Images Life Media Inc. and 2531509 Ontario Inc.
- Proceeding
- Receivership (court-appointed)section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act
- File
- CV-23-00701877-00CL
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.
Motion record of the Receiver (for motion returnable May 6, 2024) — Application / notice of application
The court granted an approval and vesting order for the sale to Nikhil Rai. Closing terms, as extracted: Vesting effective upon delivery of Receiver's Certificate confirming payment of Purchase Price, satisfaction/waiver of Closing conditions, and completion of the Transaction.
Source: Approval of Vesting Order issued by Justice Wilton-Siegel dated November 24, 2023
Supplementary motion record of the Receiver (for motion returnable November 23, 2023) — Application / notice of application
Supplementary Report to the First Report of the Receiver (for motion returnable November 23, 2023) — Court officer report
Motion record of the Receiver (for motion returnable November 23, 2023) — Application / notice of application
The officer filed report no. First Report. Images, an event/wedding production business, appears to have ceased normal operations and the Receiver found no material equipment at its premises. The Receiver is securing and marketing the Walnut Property for sale, and the director has not cooperated.
Source: First Report of the Receiver (for motion returnable November 23, 2023)
A receivership order was granted. Court file CV-23-00701877-00CL.
Source: Order appointing Receiver issued by Justice Steele dated July 18, 2023
Motion record of the plaintiff, Toronto-Dominion Bank dated June 29, 2023 was filed. Court file CV-23-00701877-00CL.
Source: Motion record of the plaintiff, Toronto-Dominion Bank dated June 29, 2023
Debtor
Images Life Media Inc. and 2531509 Ontario Inc.
Receiver
Albert Gelman
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Wilton-Siegel | Ontario Superior Court of Justice | 3 orders, Nov 2023 | 111 cases on record |
| Justice Cavanagh | Ontario Superior Court of Justice | 2 orders, May 2024 | 318 cases on record |
| Justice Steele | Ontario Superior Court of Justice | 2 orders, Jul 2023 | 245 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverAlbert Gelman | Garfinkle, Biderman LLP | 24 Nov 2023 | Order · 6 May 2024 |
| ApplicantToronto-Dominion Bank | Minden Gross LLP | 18 Jul 2023 | Order · 18 Jul 2023 |
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | The Toronto-Dominion Bank · in 121 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 | $3.8M | Supplementary Report to the First Report of the Receiver (for motion returnable November 23, 2023) |
| Secured | |||
| Secured |
2 more claims in 1 class The stack holds Secured claims.
Every creditor and every amount, drawn to scale.
Card required. Nothing charged for 5 days. Cancel anytime.
Already a subscriber? Sign in.
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.
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
| Purchaser | Price | Status | Source |
|---|---|---|---|
| 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 2023 | not stated | Approved23 Nov 2023 | Approval of Vesting Order issued by Justice… |
| Nikesh RaiWalnut Property · real property · nominee/assignee: a corporation to be named · agreement 18 Oct 2023 | Subscribers | Closed12 Jan 2024 | Second Report of the Receiver (for motion… |
Unsecured creditors: no distribution. Olympia no distribution · TD Bank short · Toronto-Dominion Bank short.Second Report of the Receiver (for motion · 16 Apr 2024
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Secured | Olympia | — | no distribution | per the receiver | Second Report of the Receiver (for motion · 16 Apr 2024 |
| Secured | TD Bank | — | shortfall | Estimatedper the receiver | Motion record of the Receiver (for motion · 16 Apr 2024 |
| Secured | Toronto-Dominion Bank | — | shortfall | Estimatedper the receiver | Supplementary motion record of the Receiver (for motion · 27 Oct 2023 |
| Unsecured | creditors of Images | — | no distribution | per the receiver | Second 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.
9 engagements · 5 firms — latest: Garfinkle Biderman LLP, 29 Jun – 7 Oct 2023, soughtMotion record of the Receiver (for motion · 11 Oct 2023
| Firm | Period | Hours | Fees | Rates | Source | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (firm not named)capacity not statedfirm not named in the heading | — | — | — | Motion record of the Receiver (for motion · 17 Apr 2024 | ||||||||||||||||
| AGIReceiverperiod 2 of 2 | — | Second Report of the Receiver (for motion · 16 Apr 2024 | ||||||||||||||||||
| AGIReceiverperiod 1 of 2 | —Sought | First Report of the Receiver (for motion · 10 Oct 2023 | ||||||||||||||||||
| Albert Gelman Inc.Receiverperiod 2 of 2 | — | Motion record of the Receiver (for motion · 17 Apr 2024 | ||||||||||||||||||
| Albert Gelman Inc.Receiverperiod 2 of 2 | — | Motion record of the Receiver (for motion · 17 Apr 2024 | ||||||||||||||||||
| Fogler, Rubinoff LLPCounsel | — | Motion record of the Receiver (for motion · 17 Apr 2024 | ||||||||||||||||||
| Garfinkle BidermanCounselperiod 2 of 3 | — | Motion record of the Receiver (for motion · 17 Apr 2024 | ||||||||||||||||||
| Garfinkle BidermanCounselperiod 2 of 3 | — | Motion record of the Receiver (for motion · 17 Apr 2024 | ||||||||||||||||||
| Garfinkle Biderman LLPCounselperiod 1 of 3 | 29 Jun – 7 Oct 2023Sought | 2 people | Motion record of the Receiver (for motion · 11 Oct 2023 | |||||||||||||||||
2 people — Garfinkle Biderman LLP, 29 Jun – 7 Oct 2023 · 4 blurred figures
| ||||||||||||||||||||
29 blurred figures above
What each firm billed, and each person’s hours and rate — each as the filing states it, with its source.
Card required. Nothing charged for 5 days. Cancel anytime.
Already a subscriber? Sign in.
See all plansCumulative receipts
$205K
As at 10 Oct 2023First Report of the Receiver (for motion returnable November 23, 2023)
Cumulative disbursements
As at
Professional fees
As at
2 more reported figures
Each one as the filing states it, with its source.
Card required. Nothing charged for 5 days. Cancel anytime.
Already a subscriber? Sign in.
See all plans| Date | Document | File |
|---|---|---|
Court Order issued by Justice Cavanagh dated May 6, 2024
| PDF · Subscribers | |
Endorsement of Justice Cavanagh dated May 6, 2024
| PDF · Subscribers | |
Factum of the Receiver (for motion returnable May 6, 2024)
| PDF · Subscribers | |
Motion record of the Receiver (for motion returnable May 6, 2024)
| PDF · Subscribers | |
Second Report of the Receiver (for motion returnable May 6, 2024)
| PDF · Subscribers | |
Approval of Vesting Order issued by Justice Wilton-Siegel dated November 24, 2023
| PDF · Subscribers | |
Court Order issued by Justice Wilton-Siegel dated November 24, 2023
| PDF · Subscribers | |
Endorsement of Justice Wilton-Siegel dated November 24, 2023
| PDF · Subscribers | |
Supplementary motion record of the Receiver (for motion returnable November 23, 2023)
| PDF · Subscribers | |
Supplementary Report to the First Report of the Receiver (for motion returnable November 23, 2023)
| PDF · Subscribers | |
Motion record of the Receiver (for motion returnable November 23, 2023)
| PDF · Subscribers | |
First Report of the Receiver (for motion returnable November 23, 2023)
| PDF · Subscribers | |
| Service list (updated as of July 19, 2023) | PDF · Subscribers | |
Endorsement of Justice Steele dated July 18, 2023
| PDF · Subscribers | |
Order appointing Receiver issued by Justice Steele dated July 18, 2023
| PDF · Subscribers | |
Motion record of the plaintiff, Toronto-Dominion Bank dated June 29, 2023
| 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., “Images Life Media Inc. and 2531509 Ontario Inc.” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 4 November 2026, https://proceedings.ca/case/images-life-media-inc-and-2531509-ontario-inc