Sunrise Acquisition (Elmvale ) Inc.
Follow- 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
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.
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
Approval; and Vesting Order pf Justice Conway dated August 15, 2024 — Approval and vesting order
Aide Memoire of FAAN Mortgage Administrators Inc. dated May 26, 2026 was filed. Court file CV-24-00713287-00CL.
Source: Aide Memoire of FAAN Mortgage Administrators Inc. dated May 26, 2026
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 Black | Ontario Superior Court of Justice | 3 orders, Mar 2024 – Sep 2026 | 176 cases on record |
| Justice Conway | Ontario Superior Court of Justice | 3 orders, Aug 2024 – Aug 2025 | 285 cases on record |
| Justice Penny | Ontario Superior Court of Justice | 2 orders, Jan 2025 | 179 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 2 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 | Mason's Masonry Supply Ltd.Construction lien on Cicada Property, instrument AT6465836 — Construction lien claimant — debtor: Sajjad Hussain and Mahvesh Hussain | $141K | Application Record |
| Secured | KSV Restructuring Inc. · in 2 cases3rd Elmvale Mortgage, registered as SC1978659, registered principal $10,000,000.00 — Result of settlement in Kingsett Receivership (CV-21-00663051-00CL); registered principal, not a stated balance; also 2nd Mortgagee on 74 Yonge Street per service list — debtor: Sunrise Acquisitions (Elmvale) Inc. | — | Application Record |
| Secured | Home Trust Company · in 11 casesFirst charge on Cicada Property, registered as AT503572, registered amount $995,000.00 — Registered charge amount, not a stated balance — debtor: Sajjad Hussain and Mahvesh Hussain | — | Application Record |
| Secured | Computershare Trust Company of Canada · in 31 casesFirst charge on Abbruzze Property, registered as YR3261530, registered amount $1,980,000.00 — Registered charge amount, not a stated balance — debtor: Muzammil Kodwavi and Safana Kodwavi | — | Application Record |
| Secured | Italian Canadian Savings & Credit Union LimitedFirst charge on Grand Vellore Property, registered as YR2914399, registered amount $779,800.00 — Registered charge amount, not a stated balance — debtor: Muzammil Kodwavi and Safana Kodwavi | — | Application Record |
| Secured | Scugog Developments Inc.Second charge on Grand Vellore Property, registered as YT3262835, registered amount $1,280,750.00 — Registered charge amount, not a stated balance — debtor: Muzammil Kodwavi and Safana Kodwavi | — | Application Record |
| Secured | The Bank of Nova Scotia · in 110 casesFirst mortgage on Longshore Property, registered as DR1894254, registered amount $422,500.00 — Registered charge amount, not a stated balance — debtor: Sajjad Hussain | — | Application Record |
| Secured | 5023018 Ontario Inc. (original 1st Elmvale Mortgage lender, later transferred to AFC) · in 2 cases1st Elmvale Mortgage, registered principal $1,960,000.00, registered as SC1797693 (corrected by SC2023765) — Transferred to AFC on June 30, 2022; registered principal amount, not a balance — debtor: Sunrise Acquisitions (Elmvale) Inc. | — | Application Record |
“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 process approved — Sale procedure approved with timelines for Phase I/II bidding and auctionSale Procedure Order of Justice Conway dated August 15, 2024 · 15 Aug 2024
| Purchaser | Price | Status | Source |
|---|---|---|---|
| Stalking Horse Agreement counterparty not named in operative textStalking horsethe Properties · asset sale | not stated | Proposed | Sale Procedure Order of Justice Conway dated… |
| Date | Document | File |
|---|---|---|
Endorsement of Justice Black dated September 8, 2026
| ||
Aide Memoire of FAAN Mortgage Administrators Inc. dated May 26, 2026
| ||
| Aide Memoire of Receiver dated May 26 2026 | ||
Ancillary Order of Justice Conway dated August 15, 2025
| ||
Order of Justice Steele dated March 20, 2025 (Distribution)
| ||
Ancillary Order of Justice Penny dated January 31, 2025
| ||
| Approval and Vesting Order dated January 31, 2025 (Elmvale) | ||
Endorsement of Justice Penny dated January 31, 2025
| ||
Endorsement of Justice Zarnett dated October 15, 2024
| ||
| Approval; and Vesting Order pf Justice Conway dated August 15, 2024 | ||
Endorsement of Justice Conway dated August 15, 2024
| ||
Sale Procedure Order of Justice Conway dated August 15, 2024
| ||
Appointment Order dated April 15, 2024
| ||
Endorsement of Justice Black dated March 6, 2024
| ||
| Responding Record of Applicant | ||
Application Record
| ||
Filing titles, dates, and extracted key facts are public.
CiteProceedings., “Sunrise Acquisition (Elmvale ) Inc.” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 20 September 2026, https://proceedings.ca/case/sunrise-acquisition-elmvale-inc