#Sale
Court approved the transaction and authorized the receiver to execute the July 29, 2026 agreement selling 25 Glen Watford Drive to 1001680642 Ontario Inc., with vesting on delivery of the Receiver's Certificate.
KBIJ Corporation
ActiveFollow
- Proceeding
- Receivership (court-appointed)section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act
- File
- CV-23-00703382-00CL
- Industry
- Real estate · Residential development
OverviewSummary updated
KBIJ Corporation has been in court-appointed receivership since October 24, 2023, when the Ontario Superior Court of Justice appointed Rosen Goldberg Inc. as receiver and manager on the application of Sigma One Capital Inc., under section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act. Sigma One holds a first-ranking charge on 25 Glen Watford Drive, Toronto and a first-ranking general security agreement, and was owed $11,564,963.41 as at July 7, 2023; it also holds a guarantee from Charles Chan. Later charges registered on title include a $2,000,000 vendor take-back mortgage in favour of JTK Holding Inc. The receivership is carried under court file no. CV-23-00703382-00CL.
Proceedings AIOpen Proceedings AI
Case updates13 dated entries
#Filing
Responding Motion of International Group, Inc. Returnable September 29, 2026 — Response / objection pleading
#Order
Receivership order made Tuesday, October 24, 2023 put Rosen Goldberg Inc. in as receiver and manager on Sigma One Capital Inc.'s application.
#Filing
Sigma One Capital Inc. applied under section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act for the appointment of a receiver over KBIJ.
Source: Supplementary Application Record of Applicants returnable October 24, 2023
AnalysisAll insights
Outcome brief
25 Glen Watford: the credit bid is approved; the deposits go to December
On September 29, Justice Dietrich approved the sale of KBIJ Corporation's vacant Scarborough lot to an affiliate of first mortgagee Sigma One Capital Inc. on a sealed credit bid, but declined to separately approve the receiver's termination of the buyers' agreements. Relief over $5,729,977.30 in buyers' deposits is set for a half-day hearing on December 2.
Case update
25 Glen Watford: a credit bid, and $5.7 million in buyers' deposits
KBIJ Corporation's receiver asks the Commercial List to vest a vacant Scarborough lot, approved for a 10-storey retirement residence, in an affiliate of first mortgagee Sigma One Capital Inc. (owed $18,506,511.20) on a sealed credit bid after 35 confidentiality agreements produced no offer, to disclaim the pre-construction agreements, and to order the law firm holding $5,729,977.30 of buyers' deposits to pay them over; Justice Cavanagh has set the motion for September 29.
Parties
Debtor
KBIJ Corporation
Receiver
Rosen Goldberg
Bench and counselPer the orders and service lists on the record
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Dietrich | Ontario Superior Court of Justice | 3 orders, Sep 2026 | 132 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverRosen Goldberg | Dickinson Wright LLP | 29 Sep 2026 | Factum · 24 Sep 2026 |
| Applicant | Dickinson Wright LLP | 20 Oct 2023 | Order · 24 Oct 2023 |
| CreditorJTK Holdings Inc | McHUGH WHITMORE LLP | 28 Nov 2023 | Service list · 28 Nov 2023 |
| CreditorRosen Goldberg Inc | Dickinson Wright LLP | 28 Nov 2023 | Service list · 28 Nov 2023 |
| CreditorSharon Kour | Shirley Yee Professional Corporation | 29 Sep 2026 | Endorsement · 29 Sep 2026 |
Capital structureAs asserted in the filings
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | Sigma One Capital Inc. · in 2 casesFirst-ranking charge on title to the Property (registered June 26, 2015, Instrument No. AT3927954) and general security agreement registered under the PPSA — Sigma Loan principal was $4.5 million; mortgage payout statement shows disbursed principal of $5,880,200.57 (Appendix B). Current balance includes $180,000 in legal/other fees pertaining to loan recovery, subject to change. Per diem interest of $6,321.08 accruing from July 31, 2026. Purchaser under APS is an affiliate of Sigma (related party credit bid). Security opinion from Manis Law LLP confirms Sigma Charge and Sigma GSA are valid, fi · as of 31 Jul 2026 | $18.5M | Motion Record of Receiver dated August 25, 2026 |
| Secured | |||
| Secured | |||
| Secured | |||
| Secured | |||
| Secured |
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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.
Sale processAs stated in the filings
Sale approved — Court approved the Transaction and authorized the Receiver's execution of the APS for the sale of 25 Glen Watford Drive; vesting to occur on delivery of the Receiver's CertificateApproval and Vesting Order dated September 29, 2026 · 29 Sep 2026
| Purchaser | Price | Status | Source |
|---|---|---|---|
| 1001680642 Ontario Inc.all of the Debtor's right, title and interest in the property legally described in Schedule 'A' (25 Glen Watford Drive, Toronto) · real property · agreement 29 Jul 2026 | Subscribers | Approved29 Sep 2026 | Approval and Vesting Order dated September 29,… |
AdvisorsColliers (listing broker)Aide Memoire of Receiver Returnable August 28, 2026
Closing termsProperty vests absolutely in the Purchaser, free and clear of Claims, upon delivery of the Receiver's Certificate to the PurchaserApproval and Vesting Order dated September 29, 2026
Documents
13 filings
| Date | Document | File |
|---|---|---|
Administrative Order dated September 29, 2026
| PDF · Subscribers | |
Approval and Vesting Order dated September 29, 2026
| PDF · Subscribers | |
Endorsement of Justice Dietrich dated September 29, 2026
| PDF · Subscribers | |
Factum of Receiver Returnable September 29, 2026
| PDF · Subscribers | |
| Responding Motion of International Group, Inc. Returnable September 29, 2026 | PDF · Subscribers | |
Endorsement of Justice Cavanagh dated August 8, 2026
| PDF · Subscribers | |
Aide Memoire of Receiver Returnable August 28, 2026
| PDF · Subscribers | |
Motion Record of Receiver dated August 25, 2026
| PDF · Subscribers | |
Service List as of November 28, 2023
| PDF · Subscribers | |
Endorsement of Justice Penny dated October 24 2023
| PDF · Subscribers | |
Receivership Order dated October 24, 2023
| PDF · Subscribers | |
Supplementary Application Record of Applicants returnable October 24, 2023
| PDF · Subscribers | |
Application Record
| 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., “KBIJ Corporation” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 4 November 2026, https://proceedings.ca/case/kbij-corporation