#Sale
The court granted an approval and vesting order for the sale to Home Trust Company. Closing terms, as extracted: Vesting of the Purchased Assets in the Purchaser occurs upon delivery of the Receiver's Certificate to the Purchaser.
Real Property owned by King David Inc.
FollowActive
- Proceeding
- Receivership (court-appointed)section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act
- File
- CV-23-00710411-00CL
- Industry
- Real estate · Residential development
OverviewSummary updated
King David Inc. remains in a court-appointed receivership over its real property, commenced December 21, 2023 in the Ontario Superior Court of Justice (Commercial List) at Toronto under court file CV-23-00710411-00CL. First Source Financial Management Inc. applied under section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act, and RSM Canada Limited acts as Receiver. First Source and Home Trust Company hold a first-ranking mortgage registered for $54,000,000, with indebtedness of $55,855,203.58 as of December 4, 2023 plus legal fees and a per diem of $27,602.82; Home Trust terminated First Source as administrator in fall 2024. Mortgages registered to the Slovak Greek Catholic Church Foundation and The Sovereign General Insurance Company are postponed to it. The Receiver intends to pay $51,966.98 in City of Markham tax arrears from sale proceeds.
Proceedings AIAsk this case — answers cite the filings
Case updates28 dated entries
#Filing
Reply Motion Record of the Receiver Returnable July 10, 2026 — Application / notice of application
#Order
The court approved a sale and investment solicitation process.
Source: Sale Process and Stalking Horse Approval Order dated September 11, 2025
#Report
Supplement to the First Report of the Receiver dated September 2, 2025 — Court officer report
#Filing
Motion Record of the Respondents returnable September 11, 2025 — Application / notice of application
#Filing
Motion Record of the Receiver returnable September 11, 2025 — Application / notice of application
#Order
The court appointed RSM Canada Limited as Receiver, on the application of FIRST SOURCE FINANCIAL MANAGEMENT INC.. Court file CV-23-00710411-00CL.
Source: Appointment Order dated December 21, 2023 (with effect from January 12, 2024)
AnalysisAll insights
Outcome brief
King David (Cathedraltown lands): the stalking horse, after the winner walked
On July 10, Justice Myers approved the sale of King David Inc.'s four Cathedraltown parcels in Markham to Home Trust Company, the stalking horse, for $30 million: cash for taxes, fees and a commission, the rest a credit bid. The bidder whose $35.28 million offer the receiver had signed walked away in due diligence.
Parties
Debtor
Real Property owned by King David Inc.
Receiver
RSM Canada
Bench and counselPer the orders and service lists on the record
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Steele | Ontario Superior Court of Justice | 5 orders, Dec 2023 – Sep 2025 | 239 cases on record |
| Justice Myers | Ontario Superior Court of Justice | 4 orders, Apr 2026 – Jul 2026 | 117 cases on record |
| Justice Dietrich | Ontario Superior Court of Justice | 2 orders, Aug 2025 – Apr 2026 | 90 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverRSM Canada | Norton Rose Fulbright Canada LLP | 21 Dec 2023 | Factum · 21 Dec 2023 |
| Trustee in bankruptcyAlbert Gelman Inc | Lerners LLP | 18 Jun 2026 | Service list · 18 Jun 2026 |
| DebtorReal Property owned by King David Inc. | Ross Nasseri LLP | 27 Apr 2026 | Factum · 27 Apr 2026 |
| CreditorHome Trust Company | Aird & Berlis LLP | 18 Jun 2026 | Service list · 18 Jun 2026 |
| CreditorSovereign General | Borden Ladner Gervais LLP | 18 Jun 2026 | Service list · 18 Jun 2026 |
| CreditorVector Financial Services Limited | Cassels Brock & Blackwell LLP | 18 Jun 2026 | Service list · 18 Jun 2026 |
| CreditorWest Cathedral Management Inc | Whelton Hiutin LLP | 18 Jun 2026 | Service list · 18 Jun 2026 |
Capital structureAs asserted in the filings
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | First Source Financial Management Inc. / Home Trust Company (first-ranking Mortgage; Loan)First ranking Mortgage, Instrument No. YR3349360, registered 2021-12-01, principal amount $54,000,000 (registration principal, not balance); General Assignment of Rents (YR3349361); general security agreement; assignment of net proceeds of Phase 1 of the Project up to a maximum of $10,000,000; guarantee by Helen Roman-Barber (officer/director/shareholder). A further charge YR3458534 for $7,725,000 (registered 2022-07-28, King David Inc. to First Source) also appears on title. — Figure is total Indebtedness per payout statement as of December 4, 2023, plus legal fees and a per diem of $27,602.8 · as of 4 Dec 2023 | $55.9M | First Report of the Receiver dated August 8, 2025 |
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 8 | Unsecured |
6 more claims in 2 classes The stack holds Secured and Unsecured 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.
Sale processAs stated in the filings
Sale approved — The Transaction under the HTC APS between the Receiver and Home Trust Company is approved, with vesting to occur on delivery of the Receiver's CertificateApproval and Vesting Order dated July 10, 2026 · 10 Jul 2026
| Purchaser | Price | Status | Source |
|---|---|---|---|
| Home Trust CompanyStalking horsethe Debtor's right, title and interest in and to the assets described in the HTC APS (the Purchased Assets), including the Lands in Markham, Ontario · asset sale · agreement 8 Aug 2025 | Subscribers | Approved10 Jul 2026 | Approval and Vesting Order dated July 10, 2026 |
AdvisorsCushman & Wakefield (listing broker)Sale Process and Stalking Horse Approval Order dated September 11, 2025
Closing termsVesting of the Purchased Assets in the Purchaser occurs upon delivery of the Receiver's Certificate to the PurchaserApproval and Vesting Order dated July 10, 2026
Documents
28 filings
| Date | Document | File |
|---|---|---|
Ancillary Relief Order dated July 10, 2026
| PDF · Subscribers | |
Approval and Vesting Order dated July 10, 2026
| PDF · Subscribers | |
Endorsement of the Honourable Justice Myers dated July 10, 2026
| PDF · Subscribers | |
Service List dated June 18, 2026
| PDF · Subscribers | |
Factum of the Receiver dated June 17, 2026
| PDF · Subscribers | |
Reply Motion Record of the Receiver Returnable July 10, 2026
| PDF · Subscribers | |
Endorsement of the Honourable Justice Myers dated April 29, 2026
| PDF · Subscribers | |
Aide Memoire of King David Inc. and Helen Roman-Barber dated April 27, 2026
| PDF · Subscribers | |
Aide Memoire of the Receiver dated April 27, 2026
| PDF · Subscribers | |
| Motion Record of the Receiver returnable May 25, 2026 | PDF · Subscribers | |
| Second Report of the Receiver dated April 10, 2026 | PDF · Subscribers | |
Endorsement of the Honourable Justice Dietrich dated April 1, 2026
| PDF · Subscribers | |
Ensorsement of the Honourable Justice Steele dated September 11, 2025
| PDF · Subscribers | |
Sale Process and Stalking Horse Approval Order dated September 11, 2025
| PDF · Subscribers | |
Factum of the Receiver dated September 2, 2025
| PDF · Subscribers | |
| Supplement to the First Report of the Receiver dated September 2, 2025 | PDF · Subscribers | |
| Motion Record of the Respondents returnable September 11, 2025 | PDF · Subscribers | |
First Report of the Receiver dated August 8, 2025
| PDF · Subscribers | |
Motion Record of the Receiver returnable September 11, 2025
| PDF · Subscribers | |
Endorsement of the Honourable Justice Dietrich dated August 7, 2025
| PDF · Subscribers | |
Aide Memoire of the Receiver dated August 5, 2025
| PDF · Subscribers | |
Endorsement of the Honourable Justice Kimmel dated July 23, 2025
| PDF · Subscribers | |
Endorsement of the Honourable Justice Steele dated January 6, 2024
| PDF · Subscribers | |
Aide Memoire of the Receiver returnable July 23, 2025
| PDF · Subscribers | |
Appointment Order dated December 21, 2023 (with effect from January 12, 2024)
| PDF · Subscribers | |
Endorsement of the Honourable Justice Steele dated December 21, 2023
| PDF · Subscribers | |
| Factum of the Applicant dated December 11, 2023 | PDF · Subscribers | |
Application Record dated December 7, 2023
| 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., “Real Property owned by King David Inc.” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 16 October 2026, https://proceedings.ca/case/real-property-owned-by-king-david-inc