 cases on record |
| Justice Gilmo | Ontario Superior Court of Justice | 2 orders, May 2022 | 2 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverAlvarez & Marsal | Chaitons LLP | 24 Jan 2022 | Service list · 24 Jan 2022 |
| Applicant | Dickinson Wright LLP | 17 Dec 2021 | Order · 17 Dec 2021 |
| ApplicantC&K Mortgage Services Inc | Dickinson Wright LLP | 24 Jan 2022 | Service list · 24 Jan 2022 |
| DebtorIdeal (BC) Developments (Receivership) | Friedman Law Professional Corporation | 24 Jan 2022 | Service list · 24 Jan 2022 |
| CreditorFeature Corp | Fij Law LLP | 24 Jan 2022 | Service list · 24 Jan 2022 |
| CreditorRyan Steckle | Stephen Turk Law | 24 Jan 2022 | Service list · 24 Jan 2022 |
| CreditorTarion Warranty Corporation | Torys LLP | 24 Jan 2022 | Service list · 24 Jan 2022 |
| CreditorYuk-Ching Lee and Johnson Lee | Miller Thomson LLP | 24 Jan 2022 | Service list · 24 Jan 2022 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | C&K Mortgage Services Inc. (Applicant; first-ranking mortgage)First-ranking mortgage, face value $15 million, registered Oct 30, 2020 (Applicants refinanced Romspen in Aug 2020); face value is not the balance — Balance per Receiver's creditor list; validity of security not yet confirmed; priority ranking based on preliminary title review, still subject to review — debtor: Ideal (BC) Developments Inc. · as of 17 Dec 2021 | $15.5M | First Report of the Receiver (January 18, 2022) |
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured |
33 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 plans2 transactions · 1 approved · 1 closed — The Transaction for the sale of the Property closed on May 30, 2022; the Receiver reports on completion of the Transaction and distributions following closing.Third Report of the Receiver (July 7, 2022) · 7 Jul 2022
| Purchaser | Price | Status | Source |
|---|---|---|---|
| Amercan Corporationthe Debtor's right, title and interest in the lands and premises located at 2, 6, and 8 Bond Crescent and 8, 10, 12, 14, 16, and 18 Bostwick Crescent, Richmond Hill, Ontario · real property · nominee/assignee: 1000612801 Ontario Corp. · agreement 22 Apr 2022 | Subscribers | Approved3 May 2022 | Signed Approval and Vesting Order |
| 1000162801 Ontario Corp.the lands and premises located at 2, 6, and 8 Bond Crescent and 8, 10, 12, 14, 16, and 18 Bostwick Crescent, Richmond Hill, Ontario · real property · nominee/assignee: Amercan Corporation (original contracting party; Sale Agreement later assigned to 1000162801 Ontario Corp.) · agreement 22 Apr 2022 | Subscribers | Closed30 May 2022 | Third Report of the Receiver (July 7, 2022) |
Unsecured creditors: no distribution.EstimatedThird Report of the Receiver (July 7, 2022) · 7 Jul 2022
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Unsecured | Company's remaining economic stakeholders / creditors | — | no distributionconditional | Estimatedper the receiver | Third Report of the Receiver (July 7, 2022) · 7 Jul 2022 |
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.
As at ·
Cumulative disbursements
$932K
As at 7 Jul 2022Third Report of the Receiver (July 7, 2022)
Cash on hand
As at
Professional fees
As at
2 more reported figures, and the 2 totals the debtor stated at filing
Each one as the filing states it, with its source.
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See all plans| Date | Document | File |
|---|---|---|
Endorsement of Justice McEwen (July 15, 2022)
| PDF · Subscribers | |
Order of Justice McEwen (July 15, 2022)
| PDF · Subscribers | |
Third Report of the Receiver (July 7, 2022)
| PDF · Subscribers | |
| Motion Returnable July 15, 2022 | PDF · Subscribers | |
| C & K Mortgage Service Receivership Endorsement | PDF · Subscribers | |
Signed Approval and Vesting Order
| PDF · Subscribers | |
Signed Order (Sealing and Distribution)
| PDF · Subscribers | |
Amended Approval and Vesting Order
| PDF · Subscribers | |
| Second Report of the Receiver (April 25, 2022) | PDF · Subscribers | |
Order of Justice McEwen (January 25, 2022)
| PDF · Subscribers | |
Service List
| PDF · Subscribers | |
First Report of the Receiver (January 18, 2022)
| PDF · Subscribers | |
Motion Record returnable January 25, 2022
| PDF · Subscribers | |
Receivership Appointment Order (December 17, 2021)
| PDF · Subscribers | |
| Reply Affidavit of Gary Gruneir (December 17, 2021) | PDF · Subscribers | |
| Affidavit of Shajiraj Nadarajalingam (December 16, 2021) | PDF · Subscribers | |
Application Record (November 29, 2021)
| PDF · Subscribers | |
| Motion Record returnable May 3, 2022 | 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., “Ideal (BC) Developments (Receivership)” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 16 October 2026, https://proceedings.ca/case/ideal-bc-developments