Proceedings.

Images Life Media Inc. and 2531509 Ontario Inc.

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Proceeding
Receivership (court-appointed)section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act
Court
Ontario Superior Court of Justice
File
CV-23-00701877-00CL
Filings held16
Last activity6 May 2024
On the record1,161 days
Secured debt$3.8M
OverviewSummary updated

Images Life Media Inc. and 2531509 Ontario Inc. are debtors in a court-appointed receivership brought under BIA s. 243 and the applicable provincial Judicature Act. The Toronto-Dominion Bank holds a first mortgage on the Walnut Property at 113-115 Walnut Avenue, Toronto, stated at $3,020,170 plus accruing interest as of October 5, 2023, and a General Security Agreement over all property securing five credit facilities, with debt described as in excess of $3.8 million as of July 18, 2023; founder and director Joao Paul Henriques personally guaranteed these obligations. Olympia Trust Company holds a second mortgage on the same property, registered at $106,000 as of August 11, 2022, held in trust for beneficial holder Hannah Smith. Given TD's shortfall, the Receiver has proposed no distribution to Olympia on that mortgage.

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Case updates16 dated entries
Parties

Debtor

Images Life Media Inc. and 2531509 Ontario Inc.

Receiver

Albert Gelman

Bench and counselPer the orders and service lists on the record

Bench

JudgeCourtOn this docketCases on record
Justice CavanaghOntario Superior Court of Justice2 orders, May 2024288 cases on record
Justice Wilton-SiegelOntario Superior Court of Justice2 orders, Nov 2023104 cases on record
Justice SteeleOntario Superior Court of Justice2 orders, Jul 2023220 cases on record

Counsel of record

PartyCounselFirst seenSource
ReceiverAlbert GelmanGarfinkle, Biderman LLP6 May 2024Order · 6 May 2024
ApplicantToronto-Dominion BankMinden Gross LLP18 Jul 2023Order · 18 Jul 2023
Capital structureAs asserted in the filings
stated amounts, drawn to scale
Priority classCreditorAmountSource
SecuredThe Toronto-Dominion Bank · in 111 casesGeneral Security Agreement (GSA) over all Property, securing five credit facilities in favour of the Debtors; GSA and Mortgage Security both entitle TD to appoint a receiver on default — Stated as a floor: Debtors owe TD 'in excess of $3.8 million under the Credit Facilities' per the July 18, 2023 Endorsement; distinct from the separately stated TD Mortgage balance on the Walnut Property. Personal guarantee of the Debtors' debts to TD given by Mr. Joao Paul Henriques (founder/director). — debtor: Images Life Media Inc. and 2531509 Ontario Inc. · as of 18 Jul 2023$3.8MSupplementary Report to the First Report of the Receiver (for motion returnable November 23, 2023)
SecuredThe Toronto-Dominion Bank · in 111 casesFirst registered mortgage against title to the Walnut Property (113-115 Walnut Avenue, Toronto) (the "TD Mortgage") — Plus accruing interest as of the stated date; Receiver's independent counsel opined the TD Mortgage is valid, enforceable and first-ranking on title. Mr. Joao Paul Henriques (founder/sole director of Images Life Media Inc. and officer/director of 2531509 Ontario Inc.) personally guaranteed the Debtors' obligations to TD Bank (related-party guarantor, not a separate creditor). — debtor: 2531509 Ontario Inc. · as of 5 Oct 2023$3.02MSupplementary Report to the First Report of the Receiver (for motion returnable November 23, 2023)
SecuredOlympia Trust Company · in 26 casesSecond registered mortgage against title to the Walnut Property, ranking after the TD Mortgage (the "Olympia Mortgage") — Amount is the registered principal amount at registration; no updated outstanding balance stated. Olympia holds the mortgage in trust for Hannah Smith (beneficial holder). Receiver's counsel confirmed validity/enforceability and second-ranking priority. Given TD Bank's shortfall, the Receiver proposes no distribution to Olympia in respect of this mortgage. — debtor: 2531509 Ontario Inc. · as of 11 Aug 2022$106KSupplementary Report to the First Report of the Receiver (for motion returnable November 23, 2023)

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 approved · 1 closed — closed the sale of the Walnut Property as authorized in the November 23 AVO and issued the Transaction on January 12, 2024Second Report of the Receiver (for motion returnable May 6, 2024) · 16 Apr 2024

Parties solicited

9

Second Report of the Receiver (for motion returnable…

Bids received

3

Second Report of the Receiver (for motion returnable…

PurchaserPriceStatusSource
Nikhil Rai253Co.'s right, title and interest in and to the assets described in the Sale Agreement (the "Purchased Assets") · real property · agreement 18 Oct 2023not statedApproved23 Nov 2023Approval of Vesting Order issued by Justice…
Nikesh RaiWalnut Property · real property · nominee/assignee: a corporation to be named · agreement 18 Oct 2023Sealedpurchase price redacted in Appendix D; unredacted copy is Confidential Appendix CClosed12 Jan 2024Second Report of the Receiver (for motion…
AdvisorsLennard Commercial Realty Brokerage (listing broker)Second Report of the Receiver (for motion returnable May 6, 2024)
Closing termsVesting effective upon delivery of Receiver's Certificate confirming payment of Purchase Price, satisfaction/waiver of Closing conditions, and completion of the TransactionApproval of Vesting Order issued by Justice Wilton-Siegel dated…
RecoveriesAs stated in the filings

Unsecured creditors: no distribution. Olympia no distribution · TD Bank short · Toronto-Dominion Bank short.Second Report of the Receiver (for motion · 16 Apr 2024

ClassCreditorClaimsRecoveryBasisSource
SecuredOlympia—no distributionper the receiverSecond Report of the Receiver (for motion · 16 Apr 2024
SecuredTD Bank—shortfallEstimatedper the receiverMotion record of the Receiver (for motion · 16 Apr 2024
SecuredToronto-Dominion Bank—shortfallEstimatedper the receiverSupplementary motion record of the Receiver (for motion · 27 Oct 2023
Unsecuredcreditors of Images—no distributionper the receiverSecond Report of the Receiver (for motion · 16 Apr 2024

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.

Fees and ratesAs stated in the filings

6 engagements · 4 firms — latest: Garfinkle Biderman LLP, 29 Jun – 7 Oct 2023, $29,298.50 soughtFirst Report of the Receiver (for motion · 23 Nov 2023

FirmPeriodHoursFeesRatesSource
(firm not named)capacity not statedperiod 2 of 2 · firm not named in the heading—8.4$4,532.00ex. tax$539.52stated averageSecond Report of the Receiver (for motion · 6 May 2024
(firm not named)capacity not statedperiod 2 of 2 · firm not named in the heading—8.4$4,532.00ex. tax$539.52stated averageMotion record of the Receiver (for motion · 6 May 2024
AGIReceiver—Sought163.8$41,307.00ex. tax$411stated averageSecond Report of the Receiver (for motion · 6 May 2024
Albert Gelman Inc.Receiver—94.5$41,307.00$432.99stated averageMotion record of the Receiver (for motion · 6 May 2024
Garfinkle BidermanCounsel to the receiverperiod 1 of 2—69.2$46,476.96ex. tax$671.63stated averageMotion record of the Receiver (for motion · 6 May 2024
Garfinkle Biderman LLPCounsel to the receiverperiod 1 of 229 Jun – 7 Oct 2023Sought43.5$29,298.50ex. tax$674stated averageFirst Report of the Receiver (for motion · 23 Nov 2023
2 people — Garfinkle Biderman LLP, 29 Jun – 7 Oct 2023
NameYear of callHoursRateFees
Blair Mestel20120.8—$476.00
Wendy199342.7—$28,822.50
Documents
16 filings
DateDocumentFile
Court Order issued by Justice Cavanagh dated May 6, 2024
  • Counsel Garfinkle Biderman LLP
  • Presiding officer Justice Cavanagh
PDF
Endorsement of Justice Cavanagh dated May 6, 2024
  • Presiding officer Justice Cavanagh
PDF
Factum of the Receiver (for motion returnable May 6, 2024)
  • Counsel Garfinkle Biderman LLP
PDF
Motion record of the Receiver (for motion returnable May 6, 2024)
  • Fee schedule Engagements: Form: prose · Rows: · Money: Fees: $41.3K · Quote: for a total of $41,307 and applicable taxes · Approximate: true · Period: Kind: unstated · Approval: State: unstated · Averages: — · Currency: · Invoices: · Firm text: Albert Gelman Inc. · Firm quote: Albert Gelman Inc. ('Gelman Inc.') in its capacity as the Court-appointed receiver · Hours total: Quote: 94.5 hours at an average hourly rate of approximately $432.99 · Value: 94.5 · Context quote: Albert Gelman Inc. ('Gelman Inc.') in its capacity as the Court-appointed receiver (in such capacity, the 'Receiver'); Form: prose · Rows: · Money: Fees: $46.5K · Quote: total fees of $46,476.96 · Total: $52.5K · Quote: accounts totalling $52,464.83 inclusive of disbursements and applicable taxes · includes tax · includes disbursements · Approximate: true · Period: Kind: unstated · Approval: State: unstated · Averages: — · Currency: · Invoices: · Firm text: Garfinkle Biderman · Firm quote: Garfinkle Biderman fees encompass 69.2 hours at an average hourly rate of approximately $671.63 · Hours total: Quote: 69.2 hours at an average hourly rate of approximately $671.63 · Value: 69.2 · Context quote: Garfinkle Biderman fees encompass 69.2 hours at an average hourly rate of approximately $671.63 for total fees of $46,476.96 and accounts totalling $52,464.83 inclusive of disbursements and applicable taxes.; Form: prose · Rows: · Money: Fees: $4.53K · Quote: total fees of $4,532.00 · Total: $5.23K · Quote: accounts totalling $5,228.02 inclusive of disbursements and applicable taxes · includes tax · includes disbursements · Approximate: true · Period: Kind: unstated · Approval: State: unstated · Averages: — · Currency: · Invoices: · Hours total: Quote: 8.4 hours at an average hourly rate of approximately $539.52 · Value: 8.4 · Context quote: fees encompass 8.4 hours at an average hourly rate of approximately $539.52 for total fees of $4,532.00 and accounts totalling $5,228.02 inclusive of disbursements and applicable taxes. · Firm unverified: true; Form: prose · Rows: · Money: Fees: $67.4K · Quote: for a total of $67,358.50 and applicable taxes · Approximate: true · Period: Kind: cumulative · Approval: State: unstated · Averages: — · Currency: · Invoices: · Firm text: Albert Gelman Inc. · Firm quote: Albert Gelman Inc. ('Gelman Inc.') in its capacity as the Court-appointed receiver · Hours total: Quote: 163.8 hours at an average hourly rate of approximately $411 · Value: 163.8 · Context quote: 163.8 hours at an average hourly rate of approximately $411 for a total of $67,358.50 and applicable taxes.; Form: prose · Rows: · Money: Fees: $29.3K · Quote: total fees of $29,298.50 · Total: $33.6K · Quote: accounts totalling $33,605.01 inclusive of disbursements and applicable taxes · includes tax · includes disbursements · Approximate: true · Period: Kind: cumulative · Approval: State: unstated · Averages: — · Currency: · Invoices: · Firm text: Garfinkle Biderman · Firm quote: Garfinkle Biderman fees encompass 43.5 hours at an average hourly rate of approximately $674 · Hours total: Quote: 43.5 hours at an average hourly rate of approximately $674 · Value: 43.5 · Context quote: Garfinkle Biderman fees encompass 43.5 hours at an average hourly rate of approximately $674 for total fees of $29,298.50 and accounts totalling $33,605.01 inclusive of disbursements and applicable taxes.; Form: prose · Rows: · Money: Fees: $41.3K · Quote: The Receiver's total fees are $41,307.00 · Approximate: false · Period: Kind: unstated · Approval: State: unstated · Averages: — · Currency: · Invoices: · Firm text: Albert Gelman Inc. · Firm quote: Albert Gelman Inc. ('Gelman Inc.') in its capacity as the Court-appointed receiver · Context quote: The Receiver's total fees are $41,307.00, its total hours spent is 95.4 and, therefore, its average hourly rate is calculated to be $432.99.; Form: prose · Rows: · Money: Approximate: false · Period: Kind: unstated · Approval: State: unstated · Averages: — · Currency: · Invoices: · Context quote: The average hourly rate charged for the invoices set out in Exhibit 'A' is $641.25. · Firm unverified: true
  • Recovery outcome Entries: per unstated; per unstated; per estimated; per unstated · Stated on: 2024-04-16 · Table missing:
PDF
Second Report of the Receiver (for motion returnable May 6, 2024)
  • Closing confirmed Closed · 12 Jan 2024 · Nikesh Rai
  • Fee schedule Engagements: Form: prose · Rows: · Money: Fees: $41.3K · Quote: The Receiver's total fees are $41,307.00 · Approximate: false · Period: Kind: unstated · Approval: State: unstated · Averages: — · Currency: · Invoices: · Firm text: AGI · Firm quote: AGI , in its capacity as receiver · Context quote: in such capacity, the Receiver appointed, without security, over all of the assets, undertakings and properties; Form: prose · Rows: · Money: Fees: $46.5K · Quote: total fees of $46,476.96 · Total: $52.5K · Quote: accounts totalling $52,464.83 inclusive of disbursements and applicable taxes · includes tax · includes disbursements · Approximate: false · Period: Kind: unstated · Approval: State: unstated · Averages: — · Currency: · Invoices: · Firm text: Garfinkle Biderman · Firm quote: Garfinkle Biderman fees encompass 69.2 hours · Hours total: Quote: Garfinkle Biderman fees encompass 69.2 hours · Value: 69.2 · Context quote: Garfinkle Biderman fees encompass 69.2 hours at an average hourly rate of approximately $671.63 for total fees of $46,476.96 and accounts totalling $52,464.83 inclusive of disbursements and applicable taxes.; Form: prose · Rows: · Money: Fees: $4.53K · Quote: total fees of $4,532.00 · Total: $5.23K · Quote: accounts totalling $5,228.02 inclusive of disbursements and applicable taxes · includes tax · includes disbursements · Approximate: false · Period: Kind: unstated · Approval: State: unstated · Averages: — · Currency: · Invoices: · Hours total: Quote: fees encompass 8.4 hours · Value: 8.4 · Context quote: fees encompass 8.4 hours at an average hourly rate of approximately $539.52 for total fees of $4,532.00 and accounts totalling $5,228.02 inclusive of disbursements and applicable taxes. · Firm unverified: true; Form: prose · Rows: · Money: Total: $67.4K · Quote: 163.8 hours at an average hourly rate of approximately $411 for a total of $67,358.50 and applicable taxes · includes tax · Approximate: true · Period: Kind: unstated · Approval: State: unstated · Averages: — · Currency: · Invoices: · Firm text: AGI · Firm quote: AGI , in its capacity as receiver · Hours total: Quote: 163.8 hours at an average hourly rate of approximately $411 · Value: 163.8 · Context quote: in such capacity, the Receiver appointed, without security, over all of the assets, undertakings and properties; Form: prose · Rows: · Money: Fees: $29.3K · Quote: total fees of $29,298.50 · Total: $33.6K · Quote: accounts totalling $33,605.01 inclusive of disbursements and applicable taxes · includes tax · includes disbursements · Approximate: false · Period: Kind: unstated · Approval: State: unstated · Averages: — · Currency: · Invoices: · Firm text: Garfinkle Biderman · Firm quote: Garfinkle Biderman fees encompass 43.5 hours · Hours total: Quote: Garfinkle Biderman fees encompass 43.5 hours · Value: 43.5 · Context quote: Garfinkle Biderman fees encompass 43.5 hours at an average hourly rate of approximately $674 for total fees of $29,298.50 and accounts totalling $33,605.01 inclusive of disbursements and applicable taxes.
  • Process results 9 solicited · 3 bids · as of 27 Oct 2023
  • Purchaser Nikesh Rai · nominee/assignee a corporation to be named · 253 Co.'s right, title and interest in and to the real property municipally known as 113-115 Walnut Avenue, Toronto, Ontario · real property · price sealed · closed
  • + 3 more extracted facts
PDF
Approval of Vesting Order issued by Justice Wilton-Siegel dated November 24, 2023
  • Closing terms Vesting effective upon delivery of Receiver's Certificate confirming payment of Purchase Price, satisfaction/waiver of Closing conditions, and completion of the Transaction
  • Order date 23 November 2023
  • Purchaser Nikhil Rai · 253Co.'s right, title and interest in and to the assets described in the Sale Agreement (the "Purchased Assets") · real property · approved
PDF
Court Order issued by Justice Wilton-Siegel dated November 24, 2023
  • Presiding officer Justice Wilton-Siegel
PDF
Endorsement of Justice Wilton-Siegel dated November 24, 2023
  • Presiding officer Justice Wilton-Siegel
PDF
First Report of the Receiver (for motion returnable November 23, 2023)
  • Fee schedule Engagements: Form: invoice_listing · Rows: Wendy; Blair Mestel · Money: Fees: $29.3K · Quote: for total fees of $29,298.50 · Total: $33.6K · Quote: accounts totalling $33,605.01 inclusive of disbursements and applicable taxes · includes tax · includes disbursements · Approximate: false · Period: End: 2023-10-07 · Kind: cumulative · Quote: SUMMARY OF ACCOUNTS OF GARFINKLE BIDERMAN LLP (From June 29, 2023 to October 7, 2023) · Start: 2023-06-29 · Approval: Quote: approving the fees and disbursements of the Receiver and its legal counsel, Garfinkle Biderman LLP · State: sought · Averages: —; — · Currency: · Invoices: Tax: 2391.32 · Date: 2023-06-29 · Fees: 164.69 · Quote: INV01- 11776 | June 29, 2023 | August 18, 2023 | 27 hrs. | $ 164.69 | 2,391.32 | $ 20,781.01 · Total: 20781.01 · Period end: 2023-08-18; Tax: 1475.58 · Date: 2023-09-18 · Fees: 275.02 · Quote: INV01- 12165 | September 18, 2023 | October 7, 2023 | 16.50 | $ 275.02 | $ 1,475.58 | $ 12,824.10 · Total: 12824.1 · Period end: 2023-10-07 · Firm text: Garfinkle Biderman LLP · Firm quote: Garfinkle Biderman LLP · Hours total: Quote: Garfinkle Biderman fees encompass 43.5 hours · Value: 43.5 · Context quote: the Receiver and its legal counsel, Garfinkle Biderman LLP; Form: prose · Rows: · Money: Fees: $67.4K · Quote: for a total of $67,358.50 and applicable taxes · Approximate: false · Period: · Approval: Quote: approving the fees and disbursements of the Receiver and its legal counsel · State: sought · Averages: — · Currency: · Invoices: · Firm text: AGI · Firm quote: AGI · Hours total: Quote: 163.8 hours at an average hourly rate of approximately $411 · Value: 163.8 · Context quote: This first First Report AGI , in its capacity as receiver
  • Purchaser buyer under accepted Offer for Walnut Property, unnamed · Walnut Property · real property · proposed
  • Recovery outcome Entries: per estimated · Stated on: 2023-10-10 · Table missing:
  • Sale advisor Lennard Commercial Realty Brokerage (listing broker)
  • + 1 more extracted fact
PDF
Motion record of the Receiver (for motion returnable November 23, 2023)
  • Fee schedule Engagements: Form: invoice_listing · Rows: Wendy; Blair Mestel · Money: Fees: $29.3K · Quote: total fees of $29,298.50 · Total: $33.6K · Quote: accounts totalling $33,605.01 inclusive of disbursements and applicable taxes · includes tax · includes disbursements · Approximate: false · Period: End: 2023-10-07 · Kind: cumulative · Quote: SUMMARY OF ACCOUNTS OF GARFINKLE BIDERMAN LLP (From June 29, 2023 to October 7, 2023) · Start: 2023-06-29 · Approval: State: unstated · Averages: —; — · Currency: · Invoices: Tax: 2391.32 · Date: 2023-06-29 · Fees: 164.69 · Quote: INV01- 11776 | June 29, 2023 | August 18, 2023 | 27 hrs. | $ 164.69 | 2,391.32 | $ 20,781.01 · Total: 20781.01 · Period end: 2023-08-18; Tax: 1475.58 · Date: 2023-09-18 · Fees: 275.02 · Quote: INV01- 12165 | September 18, 2023 | October 7, 2023 | 16.50 | $ 275.02 | $ 1,475.58 | $ 12,824.10 · Total: 12824.1 · Period end: 2023-10-07 · Firm text: Garfinkle Biderman LLP · Firm quote: SUMMARY OF ACCOUNTS OF GARFINKLE BIDERMAN LLP (From June 29, 2023 to October 7, 2023) · Hours total: Quote: 43.5 hours at an average hourly rate of approximately $674 · Value: 43.5 · Context quote: Garfinkle Biderman fees encompass 43.5 hours at an average hourly rate of approximately $674 for total fees of $29,298.50 and accounts totalling $33,605.01 inclusive of disbursements and applicable taxes.
  • Recovery outcome Entries: per estimated · Stated on: 2023-10-10 · Table missing:
PDF
Supplementary Report to the First Report of the Receiver (for motion returnable November 23, 2023)
  • Process results 9 solicited · 3 bids · as of 18 Oct 2023
  • Purchaser Nikesh Rai · nominee/assignee a corporation to be named · 253 Co.'s right, title and interest in and to the real property municipally known as 113-115 Walnut Avenue, Toronto, Ontario · real property · price sealed · proposed
  • Recovery outcome Entries: per estimated; per unstated · Stated on: 2023-10-27 · Table missing:
  • Sale advisor Lennard Commercial Realty Brokerage (listing broker)
  • + 2 more extracted facts
PDF
Supplementary motion record of the Receiver (for motion returnable November 23, 2023)
  • Recovery outcome Entries: per estimated; per unstated · Stated on: 2023-10-27 · Table missing:
PDF
Service list (updated as of July 19, 2023)PDF
Endorsement of Justice Steele dated July 18, 2023
  • Presiding officer Justice Steele
PDF
Order appointing Receiver issued by Justice Steele dated July 18, 2023
  • Applicant The Toronto-Dominion Bank
  • Appointee Albert Gelman Inc.
  • Appointee role receiver
  • Commencement date 18 July 2023
  • + 6 more extracted facts
PDF
Motion record of the plaintiff, Toronto-Dominion Bank dated June 29, 2023
  • Applicant THE TORONTO-DOMINION BANK
  • Appointee ALBERT GELMAN INC.
  • Appointee role Proposed Receiver
  • Commencement date 29 June 2023
  • + 3 more extracted facts
PDF

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

CiteProceedings., “Images Life Media Inc. and 2531509 Ontario Inc.” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 20 September 2026, https://proceedings.ca/case/images-life-media-inc-and-2531509-ontario-inc

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Sources last checked · summary updated 13 August 2026 · Report a correction · Printed from proceedings.ca/case/images-life-media-inc-and-2531509-ontario-inc

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.