LNS Properties 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-25-00003092-0000
- Industry
- Real estate · Rental & income property
LNS Properties Inc. has been in court-appointed receivership in Ontario since August 14, 2025, when the Ontario Superior Court of Justice made a receivership order under section 243 of the Bankruptcy and Insolvency Act and provincial Judicature Act authority. The proceeding is carried on court file CV-25-00003092-0000 and remains active. No further steps have been recorded on the file since the appointment.
Motion Record of the Receiver - Returnable September 25, 2026 — Application / notice of application
Receivership order made Thursday, August 14, 2025, placing LNS Properties Inc. into court-appointed receivership and opening Ontario Superior Court file CV-25-00003092-0000.
Source: Order Appointing Receiver
Case update
LNS Properties: two price cuts and a redacted offer on Spruce Street
MNP asks the court on September 25 to approve the sale of 78 Spruce Street in Vermilion Bay, a pharmacy building listed at $199,500 in May and $164,500 by August, at a price it wants sealed, and to pay all the net proceeds to National Bank of Canada, which it says will still suffer a shortfall on LNS's guarantees of two pharmacies' loans.
Debtor
LNS Properties Inc.
Receiver
MNP
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Stewart | Ontario Superior Court of Justice | 3 orders, Aug 2025 | 11 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverMNP | Miller Thomson LLP | 25 Sep 2026 | Factum · 15 Sep 2026 |
| Applicant | Thornton Grout Finnigan LLP | 14 Aug 2025 | Order · 14 Aug 2025 |
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | National Bank of Canada (as successor to Canadian Western Bank / CWB Maxium Financial Inc.) · in 101 casesTwo first-ranking General Security Agreements dated November 16, 2023 and December 8, 2023; first-ranking registered charge against Real Property (78 Spruce Street, Vermilion Bay, Ontario) in principal amount of $250,000 (Instrument No. KN117525, registered November 20, 2023); unlimited guarantees dated December 8, 2023 (re: Ignace) and November 16, 2023 (re: Sahota Corp.) — Demand letter (Exhibit J) quantifies Direct Indebtedness (Ignace) of CAD $526,063.06 and Indirect Indebtedness (Sahota Corp., via guarantee) of CAD $2,799,945.07 as at March 17, 2025, aggregating to $3,326,008.13 demanded · as of 17 Mar 2025 | $3.33M | Application Record |
| Secured |
1 more claim in 1 class The stack holds Secured claims.
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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.
Closed · the record states no distribution outcome.
| Date | Document | File |
|---|---|---|
Factum of the Receiver - Returnable September 25, 2026
| PDF · Subscribers | |
Motion Record of the Receiver - Returnable September 25, 2026
| PDF · Subscribers | |
Appointing Receiver
| PDF · Subscribers | |
Endorsement of Justice Stewart - Appointing Receiver
| PDF · Subscribers | |
Order Appointing Receiver
| 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., “LNS Properties Inc.” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 5 November 2026, https://proceedings.ca/case/lns-properties-inc