Metropolis Properties Inc
- Proceeding
- Receivership (court-appointed)Sections 47(1) and 243(1) of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, and Section 101 of the Courts of Justice Act, R.S.O. 1990, c. C.43
- File
- CV-14-10585-00CL
- Industry
- Real estate
Metropolis Properties Inc. has been in court-appointed receivership since June 16, 2014, when the Ontario Superior Court of Justice appointed MNP Ltd. receiver and manager under section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act, in file CV-14-10585-00CL. The application was brought by the holders of the second through twelfth mortgages on 91-93 Scollard Street, Toronto — Stanbarr Services Limited, Janodee Investments Ltd., Meadowshire Investments Ltd., Regard Investments Ltd., 1563503 Ontario Limited, Beaver Pond Investments Ltd., The Canada Trust Company, Rita Rosenberg and 527540 Ontario Limited — who were owed $5,724,210.70 in aggregate as at June 4, 2014, having issued section 244 notices as of that date. Canada Investment Corporation, a related party holding the first mortgage, sold the property under power of sale to 2413913 Ontario Ltd effective June 6, 2014; the receiver disputes that transaction and seeks to set it aside. The receivership remains active.
The officer filed report no. Sixth Report. The Property has been sold and the Receiver is now seeking court direction on the proper distribution of net sale proceeds among Gingko and the Subsequent Mortgagees, after which it intends to complete administration and be discharged.
The officer filed report no. Fifth Report of the Receiver. The Receiver closed the court-approved sale of the Scollard Street property on March 9, 2017, after amending the APS and negotiating a lease termination with the tenant Mad Dash. Sale proceeds are held pending the appeal of Justice Matheson's decisions.
Source: Fifth Report of the Receiver dated September 7, 2017
Order of Justice Conway -Approval and Vesting Order- dated January 26 2017 — Approval and vesting order
The officer filed report no. Fourth Report of the Receiver. The Receiver is securing, preserving and maintaining the Scollard Street property and, after a court-approved sales process run through Avison Young, is seeking approval of a proposed sale agreement. Net sale proceeds will be held in trust pending the outcome of appeals of the ownership and priority decisions.
The court approved a sale and investment solicitation process.
Source: Order of Justice Conway -Approving Sale Process- dated May 27 2016
The officer filed report no. Third Report of the Receiver. The receivership was reinstated on February 1, 2016. The Receiver is collecting rent from four remaining commercial tenants totalling $11,800 per month, which does not cover monthly operating costs. The Property needs significant repairs, and the Receiver proposes a sales process because it lacks funding to complete renovations.
Receivership order made, placing Metropolis Properties Inc under court-appointed receivership in Ontario Superior Court of Justice file CV-14-10585-00CL and commencing the proceeding.
Source: Receivership Order
Debtor
Metropolis Properties Inc
Receiver
MNP
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Brown | Ontario Superior Court of Justice | 4 orders, Jun 2014 – Jul 2014 | 43 cases on record |
| Justice Conway | Ontario Superior Court of Justice | 3 orders, May 2016 – Jan 2017 | 310 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| Applicant | Chaitons LLP | 16 Jun 2014 | Order · 1 Feb 2016 |
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | 2nd through 12th mortgagees (Applicants, collectively)2nd through 12th ranking mortgages on 91-93 Scollard Street, Toronto — Aggregate stated in document as total secured by 2nd-12th mortgages as at June 4, 2014; section 244 notices issued as of same date; individual mortgage amounts not broken out. — debtor: Metropolis Properties Inc. · as of 4 Jun 2014 | $5.72M | First Report of the Receiver dated July 7 2014 |
| Secured |
1 more claim in 1 class The stack holds Secured claims.
Every creditor and every amount.
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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.
5 transactions · 4 closed · 1 proposed — The sale of the Property was completed by the Receiver on March 9, 2017. In connection with the sale, the Receiver received gross sale proceeds of $6,800,000.Sixth Report of the Receiver dated April 25, 2018 · 25 Apr 2018
| Purchaser | Price | Status | Source |
|---|---|---|---|
| unnamed purchaser under Proposed Sale Agreement, price and details sealed in Supplemental Fourth Reportthe Property · real property | Sealed | Proposed | Fourth Report of the Receiver dated January… |
| Purchaser under the APS approved by the January 26th Order; represented by Feige Nawrocki LLPthe Property · real property | not stated | Closed | Fifth Report of the Receiver dated September 7,… |
| unnamedthe Property | not stated | Closed9 Mar 2017 | Fifth Report of the Receiver dated September 7,… |
| unnamed purchaser under sale agreement dated October 27, 2016the Property · real property · agreement 27 Oct 2016 | Subscribers | Closed | Sixth Report of the Receiver dated April 25,… |
| unnamedthe Property | not stated | Closed9 Mar 2017 | Sixth Report of the Receiver dated April 25,… |
2421955 Ontario Limited: no distribution.Sixth Report of the Receiver · 25 Apr 2018
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Secured | 2421955 Ontario Limited | — | no distribution | per the receiver | Sixth Report of the Receiver · 25 Apr 2018 |
| Secured | Sai Mohammed | — | no distribution | per the receiver | Sixth Report of the Receiver · 25 Apr 2018 |
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.
1 engagement · 1 firm — MNP Ltd., 17 Jun – 11 Oct 2014, in feesFourth Report of the Receiver · 11 Jan 2017
| Firm | Period | Hours | Fees | Rates | Source |
|---|---|---|---|---|---|
| MNP Ltd.Receiver | 17 Jun – 11 Oct 2014 | — | Fourth Report of the Receiver · 11 Jan 2017 |
2 blurred figures above
What the firm billed — each as the filing states it, with its source.
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See all plansCumulative receipts
$231K
As at 11 Jan 2017Fourth Report of the Receiver dated January 11,2017
Cumulative disbursements
As at
Cash on hand
As at
Professional fees
As at
3 more reported figures
Each one as the filing states it, with its source.
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See all plans| Date | Document | File |
|---|---|---|
| Notice of Change Lawyer- May 11 2018 | PDF · Subscribers | |
Sixth Report of the Receiver dated April 25, 2018
| PDF · Subscribers | |
Fifth Report of the Receiver dated September 7, 2017
| PDF · Subscribers | |
Order of Justice Conway -Approval and Vesting Order- dated January 26 2017
| PDF · Subscribers | |
Fourth Report of the Receiver dated January 11,2017
| PDF · Subscribers | |
Endorsement of Justice Conway dated May 27 2016
| PDF · Subscribers | |
Order of Justice Conway -Approving Sale Process- dated May 27 2016
| PDF · Subscribers | |
Third Report of the Receiver dated May 18,2016
| PDF · Subscribers | |
Order of Justice Newbould - February 1 2016
| PDF · Subscribers | |
Second Report of the Receiver of the Receiver dated July 14 2014
| PDF · Subscribers | |
Endorsement of Justice Brown - July 10 2014
| PDF · Subscribers | |
Transcript of Endorsement of Justice Brown - July 10 2014
| PDF · Subscribers | |
Order of Justice Brown - July 18 2014
| PDF · Subscribers | |
First Report of the Receiver dated July 7 2014
| PDF · Subscribers | |
Motion Record - July 7 2014
| PDF · Subscribers | |
| Endorsement of Justice Brown - June 16 2014 | PDF · Subscribers | |
Receivership Order
| 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., “Metropolis Properties Inc” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 5 November 2026, https://proceedings.ca/case/metropolis-properties-inc