Proceedings.

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

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Active
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
Filings held59
Last activity31 Jan 2025
On the record914 days
Secured debt$99M
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
Parties

Debtor

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

Receiver

AlixPartners

Bench and counselPer the orders and service lists on the record

Bench

JudgeCourtOn this docketCases on record
Justice CavanaghOntario Superior Court of Justice6 orders, Aug 2024 – Nov 2024288 cases on record
Justice SteeleOntario Superior Court of Justice3 orders, May 2024 – Aug 2024220 cases on record
Justice BlackOntario Superior Court of Justice2 orders, Jan 2025176 cases on record
Justice OsborneOntario Superior Court of Justice2 orders, Mar 2024146 cases on record

Counsel of record

PartyCounselFirst seenSource
ReceiverAlixPartnersOsler, 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 · Martin, LLP14 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
CreditorCorporation of the City of BarrieEmail: legal.cityinfo@barrie.ca14 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
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
CreditorRichard J. MazarProfessional Corporation14 Dec 2024Service list · 14 Dec 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
CreditorSimon MorrisProfessional Corporation14 Dec 2024Service list · 14 Dec 2024
CreditorSunbelt Rentals of Canada Inc., Barrie Trim & Mouldings IncGionet Fairley Wood LLP14 Dec 2024Service list · 14 Dec 2024
Capital structureAs asserted in the filings
stated amounts, drawn to scale · 1 named without a figure
#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
4SecuredKingSett Mortgage Corporation · in 28 casesVarious mortgages registered on title to the Real Property; first-priority charge on the Real Property aside from the property subject to the Transferred Vector Charge — Stated as approximately $50.3 million, together with interest and costs as they continue to accrue (the 'KingSett Indebtedness'), as at July 26, 2024. Osler, as independent legal counsel, provided an opinion that KingSett created valid security interests or charges against the Property (p. 56). Figure is stated in the Second Report of the Receiver dated July 26, 2024, attached as Appendix B to this Third Report. — debtor: Mapl · as of 26 Jul 2024$50.3MThird Report of the receiver dated January 13, 2025
4SecuredWestmount Guarantee Insurance CompanySecurity charge subordinate to KingSett and MarshallZehr (not registered on title to certain portions of the Real Property, including that subject to the Transferred Vector Charge), except a first-ranking charge on the Deposit Monies held in trust at Devry Smith Frank LLP — Surety exposure, not a stated loan balance: Westmount made surety facilities available in respect of pre-sale Deposit Monies; its exposure of approximately $6,380,000 (the 'Westmount Indebtedness') represents Deposit Monies previously released to Mapleview. Stated 'as at the date of this Report' in the Second Report dated J · as of 26 Jul 2024$6.38MThird Report of the receiver dated January 13, 2025
4SecuredPortland Private Income Fund and Portland Investment Counsel Inc. ('Portland')Third-ranking mortgage on the Real Property (the 'Portland Mortgage'); Portland asserts it should rank ahead of the second-ranking AI Mortgage — Disputed: Portland advised it is the sole investor in, and has a 100% interest in, the third-ranking mortgage; the Purchaser disputes Portland's position on ranking. The Purchaser will include $2,300,000 (the 'Portland Reserve') in the Priority Payables Reserve pending resolution. This mortgage is among the MarshallZehr Mortgages included in the approximately $99 million aggregate — not additive. — debtor: Mapleview Developments Ltd., Pace Mapleview L · as of 9 Jul 2024$2.21MThird Report of the receiver dated January 13, 2025
4SecuredAggregated Investments Inc. (transferee of the Transferred Vector Charge, formerly held by Vector Financial Services Limited) · in 2 casesFirst-priority charge on PIN 58091-4802 (included in the Real Property) in the principal amount of $3,285,000 (the 'Transferred Vector Charge') — The $3,285,000 is the stated principal amount of the charge, not a stated outstanding balance. Prior to the date of the Receivership Order the charge was held by Vector Financial Services Limited and was transferred to AI. Under the APS it is one of the 'Assumed Mortgages' the Purchaser elected to assume. — debtor: Mapleview Developments Ltd. (registered owner of the Real Property)—Third Report of the receiver dated January 13, 2025
8UnsecuredMarshallZehr Group Inc. · in 19 casesApproximately $57.3 million owing for unsecured amounts, part of the Debtors' other pre-filing obligations totalling approximately $91.7 million. MarshallZehr also holds secured mortgage claims in a distinct capacity (see secured entries). — debtor: Mapleview Developments Ltd., Pace Mapleview Ltd. and 2552741 Ontario Inc. (the Debtors) · as of 21 Mar 2024$57.3MThird Report of the receiver dated January 13, 2025
8UnsecuredOther creditors, including construction contractors and other vendors (aggregate as reported)Approximately $34.4 million; the document names no individual creditors within this aggregate. Part of pre-filing obligations totalling approximately $91.7 million. 21 construction liens are registered on title to the Real Property (p. 56), and a portion of amounts owing to lien claimants may have priority over the mortgagees' secured claims (Holdback Claims, to be covered by a Holdback Reserve). — debtor: Mapleview Developments Ltd., Pace Mapleview Ltd. and 2552741 Ontario Inc. (the Debtors) · as of 21 Mar 2024$34.4MThird Report of the receiver dated January 13, 2025
8UnsecuredCanada Revenue Agency · in 926 casesApproximately $7.3 million of HST collected and not remitted; deemed-trust class (quasi-governmental). Elsewhere described as 'approximately $7.3 million of potential HST claims' (p. 55); the proposed bankruptcy of the Debtors relates in part to these claims. The Priority Payables definition in the APS excludes HST owing by the Debtors. — debtor: Mapleview Developments Ltd.$7.3MThird Report of the receiver dated January 13, 2025

“not stated” means the record names the claim without a figure; “—” means not in the extracted record.

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

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 2024not statedAI Mortgage of approximately $75 million was assumed by the Purchaser pursuant to the TransactionClosed23 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———$535.17stated averageThird Report of the receiver · 13 Jan 2025
Osler, Hoskin & Harcourt LLPCounsel———$742.24stated averageThird Report of the receiver · 13 Jan 2025
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
Deposit Return Protocol Approval Order dated January 16, 2025
  • Counsel FASKEN MARTINEAU DuMOULIN LLP
  • Presiding officer Justice W.D. Black
PDF
Endorsement of Justice Black dated January 16, 2025
  • Presiding officer Justice Black
PDF
Factum of Aviva Insurance Company dated January 15, 2025
  • Counsel FASKEN MARTINEAU DuMOULIN LLP
PDF
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
Responding Motion Record of Dunsire Homes Inc. and Aggregated Investments Inc. dated January 13, 2025 - Volume 1 of 3PDF
Responding Motion Record of Dunsire Homes Inc. and Aggregated Investments Inc. dated January 13, 2025 - Volume 2 of 3PDF
Responding Motion Record of Dunsire Homes Inc. and Aggregated Investments Inc. dated January 13, 2025 - Volume 3 of 3PDF
Third Report of the receiver dated January 13, 2025
  • Closing confirmed Closed · 23 Aug 2024 · Dunsire Homes Inc.
  • Fee schedule Engagements: Form: prose · Rows: · Money: Approximate: false · Period: Kind: unstated · Approval: State: unstated · Averages: Receiver · Currency: · Invoices: · Firm text: KSV Restructuring Inc. · Firm quote: KSV Restructuring Inc. · Context quote: KSV Restructuring Inc. ('KSV') was appointed receiver and manager (the 'Receiver'); Form: prose · Rows: · Money: Approximate: false · Period: Kind: unstated · Approval: State: unstated · Averages: Osler · Currency: · Invoices: · Firm text: Osler · Firm quote: Osler · Context unverified: true
  • Purchaser Dunsire Homes Inc. (stalking horse) · the sale of substantially all of the Property · asset sale · closed
  • Recovery outcome Entries: per unstated · Table missing:
  • + 4 more extracted facts
PDF
Notice #5 to Unit Purchasers dated December 20, 2024PDF
Service List as at December 14, 2024
  • Counsel Drudi Alexiou Kuchar LLP
PDF
Court Order dated November 21, 2024
  • Presiding officer Justice Cavanagh
PDF
Endorsement of Justice Cavanagh dated November 21, 2024
  • Presiding officer Justice Cavanagh
PDF
Notice #4 to Unit Purchasers dated October 17, 2024PDF
Notice of Motion of Portland Private Income Fund and Portland Investment Counsel Inc. dated September 30, 2024
  • Counsel Dentons Canada LLP
PDF
Compendium of Dunsire Homes Inc. dated September 16, 2024PDF
2552741 Ontario - Trustees Report to Creditors on Preliminary Administration dated September 13, 2024
  • Closing confirmed Closed · 23 Aug 2024 · Dunsire Homes Inc.
  • Purchaser Dunsire Homes Inc. (stalking horse) · the Purchased Assets (as defined and set out in the APS) · asset sale · closed
  • Recovery outcome Entries: per actual · Stated on: 2024-09-13 · Table missing:
  • Sale outcome Sale closed — Substantially all of the Debtors' Property was sold through the Transaction.
  • + 1 more extracted fact
PDF
Mapleview - Trustees Report to Creditors on Preliminary Administration dated September 13, 2024
  • Closing confirmed Closed · 23 Aug 2024 · Dunsire Homes Inc.
  • Financial position per unaudited · Mapleview Developments Ltd. (bankruptcy estate) — Substantially all of the Debtors' assets were vested in the Purchaser pursuant to the Transaction; the Debtors do not carry on any business or hold remaining assets of significant value.
  • Operational summary Following the sale transaction, the Debtors no longer carry on any business, have no employees, and hold no remaining assets of significant value.
  • Purchaser Dunsire Homes Inc. (stalking horse) · the property and assets of the Debtors; the Purchased Assets (as defined and set out in the APS) · asset sale · closed
  • + 5 more extracted facts
PDF
Pace - Trustees Report to Creditors on Preliminary Administration dated September 13, 2024
  • Closing confirmed Closed · 23 Aug 2024 · Dunsire Homes Inc.
  • Operational summary Following the sale of substantially all of the Debtors' property, the Debtors no longer carry on any business or hold assets of significant value, and the Trustee does not expect funds to be available for distribution to creditors in the bankruptcies.
  • Purchaser Dunsire Homes Inc. (stalking horse) · the Purchased Assets (as defined and set out in the APS) · asset sale · closed
  • Recovery outcome Entries: per actual; per estimated · Stated on: 2024-09-13 · Table missing:
  • + 3 more extracted facts
PDF
Book of Authorities of the Receiver re Lien Claims Motion dated September 11, 2024PDF
Reply Factum of the Receiver re Lien Claims Motion dated September 11, 2024
  • Counsel Osler, Hoskin & Harcourt LLP
PDF
Factum of the Receiver dated August 29, 2024
  • Counsel Osler, Hoskin & Harcourt LLP
PDF
2552741 Ontario - Notice of Bankruptcy and First Meeting of CreditorsPDF
Mapleview Developments - Notice of Bankruptcy and First Meeting of CreditorsPDF
Pace Mapleview - Notice of Bankruptcy and First Meeting of CreditorsPDF
Receiver's Certificate filed August 23, 2024
  • Closing confirmed Closed · 23 Aug 2024
PDF
Affidavit of M. Dick affirmed August 16, 2024
  • Counsel Osler, Hoskin & Harcourt LLP
PDF
Bankruptcy Order dated August 16, 2024
  • Counsel Bennett Jones LLP
  • Presiding officer Justice Cavanagh
PDF
Endorsement of Justice Cavanagh dated August 16, 2024
  • Presiding officer Justice Cavanagh
PDF
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
  • Purchaser Dunsire Homes Inc. · the Debtors' right, title and interest in and to the Purchased Assets · real property · approved
  • Sale outcome Sale approved — Transaction approved by the Court
PDF
Revised Distribution Order Dated August 16, 2024
  • Counsel Osler, Hoskin & Harcourt LLP
  • Presiding officer Justice Cavanagh
PDF
Supplementary Endorsement of Justice Cavanagh dated August 16, 2024
  • Presiding officer Justice Cavanagh
PDF
Brief of Authorities of Mapleview Developments dated August 15, 2024PDF
Notice of Appearance of QSG Receiver dated August 15, 2024PDF
Responding Motion Record of the QSG Receiver dated August 15, 2024PDF
Affidavit of Daniel Pollack sworn August 14, 2024PDF
Affidavit of Linda Fraser-Richardson sworn August 9, 2024PDF
Affidavit of Safaa Deen sworn August 8, 2024PDF
Responding Application Record dated August 7, 2024PDF
Affidavit of Carolin Jumaa sworn August 2, 2024PDF
Endorsement of Justice Steele dated August 2, 2024
  • Presiding officer Justice Steele
PDF
Affidavit of Erica Rochette sworn August 1, 2024PDF
Written Submissions of Quality Sterling Group dated August 1, 2024PDF
Factum of the Receiver dated July 31, 2024
  • Counsel Osler, Hoskin & Harcourt LLP
PDF
Notice #3 to Unit Purchasers dated July 30, 2024PDF
Motion Record of Kingsett Mortgage Corporation dated July 26, 2024PDF
Motion Record of the Receiver dated July 26, 2024PDF
Second Report of the Receiver dated July 26, 2024PDF
Endorsement of Justice Steele dated May 30, 2024
  • Presiding officer Justice Steele
PDF
Sale Process Approval Order dated May 30, 2024
  • Bid deadline 18 July 2024
  • Order date 30 May 2024
  • Presiding officer Justice Steele
  • Sale outcome Sale process approved — The Mapleview Sale Process is hereby approved
PDF
Notice #2 to Unit Purchasers dated May 23, 2024PDF
First Report of Receiver dated May 21, 2024
  • Purchaser Dunsire Homes Inc. (stalking horse) · the Purchased Assets · asset sale · proposed
  • Stalking horse Stalking horse Dunsire Homes Inc.
PDF
Motion Record of the Receiver re Sale Process Approval dated May 21, 2024PDF
Notice to Unit Purchasers dated April 11, 2024PDF
Endorsement of Justice Osborne dated March 21, 2024
  • Presiding officer Justice Osborne
PDF
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
Factum of the Application dated March 18, 2024PDF
Application Record dated March 14, 2024 - Volume 1 of 2PDF
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

Filing titles, dates, and extracted key facts are public.

CiteProceedings., “Mapleview Developments Ltd., Pace Mapleview Ltd. and 2552741 Ontario Inc.” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 20 September 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.