Proceedings.

Mapleview Developments Ltd., Pace Mapleview Ltd. and 2552741 Ontario Inc.

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Proceeding
Receivership (court-appointed)subsection 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act
Court
Ontario Superior Court of Justice
File
CV-24-00716511-00CL
Industry
Real estate · Residential development
Filings held59
Last activity31 Jan 2025
On the record959 days
Secured debtSubscribers
OverviewSummary updated

Mapleview Developments Ltd., Pace Mapleview Ltd. and 2552741 Ontario Inc. have been under the receivership and management of KSV Restructuring Inc. since March 21, 2024, when the Ontario Superior Court of Justice (Commercial List) made a receivership order on the application of KingSett Mortgage Corporation under subsection 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act, in court file CV-24-00716511-00CL. KingSett holds first-priority mortgage security and is owed approximately $50.3 million as at July 26, 2024; MarshallZehr Group Inc.'s second, third and fourth-ranking mortgages totalled approximately $99 million at the date of the order. Other pre-filing obligations total approximately $91.7 million, including approximately $57.3 million to MarshallZehr and approximately $7.3 million of HST collected on 266 closed townhomes and not remitted. Twenty-one construction liens are registered against the real property, and Portland disputes the ranking of the third-ranking mortgage it claims.

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Case updates59 dated entries
AnalysisAll insights⁠

Guide

What happens to your deposit if your builder goes bankrupt in Canada

When a Canadian builder goes bankrupt or into receivership, buyers of condos, new homes and presales have paid deposits that may be in trust, insured or already spent. How Tarion, deposit insurance and the trust rules work in Ontario, British Columbia, Alberta and Québec, what a receiver can do with your purchase agreement, and how deposits come back, drawn from the court record.

Parties

Debtor

Mapleview Developments Ltd., Pace Mapleview Ltd. and 2552741 Ontario Inc.

Receiver

KSV

Bench and counselPer the orders and service lists on the record

Bench

JudgeCourtOn this docketCases on record
Justice CavanaghOntario Superior Court of Justice7 orders, Aug 2024 – Nov 2024318 cases on record
Justice SteeleOntario Superior Court of Justice3 orders, May 2024 – Aug 2024245 cases on record
Justice BlackOntario Superior Court of Justice2 orders, Jan 2025198 cases on record
Justice OsborneOntario Superior Court of Justice2 orders, Mar 2024168 cases on record

Counsel of record

PartyCounselFirst seenSource
ReceiverKSVOsler, Hoskin & Harcourt LLP31 Jul 2024Factum · 31 Jul 2024
ApplicantBennett Jones LLP14 Dec 2024Service list · 14 Dec 2024
DebtorMapleview Developments Ltd., Pace Mapleview Ltd. and 2552741 Ontario Inc.Devry Smith Frank LLP · The Law Office of Patrick Martin14 Dec 2024Service list · 14 Dec 2024
Creditor1833785 Ontario Inc. (Breda Bay Point Plumbing)Smart Solutions Law Professional Corporation14 Dec 2024Service list · 14 Dec 2024
Creditor669857 Ontario Ltd. o / a Alma MechanicalRichard J. Mazar Professional Corporation14 Dec 2024Service list · 14 Dec 2024
CreditorAccurate Glass Products IncWilson Vukelich LLP14 Dec 2024Service list · 14 Dec 2024
CreditorAdam SlavensTorys LLP14 Dec 2024Service list · 14 Dec 2024
CreditorAviva Insurance Company of CanadaFasken Martineau DuMoulin LLP15 Jan 2025Factum · 15 Jan 2025
CreditorBank of MontrealMiller Thomson LLP14 Dec 2024Service list · 14 Dec 2024
CreditorBisoukis Enterprises Ltd., operating as Kardia PaintingNiroomand Law Professional Corp.14 Dec 2024Service list · 14 Dec 2024
CreditorCortina Kitchens Inc., a Construction Lien ClaimantGardiner Roberts LLP14 Dec 2024Service list · 14 Dec 2024
CreditorForemont Drywall Contracting, a Construction Lien ClaimantBianchi Presta LLP14 Dec 2024Service list · 14 Dec 2024
CreditorFuller Landau Group IncDentons Canada LLP14 Dec 2024Service list · 14 Dec 2024
CreditorGreenwall Concrete Forming Ltd., a Construction Lien ClaimantDrudi Alexiou Kuchar LLP14 Dec 2024Service list · 14 Dec 2024
CreditorHome Lumber Inc., Alpa Stairs and Railings IncFogler, Rubinoff LLP14 Dec 2024Service list · 14 Dec 2024
CreditorJackson Roofing GTA IncPallet Valo LLP14 Dec 2024Service list · 14 Dec 2024
CreditorJaspal SanghaSangha Construction Law Professional Corporation14 Dec 2024Service list · 14 Dec 2024
CreditorJeffrey J. LongKoskie Minsky LLP14 Dec 2024Service list · 14 Dec 2024
CreditorKingSett Mortgage CorporationBennett Jones LLP16 Aug 2024Order · 16 Aug 2024
Creditorlien claimant, Capelas Homes LtdSpeigel Nichols Fox LLP1 Aug 2024Affidavit · 1 Aug 2024
CreditorMashallZehr Group IncChaitons LLP14 Dec 2024Service list · 14 Dec 2024
CreditorMitch StephensonFasken Martineau DuMoulin LLP14 Dec 2024Service list · 14 Dec 2024
CreditorPortland Private Income Fund and Portland Investment Counsel IncDentons Canada LLP30 Sep 2024Application · 30 Sep 2024
CreditorRivervalley Masonry Group Ltd., a Construction Lien ClaimantTorkin Manes LLP14 Dec 2024Service list · 14 Dec 2024
CreditorRobert A. MillerChaitons LLP14 Dec 2024Service list · 14 Dec 2024
CreditorRobert ThorntonThornton Grout Finnigan LLP14 Dec 2024Service list · 14 Dec 2024
CreditorSchaeffer Dzaldov Purcell Ltd., a Construction Lien ClaimantScalisi14 Dec 2024Service list · 14 Dec 2024
CreditorSunbelt Rentals of Canada Inc., Barrie Trim & Mouldings IncGionet Fairley Wood LLP14 Dec 2024Service list · 14 Dec 2024
CreditorWeston Floor Limited and Cardinal Floor Coverings IncBarry S. Greenberg, Barrister and Solicitor14 Dec 2024Service list · 14 Dec 2024
Capital structureAs asserted in the filings
stated amounts, drawn to scale · for subscribers
#Priority classCreditorAmountSource
4SecuredMarshallZehr Group Inc. · in 19 casesSecond, third and fourth-ranking mortgage charges registered on title to certain of the Real Property (the 'MarshallZehr Mortgages'); Aggregated Investments Inc. ('AI'), through MarshallZehr as bare trustee, is the sole beneficial owner of the second-ranking AI Mortgage — Approximately $99 million as at the date of the Receivership Order (March 21, 2024), of which approximately $75 million is in respect of second-ranking mortgages under which AI is the beneficiary; interest and costs continue to accrue in respect of each mortgage. Portland claims a 100% interest in the third-ranking mortgage a · as of 21 Mar 2024$99MThird Report of the receiver dated January 13, 2025
4Secured
4Secured
4Secured
4Secured
8Unsecured
8Unsecured
8Unsecured

7 more claims in 2 classes The stack holds Secured and Unsecured claims.

Every creditor and every amount, drawn to scale.

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Sale processAs stated in the filings

Sale closed — The Transaction closed on August 23, 2024.Third Report of the receiver dated January 13, 2025 · 13 Jan 2025

Bid deadline (round closed)

18 July 2024

Sale Process Approval Order dated May 30, 2024

Stalking horse

Dunsire Homes Inc.

Third Report of the receiver dated January 13, 2025

PurchaserPriceStatusSource
Dunsire Homes Inc.Stalking horsethe Debtors' right, title and interest in and to the Purchased Assets · asset sale · agreement 9 May 2024SubscribersClosed23 Aug 2024Third Report of the receiver dated January 13,…
Closing termsVesting effective upon delivery of Receiver's Certificate; reserves to be funded by Purchaser on or prior to ClosingRevised Approval Vesting and Ancillary Matters Order dated August 16,…
RecoveriesAs declared or paid

Unsecured creditors: no distribution. KingSett Mortgage Corporation paid in full.Third Report of the receiver · 13 Jan 2025

ClassCreditorClaimsRecoveryBasisSource
SecuredKingSett Mortgage Corporation—paid in fullFinalper the trustee2552741 Ontario - Trustees Report to Creditors on Preliminary… · 13 Sep 2024
UnsecuredPurchasers of freehold townhomes (homebuyers without Westmount surety policy)—no distributionconditionalper the receiverThird Report of the receiver · 13 Jan 2025

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.

Fees and ratesAs stated in the filings

2 engagements · 2 firms — latest: KSV Restructuring Inc.Third Report of the receiver · 13 Jan 2025

FirmPeriodHoursFeesRatesSource
KSV Restructuring Inc.Receiver———Third Report of the receiver · 13 Jan 2025
Osler, Hoskin & Harcourt LLPCounsel———Third Report of the receiver · 13 Jan 2025

2 blurred figures above

What each firm billed — each as the filing states it, with its source.

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Estate financialsReported figures — never derived
Total assets at filing
Total liabilities at filing

As at ·

The 2 totals the debtor stated at filing

Each one as the filing states it, with its source.

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Documents
59 filings
DateDocumentFile
Motion Record of Portland Private Income Fund and Portland Investment Counsel Inc. dated January 31, 2025
  • Court SUPERIOR COURT OF JUSTICE (COMMERCIAL LIST)
  • Court file no CV-24-00716511-00CL
  • Province ONTARIO
PDF · Subscribers
Deposit Return Protocol Approval Order dated January 16, 2025
  • Counsel FASKEN MARTINEAU DuMOULIN LLP
  • Order date 16 January 2025
  • Presiding officer Justice W.D. Black
  • Stalking horse Subscribers
PDF · Subscribers
Endorsement of Justice Black dated January 16, 2025
  • Presiding officer Justice Black
PDF · Subscribers
Factum of Aviva Insurance Company dated January 15, 2025
  • Counsel FASKEN MARTINEAU DuMOULIN LLP
PDF · Subscribers
Motion Record of Aviva Insurance Company dated January 13, 2025
  • Court SUPERIOR COURT OF JUSTICE (COMMERCIAL LIST)
  • Court file no CV-24-00716511-00CL
  • Province ONTARIO
PDF · Subscribers
Responding Motion Record of Dunsire Homes Inc. and Aggregated Investments Inc. dated January 13, 2025 - Volume 1 of 3PDF · Subscribers
Responding Motion Record of Dunsire Homes Inc. and Aggregated Investments Inc. dated January 13, 2025 - Volume 2 of 3PDF · Subscribers
Responding Motion Record of Dunsire Homes Inc. and Aggregated Investments Inc. dated January 13, 2025 - Volume 3 of 3PDF · Subscribers
Third Report of the receiver dated January 13, 2025
  • Closing confirmed Closed · 23 Aug 2024 · Dunsire Homes Inc.
  • Purchaser Dunsire Homes Inc. (stalking horse) · the sale of substantially all of the Property · asset sale · closed
  • Fee schedule · Financial position Subscribers
  • + 5 more extracted facts
PDF · Subscribers
Notice #5 to Unit Purchasers dated December 20, 2024PDF · Subscribers
Service List as at December 14, 2024
  • Counsel Bennett Jones LLP
PDF · Subscribers
Court Order dated November 21, 2024
  • Presiding officer Justice Cavanagh
PDF · Subscribers
Endorsement of Justice Cavanagh dated November 21, 2024
  • Presiding officer Justice Cavanagh
PDF · Subscribers
Notice #4 to Unit Purchasers dated October 17, 2024PDF · Subscribers
Notice of Motion of Portland Private Income Fund and Portland Investment Counsel Inc. dated September 30, 2024
  • Counsel Dentons Canada LLP
PDF · Subscribers
Compendium of Dunsire Homes Inc. dated September 16, 2024PDF · Subscribers
2552741 Ontario - Trustees Report to Creditors on Preliminary Administration dated September 13, 2024
  • Closing confirmed Closed · 23 Aug 2024 · Dunsire Homes Inc.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 8 more extracted facts
PDF · Subscribers
Mapleview - Trustees Report to Creditors on Preliminary Administration dated September 13, 2024
  • Closing confirmed Closed · 23 Aug 2024 · Dunsire Homes Inc.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 9 more extracted facts
PDF · Subscribers
Pace - Trustees Report to Creditors on Preliminary Administration dated September 13, 2024
  • Closing confirmed Closed · 23 Aug 2024 · Dunsire Homes Inc.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 8 more extracted facts
PDF · Subscribers
Book of Authorities of the Receiver re Lien Claims Motion dated September 11, 2024
  • Counsel Osler, Hoskin & Harcourt LLP
PDF · Subscribers
Reply Factum of the Receiver re Lien Claims Motion dated September 11, 2024
  • Counsel Osler, Hoskin & Harcourt LLP
PDF · Subscribers
Factum of the Receiver dated August 29, 2024
  • Counsel Osler, Hoskin & Harcourt LLP
PDF · Subscribers
2552741 Ontario - Notice of Bankruptcy and First Meeting of Creditors
PDF · Subscribers
Mapleview Developments - Notice of Bankruptcy and First Meeting of Creditors
PDF · Subscribers
Pace Mapleview - Notice of Bankruptcy and First Meeting of Creditors
PDF · Subscribers
Receiver's Certificate filed August 23, 2024
  • Closing confirmed Closed · 23 Aug 2024
PDF · Subscribers
Affidavit of M. Dick affirmed August 16, 2024
  • Counsel Osler, Hoskin & Harcourt LLP
PDF · Subscribers
Bankruptcy Order dated August 16, 2024
  • Counsel Bennett Jones LLP
  • Presiding officer Justice Cavanagh
PDF · Subscribers
Endorsement of Justice Cavanagh dated August 16, 2024
  • Presiding officer Justice Cavanagh
PDF · Subscribers
Revised Approval Vesting and Ancillary Matters Order dated August 16, 2024
  • Closing terms Vesting effective upon delivery of Receiver's Certificate; reserves to be funded by Purchaser on or prior to Closing
  • Order date 16 August 2024
  • Presiding officer Justice Cavanagh
  • Purchaser Dunsire Homes Inc. · the Debtors' right, title and interest in and to the Purchased Assets · real property · approved
  • + 2 more extracted facts
PDF · Subscribers
Revised Distribution Order Dated August 16, 2024
  • Counsel Osler, Hoskin & Harcourt LLP
  • Presiding officer Justice Cavanagh
PDF · Subscribers
Supplementary Endorsement of Justice Cavanagh dated August 16, 2024
  • Presiding officer Justice Cavanagh
PDF · Subscribers
Brief of Authorities of Mapleview Developments dated August 15, 2024PDF · Subscribers
Notice of Appearance of QSG Receiver dated August 15, 2024PDF · Subscribers
Responding Motion Record of the QSG Receiver dated August 15, 2024PDF · Subscribers
Affidavit of Daniel Pollack sworn August 14, 2024PDF · Subscribers
Affidavit of Linda Fraser-Richardson sworn August 9, 2024PDF · Subscribers
Affidavit of Safaa Deen sworn August 8, 2024PDF · Subscribers
Responding Application Record dated August 7, 2024PDF · Subscribers
Affidavit of Carolin Jumaa sworn August 2, 2024PDF · Subscribers
Endorsement of Justice Steele dated August 2, 2024
  • Presiding officer Justice Steele
PDF · Subscribers
Affidavit of Erica Rochette sworn August 1, 2024
  • Counsel Speigel Nichols Fox LLP
PDF · Subscribers
Written Submissions of Quality Sterling Group dated August 1, 2024PDF · Subscribers
Factum of the Receiver dated July 31, 2024
  • Counsel Osler, Hoskin & Harcourt LLP
PDF · Subscribers
Notice #3 to Unit Purchasers dated July 30, 2024PDF · Subscribers
Motion Record of Kingsett Mortgage Corporation dated July 26, 2024PDF · Subscribers
Motion Record of the Receiver dated July 26, 2024
PDF · Subscribers
Second Report of the Receiver dated July 26, 2024PDF · Subscribers
Endorsement of Justice Steele dated May 30, 2024
  • Presiding officer Justice Steele
PDF · Subscribers
Sale Process Approval Order dated May 30, 2024
  • Bid deadline 18 July 2024
  • Order date 30 May 2024
  • Presiding officer Justice Steele
  • Break fee Subscribers
  • + 3 more extracted facts
PDF · Subscribers
Notice #2 to Unit Purchasers dated May 23, 2024PDF · Subscribers
First Report of Receiver dated May 21, 2024
  • Purchaser Dunsire Homes Inc. (stalking horse) · the Purchased Assets · asset sale · proposed
  • Sale outcome Approval pending — Receiver recommends the Court approve the Sale Process and the Stalking Horse APS as a stalking horse bid
  • Stalking horse Subscribers
PDF · Subscribers
Motion Record of the Receiver re Sale Process Approval dated May 21, 2024PDF · Subscribers
Notice to Unit Purchasers dated April 11, 2024PDF · Subscribers
Endorsement of Justice Osborne dated March 21, 2024
  • Presiding officer Justice Osborne
PDF · Subscribers
Receivership Order dated March 21, 2024
  • Applicant KingSett Mortgage Corporation
  • Appointee KSV Restructuring Inc.
  • Appointee role receiver and manager
  • Commencement date 21 March 2024
  • + 5 more extracted facts
PDF · Subscribers
Factum of the Application dated March 18, 2024PDF · Subscribers
Application Record dated March 14, 2024 - Volume 1 of 2PDF · Subscribers
Application Record dated March 14, 2024 - Volume 2 of 2
  • Applicant KingSett Mortgage Corporation
  • Appointee KSV
  • Appointee role Receiver
  • Commencement date 13 March 2024
  • + 2 more extracted facts
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., “Mapleview Developments Ltd., Pace Mapleview Ltd. and 2552741 Ontario Inc.” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 4 November 2026, https://proceedings.ca/case/mapleview-developments-ltd-pace-mapleview-ltd-and-2552741-ontario-inc

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Sources last checked · summary updated 20 August 2026 · Report a correction · Printed from proceedings.ca/case/mapleview-developments-ltd-pace-mapleview-ltd-and-2552741-ontario-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.