Labatt Village LP, Labatt Village GP Inc. and Labatt Village Holdings Inc. are the subject of an active court-appointed receivership application in the Ontario Superior Court of Justice (Commercial List), filed February 3, 2026 under BIA s. 243 and provincial Judicature Act authority. The application was brought by KingSett Mortgage Corporation, the second-ranking mortgagee and also the stalking horse purchaser under a Stalking Horse Purchase Agreement that anchors a proposed sale process. Scotiabank holds a first-ranking charge on the real property securing approximately $60,000,000 in principal and accrued interest as of January 27, 2026; KingSett's Owners' Indebtedness is fixed at $23,446,623.06 as of January 30, 2026. Approximately $703,000 in City of Toronto realty taxes and utility charges ranks ahead of both charges as a Priority Payable.
The court granted an approval and vesting order for the sale to KS 7 Labatt And 77 River LP. Closing terms, as extracted: Vesting occurs upon delivery of the Receiver's Certificate confirming payment of the Purchase Price, satisfaction/waiver of closing conditions, and completion of the transaction to the Receiver's satisfaction.
Source: Approval and Vesting Order
10 earlier updates, back to 10 February 2026 — subscribers.
Debtor
Labatt Village LP, Labatt Village GP Inc., and Labatt Village Holdings Inc.
Applicant
KingSett Mortage Corporation
Receiver
PwC
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Kimmel | Ontario Superior Court of Justice | 3 orders, Feb 2026 | 182 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ApplicantKingSett Mortage Corporation | Osler, Hoskin & Harcourt LLP | 5 Feb 2026 | Factum · 5 Feb 2026 |
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | The Bank of Nova Scotia (Scotiabank) · in 110 casesFirst-ranking charge registered on title to the Real Property, registration no. AT5909602, in a registered principal amount of $75,000,000 (the 'Scotiabank Charge'); secures a demand debenture given by Labatt Holdings and a related Scotiabank Credit Agreement establishing a $65,000,000 credit facility and a $1,000,000 letter of credit facility in favour of Labatt LP — Total outstanding principal and accrued interest stated as 'approximately $60,000,000'; the $75,000,000 figure is the registered principal (ceiling), not the outstanding balance. First-ranking ahead of the KingSett Charge. — debt · as of 27 Jan 2026 | $60M | First Report of the Receiver |
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.
2 transactions · 2 approved — The Transaction is approved and vesting is to occur upon delivery of the Receiver's CertificateApproval and Vesting Order · 23 Jun 2026
| Purchaser | Price | Status | Source |
|---|---|---|---|
| KingSett Mortgage CorporationStalking horsethe Real Property and all present and future assets, undertakings and personal property... related to, used or acquired in connection with or arising from or out of the Real Property · asset sale · nominee/assignee: KingSett Real Estate Mortgage GP No 3 Inc. | Subscribers | Approved | First Report of the Receiver |
| KS 7 Labatt And 77 River LPStalking horseall of the Respondents' and the Receiver's right, title and interest in and to the Purchased Assets, including without limitation the subject real property identified in Schedule "B" hereto · real property · nominee/assignee: KS 7 Labatt And 77 River Inc. (as nominee for the Purchaser, for registered title to the Real Property) · agreement 11 Feb 2026 | not stated | Approved23 Jun 2026 | Approval and Vesting Order |
2 engagements · 2 firms — latest: Kingsett Capital Inc, 14 Sep 2025 – 15 Apr 2026First Report of the Receiver · 16 Jun 2026
| Firm | Period | Hours | Fees | Rates | Source |
|---|---|---|---|---|---|
| Kingsett Capital Inccapacity not stated | 14 Sep 2025 – 15 Apr 2026 | — | — | ••• | First Report of the Receiver · 16 Jun 2026 |
| PricewaterhouseCoopers Inc.Receiver | 14 Sep 2025 – 15 Apr 2026 | — | ••• | ••• | First Report of the Receiver · 16 Jun 2026 |
| Date | Document | File |
|---|---|---|
Approval and Vesting Order
| PDF · Subscribers | |
| Factum of the Receiver | PDF · Subscribers | |
First Report of the Receiver
| PDF · Subscribers | |
| Motion Record of the Receiver | PDF · Subscribers | |
Endorsement of J Kimmel
| PDF · Subscribers | |
Receivership Order
| PDF · Subscribers | |
Sale Process Approval Order
| PDF · Subscribers | |
| Book of Authorities of KingSett | PDF · Subscribers | |
Factum of KingSett
| PDF · Subscribers | |
| Pre-Filing Report of the Proposed Receiver | PDF · Subscribers | |
Application Record of KingSett Mortgage Corporation - volume 1 of 2
| PDF · Subscribers | |
| Application Record of KingSett Mortgage Corporation - volume 2 of 2 | 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., “Labatt Village LP, Labatt Village GP Inc., and Labatt Village Holdings Inc.” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 20 September 2026, https://proceedings.ca/case/labatt-village-lp-labatt-village-gp-inc-and-labatt-village-holdings-inc
Sources last checked · summary updated 12 August 2026 · Report a correction · Printed from proceedings.ca/case/labatt-village-lp-labatt-village-gp-inc-and-labatt-village-holdings-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.