Proceedings.

King Square Ltd., and Markland Residential Corporation

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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 · Commercial List
File
CV-23-00710215-00CL
Industry
Real estate · Commercial & mixed-use development
Filings held28
Last activity8 Jun 2026
On the record1,058 days
Secured debtSubscribers
OverviewSummary updated

King Square Ltd. and Markland Residential Corporation remain subject to an active BIA proceeding arising out of the appointment of a Receiver on December 13, 2023 over two adjoining assets, the King Square Property (Phase 1 lands) and the Development Land (Phase 2/3 lands). MarshallZehr Group Inc., which took an assignment of Firm Capital Mortgage Fund Inc.'s security shortly before the appointment, is owed approximately $52 million in principal and interest as at the appointment date and holds a first charge on the King Square Property and a second charge on the Development Land. Firm Capital recovered the entirety of Facility A between March 2020 and November 2023 through power of sale and has no outstanding balance. Am-Stat Corporation, first mortgagee of the Development Land on a registered principal of $20,000,000, was owed approximately $21 million as at December 31, 2023, including interest accrued to November 30, 2023.

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Case updates28 dated entries
#Sale

The court granted an approval and vesting order for the sale to 2727297 Ontario Inc. Closing terms, as extracted: Vesting effective upon delivery of Receiver's Certificate confirming payment of purchase price and satisfaction of closing conditions.

Source: Approval and Vesting Order, dated September 27, 2024

#Report

The officer filed report no. Second Report. The Receiver continues marketing and selling the King Square retail units, having entered four agreements of purchase and sale (including the APS under review) with closings staggered through March 2025, while separately advancing planning approvals and marketing efforts to sell the adjacent Development Land, for which no bid deadline has yet been set.

Source: Second Report of the Receiver - Part 1, dated September 23, 2024

Parties

Debtor

King Square Ltd., and Markland Residential Corporation

Receiver

EY

Bench and counselPer the orders and service lists on the record

Bench

JudgeCourtOn this docketCases on record
Justice BlackOntario Superior Court of Justice3 orders, Sep 2024198 cases on record
Justice KimmelOntario Superior Court of Justice2 orders, Apr 2024198 cases on record
Justice SteeleOntario Superior Court of Justice2 orders, Dec 2023245 cases on record

Counsel of record

PartyCounselFirst seenSource
ReceiverEYChaitons LLP · Aird & Berlis LLP15 Apr 2024Service list · 13 Jun 2025
ApplicantChaitons LLP13 Dec 2023Order · 13 Dec 2023
CreditorAltus Group LimitedPallett Valo LLP13 Jun 2025Service list · 13 Jun 2025
CreditorAm-Stat CorporationDickinson Wright LLP · Meretsky Law Firm13 Jun 2025Factum · 9 Mar 2026
CreditorCult Iron Works LimitedPallett Valo LLP13 Jun 2025Service list · 13 Jun 2025
CreditorDuka Property Management IncRe-Law LLP13 Jun 2025Service list · 13 Jun 2025
CreditorFAAN Mortgage Administrators IncOsler, Hoskin & Harcourt LLP13 Jun 2025Service list · 13 Jun 2025
CreditorNon- YRSCC 1415Shibley Righton LLP31 Mar 2026Factum · 31 Mar 2026
CreditorOMJ Mortgage Capital IncPerlin Bal Figol LLP13 Jun 2025Service list · 13 Jun 2025
CreditorSchindler Elevator CorporationBlaney McMurtry LLP13 Jun 2025Service list · 13 Jun 2025
CreditorSkygrid Construction IncTorkin Manes LLP13 Jun 2025Service list · 13 Jun 2025
CreditorZhiqi Mao Aka Ray MaoMetcalfe, Blainey & Burns LLP13 Jun 2025Service list · 13 Jun 2025
Capital structureAs asserted in the filings
stated amounts, drawn to scale · for subscribers
Priority classCreditorAmountSource
SecuredMarshallZehr Group Inc. · in 19 casesas of date of appointment of Receiver (December 13, 2023) — First ranking charge against King Square Property and second ranking charge against Development Land (security assigned from Firm Capital shortly before Receiver's appointment) — Approximately $52 million for principal and interest as at date of Receiver's appointment. Originally co-lender under the Firm Loan (Facility B), fully postponed to Firm Capital under Co-Lending Agreement dated January 27, 2017; Firm Capital recovered entirety of Facility A and, pursuant to an Assignment of Debt and Security Agreement, assigned its security t$52MFirst Report of the Receiver, dated April 9, 2024
Secured
Secured
Secured
Secured
Secured
Secured
Secured
Secured
Secured

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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

Approval pending — King Square Units: four agreements of purchase and sale for Permitted Transactions entered into; two vesting orders signed for early fall closings; the APS for units 2R1/2R2 requires court approval as it exceeds the Permitted Transaction thresholdSecond Report of the Receiver - Part 1, dated September 23, 2024 · 23 Sep 2024

Parties solicited

500

Second Report of the Receiver - Part 1, dated September…

NDAs signed

28

Second Report of the Receiver - Part 1, dated September…

PurchaserPriceStatusSource
2727297 Ontario Inc.the property described in Schedule 'A' hereto (the ' Purchased Assets ') · real property · agreement 26 Aug 2024SubscribersApproved27 Sep 2024Approval and Vesting Order, dated September 27,…
AdvisorsErnst & Young Orenda Corporate Finance Inc. (listing broker); Ernst & Young Real Estate Services Inc. (listing broker); Homelife Landmark Realty Inc. Brokerage (listing broker); AimHome Realty Inc. Brokerage (listing broker)Second Report of the Receiver - Part 1, dated September 23, 2024
Closing termsVesting effective upon delivery of Receiver's Certificate confirming payment of purchase price and satisfaction of closing conditions.Approval and Vesting Order, dated September 27, 2024
Sealed materialsConfidential Appendix to the First ReportOrder, dated April 15, 2024
Documents
28 filings
DateDocumentFile
Factum of Am-Stat Corporation
  • Counsel Dickinson Wright LLP
PDF · Subscribers
Motion Record of York Region Standard Condominium Corp Part 1PDF · Subscribers
Motion Record of York Region Standard Condominium Corp Part 2PDF · Subscribers
Motion Record of York Region Standard Condominium Corp Part 3PDF · Subscribers
Motion Record of York Region Standard Condominium Corp Part 4PDF · Subscribers
Aide Memoire of the Court -Appointed Receiver
  • Counsel Chaitons LLP
PDF · Subscribers
Aide Memoire of the York Region Standard Condominium Corp
  • Counsel Shibley Righton LLP
PDF · Subscribers
Motion Record of Am-Stat CorporationPDF · Subscribers
Aide Memoire of AM-STAT Corporation
  • Counsel Dickinson Wright LLP
PDF · Subscribers
Service List
  • Counsel BLANEY McMURTRY LLP
PDF · Subscribers
Ancillary Order, dated September 27, 2024
  • Presiding officer Justice W.D. Black
PDF · Subscribers
Approval and Vesting Order, dated September 27, 2024
  • Closing terms Vesting effective upon delivery of Receiver's Certificate confirming payment of purchase price and satisfaction of closing conditions.
  • Counsel Chaitons LLP
  • Order date 27 September 2024
  • Presiding officer Justice W.D. Black
  • + 2 more extracted facts
PDF · Subscribers
Endorsement of Black, J., dated September 27, 2024
  • Presiding officer Justice Black
PDF · Subscribers
Motion Record - Part 2, returnable September 27, 2024PDF · Subscribers
Motion Record - Part 1, returnable September 27, 2024PDF · Subscribers
Second Report of the Receiver - Part 1, dated September 23, 2024
  • Operational summary The Receiver continues marketing and selling the King Square retail units, having entered four agreements of purchase and sale (including the APS under review) with closings staggered through March 2025, while separately advancing planning approvals and marketing efforts to sell the adjacent Development Land, for which no bid deadline has yet been set.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 9 more extracted facts
PDF · Subscribers
Second Report of the Receiver - Part 2, dated September 23, 2024
PDF · Subscribers
Endorsement of Kimmel, J., dated April 15, 2024
  • Presiding officer Justice Kimmel
PDF · Subscribers
Order, dated April 15, 2024
  • Counsel Chaitons LLP
  • Order date 15 April 2024
  • Presiding officer Justice Kimmel
  • Sealed items Confidential Appendix to the First Report
  • + 1 more extracted fact
PDF · Subscribers
First Report of the Receiver, dated April 9, 2024
  • Fee schedule · Financial position · Secured creditors Subscribers
PDF · Subscribers
Motion Record, returnable April 15, 2024
PDF · Subscribers
King Square Ltd 245-246 Notice
PDF · Subscribers
Markland Residential Corporation 245-246 Notice
PDF · Subscribers
Appointing Receiver Order
  • Applicant MarshallZehr Group Inc.
  • Appointee Ernst & Young Inc.
  • Appointee role receiver
  • Commencement date 13 December 2023
  • + 6 more extracted facts
PDF · Subscribers
Endorsement
  • Presiding officer Justice Steele
PDF · Subscribers
Application Record Part 1
  • Applicant MARSHALLZEHR GROUP INC.
  • Commencement date 24 November 2023
  • Court SUPERIOR COURT OF JUSTICE (COMMERCIAL LIST)
  • Court file no CV-23-00710215-00CL
  • + 1 more extracted fact
PDF · Subscribers
Application Record Part 2
PDF · Subscribers
Application Record Part 3
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., “King Square Ltd., and Markland Residential Corporation” (Receivership (court-appointed)), Ontario Superior Court of Justice · Commercial List. Retrieved 4 November 2026, https://proceedings.ca/case/king-square-ltd-and-markland-residential-corporation

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Sources last checked · summary updated 8 August 2026 · Report a correction · Printed from proceedings.ca/case/king-square-ltd-and-markland-residential-corporation

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.