Sunrise Acquisition (Elmvale ) 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-24-00713287-00CL
- Industry
- Real estate · Residential development
Sunrise Acquisition (Elmvale) Inc. has been in court-appointed receivership since April 15, 2024, when the Ontario Superior Court of Justice appointed Rosen Goldberg Inc. receiver and manager on AFC Mortgage Administration Inc.'s application in file CV-24-713287-00CL, under section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act. AFC put its total indebtedness under the loan agreements and mortgages at $4,665,083.81 as at February 12, 2024, accruing at $2,280.31 per diem, secured by the first and second Elmvale mortgages and collateral mortgages over the Cicada, Grand Vellore, Abbruzze and Longshore properties. KSV Restructuring Inc. holds a third Elmvale mortgage registered for $10,000,000.00, and Mason's Masonry Supply Ltd. has a $140,634.00 construction lien on the Cicada property.
Aide Memoire of FAAN Mortgage Administrators Inc. dated May 26, 2026 — Application / notice of application
The court granted an approval and vesting order for the sale to Pine Valley Homes Ltd. Closing terms, as extracted: Vesting is effective upon delivery by the Receiver of a Receiver's Certificate to the Purchaser confirming payment of the Purchase Price, satisfaction or waiver of closing conditions, and completion of the Transaction to the Receiver's satisfaction.
Source: Approval and Vesting Order dated January 31, 2025 (Elmvale)
The court granted an approval and vesting order for the sale to Baomin Yi and Ting Fang Ge, Antonio Puopolo and Rosa Puopolo. Closing terms, as extracted: Vesting is effective upon delivery by the Receiver of a Receiver's Certificate to the Purchasers confirming payment of the Purchase Price, satisfaction or waiver of closing conditions and completion of the Transaction.
Source: Approval; and Vesting Order pf Justice Conway dated August 15, 2024
The court approved a sale and investment solicitation process. A bid deadline of 2024-10-15.
Source: Sale Procedure Order of Justice Conway dated August 15, 2024
The court granted AFC Mortgage Administration Inc.'s application on Monday, April 15, 2024 and put Sunrise Acquisition (Elmvale) Inc.'s property under Rosen Goldberg Inc. as receiver and manager.
Debtor
Sunrise Acquisition (Elmvale ) Inc.
Receiver
Rosen Goldberg
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Conway | Ontario Superior Court of Justice | 4 orders, Aug 2024 – Aug 2025 | 310 cases on record |
| Justice Black | Ontario Superior Court of Justice | 3 orders, Mar 2024 – Sep 2026 | 198 cases on record |
| Justice Penny | Ontario Superior Court of Justice | 2 orders, Jan 2025 | 196 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverRosen Goldberg | Teplitsky, Colson LLP | 15 Aug 2024 | Order · 15 Aug 2024 |
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | AFC Mortgage Administration Inc. · in 3 cases1st, 2nd Elmvale Mortgages and collateral mortgages over Cicada, Grand Vellore, Abbruzze and Longshore Properties; per diem of $2,280.31 accruing thereafter — Total indebtedness under loan agreements and Mortgages as of stated date; AFC acquired 1st Elmvale Mortgage (originally $1,960,000 principal to 5023018 Ontario Inc.) by transfer; 2nd Elmvale Mortgage principal $2,010,000 — debtor: Sunrise Acquisitions (Elmvale) Inc., Sajjad Hussain, Mahvesh Hussain, Muzammil Kodwavi, Safana Kodwavi · as of 12 Feb 2024 | $4.67M | Application Record |
| Secured | |||
| Secured | |||
| Secured | |||
| Secured | |||
| Secured | |||
| Secured | |||
| Secured | |||
| Secured |
8 more claims in 1 class The stack holds Secured claims.
Every creditor and every amount, drawn to scale.
Card required. Nothing charged for 5 days. Cancel anytime.
Already a subscriber? Sign in.
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.
4 transactions · 3 approved · 1 proposed — Court approved the Transaction between the Receiver and Pine Valley Homes Ltd. and authorized execution of the Sale Agreement; vesting occurs on delivery of the Receiver's Certificate.Approval and Vesting Order dated January 31, 2025 (Elmvale) · 31 Jan 2025
| Purchaser | Price | Status | Source |
|---|---|---|---|
| Antonio Puopolo and Rosa Puopolothe Abbruzze Property (88 Abbruzze Court, Woodbridge, Ontario) · real property · agreement 4 Jul 2024 | not stated | Approved15 Aug 2024 | Approval; and Vesting Order pf Justice Conway… |
| Baomin Yi and Ting Fang Gethe Cicada Property (9 Cicada Court, Toronto, Ontario) · real property · agreement 2 Jul 2024 | not stated | Approved15 Aug 2024 | Approval; and Vesting Order pf Justice Conway… |
| Stalking Horse Agreement counterparty not named in operative textStalking horsethe Properties · asset sale | not stated | Proposed | Sale Procedure Order of Justice Conway dated… |
| Pine Valley Homes Ltd.the Debtor's collective right, title and interest in, and to the real property and assets described in the Sale Agreement (the 'Purchased Asset') · real property · agreement 9 Jan 2025 | not stated | Approved31 Jan 2025 | Approval and Vesting Order dated January 31,… |
| Date | Document | File |
|---|---|---|
Endorsement of Justice Black dated September 8, 2026
| PDF · Subscribers | |
Aide Memoire of FAAN Mortgage Administrators Inc. dated May 26, 2026
| PDF · Subscribers | |
Aide Memoire of Receiver dated May 26 2026
| PDF · Subscribers | |
Ancillary Order of Justice Conway dated August 15, 2025
| PDF · Subscribers | |
Order of Justice Steele dated March 20, 2025 (Distribution)
| PDF · Subscribers | |
Ancillary Order of Justice Penny dated January 31, 2025
| PDF · Subscribers | |
Approval and Vesting Order dated January 31, 2025 (Elmvale)
| PDF · Subscribers | |
Endorsement of Justice Penny dated January 31, 2025
| PDF · Subscribers | |
Endorsement of Justice Zarnett dated October 15, 2024
| PDF · Subscribers | |
Approval; and Vesting Order pf Justice Conway dated August 15, 2024
| PDF · Subscribers | |
Endorsement of Justice Conway dated August 15, 2024
| PDF · Subscribers | |
Sale Procedure Order of Justice Conway dated August 15, 2024
| PDF · Subscribers | |
Appointment Order dated April 15, 2024
| PDF · Subscribers | |
Endorsement of Justice Black dated March 6, 2024
| PDF · Subscribers | |
| Responding Record of Applicant | 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., “Sunrise Acquisition (Elmvale ) Inc.” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 4 November 2026, https://proceedings.ca/case/sunrise-acquisition-elmvale-inc