Sunrise Acquisitions (Hwy 7) Inc.
FollowClosed
- Proceeding
- Receivership (court-appointed)BIA s. 243 / prov. Judicature Acts
- File
- CV-21-00663051-00CL
OverviewSummary updated
Sunrise Acquisitions (Hwy 7) Inc. was placed in court-appointed receivership on June 9, 2021 by the Ontario Superior Court of Justice (Commercial List) under BIA s. 243 and provincial Judicature Act authority, court file CV-21-00663051-00CL. KingSett Mortgage Corporation ranked as senior secured creditor, owed $1,950,807.35 as of May 10, 2021 on mortgages over the real property, a general assignment of rents and a general security agreement, with personal guarantees from directors and officers Sajjad Hussain and Muzammil Kodwavi. A syndicated mortgage held through Sorrenti Law Professional Corporation and Olympia Trust Company, administered by FAAN Mortgage Administrators Inc., stood at $10,700,000 as of May 31, 2021, in default since 2017 and subordinated to KingSett under two subordination and standstill agreements; it is certain the syndicate will not be repaid in full. The proceeding is closed.
Proceedings AIAsk this case — answers cite the filings
Case updates55 dated entries
52 earlier updates, back to 9 June 2021 — subscribers.
Parties
Debtor
Sunrise Acquisitions (Hwy 7) Inc.
Receiver
AlixPartners
Bench and counselPer the orders and service lists on the record
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Osborne | Ontario Superior Court of Justice | 8 orders, Sep 2022 – May 2023 | 146 cases on record |
| Justice Penny | Ontario Superior Court of Justice | 3 orders, Dec 2021 – Mar 2022 | 179 cases on record |
| Justice Dietrich | Ontario Superior Court of Justice | 2 orders, Aug 2021 – Sep 2025 | 109 cases on record |
| Justice Koehnen | Ontario Superior Court of Justice | 2 orders, Oct 2021 | 73 cases on record |
| Justice Cavanagh | Ontario Superior Court of Justice | 2 orders, Sep 2021 | 288 cases on record |
| Justice Wilton-Siegel | Ontario Superior Court of Justice | 2 orders, Jun 2021 | 104 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverKSV Restructuring Inc | Bennett Jones LLP · Be Nn Ett Jo N Es LLP | 6 Jul 2022 | Order · 20 Dec 2022 |
| CreditorCity of Markham | Scalisi | 6 Dec 2022 | Service list · 6 Dec 2022 |
| CreditorKingSett Mortgage Corporation | Cassels Brock & Blackwell LLP Previously FRED TAYAR & ASSOCIATES Professional Corporation (last seen 12 Aug 2021) | 12 Aug 2021 | Service list · 6 Dec 2022 |
| CreditorMaster's Choice Realty Inc., Brokerage | Stevenson Whelton | 6 Dec 2022 | Service list · 6 Dec 2022 |
| CreditorPostponement | Professional Corporation | 13 Sep 2021 | Order · 13 Sep 2021 |
| CreditorSyndicated Mortgage Investors | Chaitons LLP | 6 Dec 2022 | Service list · 6 Dec 2022 |
| CreditorTarion Warranty Corporation | Torys LLP | 6 Dec 2022 | Service list · 6 Dec 2022 |
Capital structureAs asserted in the filings
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | Sorrenti Law Professional Corporation / Olympia Trust Company (as trustee for syndicated mortgage lenders, administered by FAAN Mortgage Administrators Inc.)Charge registered 2015/08/18 in amount of $8,000,000, later amended by notice registered 2016/09/15 increasing registered principal to $9,873,262; subordinated and postponed to KingSett per two Subordination and Standstill Agreements — Second/syndicated mortgage in default since 2017; subordinated in priority to KingSett despite earlier registration; administered by FAAN as court-appointed trustee over Sorrenti/Sorrenti Law; it is certain FAAN/syndicate will not be repaid in full — debtor: Sunrise Acquisitions (Hwy 7) Inc. · as of 31 May 2021 | $10.7M | First Report of the Receiver dated July 27, 2021 |
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.
RecoveriesAs declared or paid
Secured creditors: shortfall. KingSett paid in full · Sorrenti Law short · Unionvillas Investors short.EstimatedMotion Record of the Receiver · 3 Sep 2021
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Secured | — | — | shortfall | Estimatedper the receiver | Motion Record of the Receiver · 3 Sep 2021 |
| Secured | KingSett | — | paid in full | Finalper the receiver | Trustee's Report on Preliminary Administration · 16 Nov 2022 |
| Secured | Sorrenti Law | — | shortfallconditional | Estimatedper the receiver | Motion Record of the Receiver returnable October 27, 2021 - Volume 1 of… · 20 Oct 2021 |
| Unsecured | Unionvillas Investors | — | shortfall | Estimatedper the debtor | Supplemental Application Record re Motion · 9 Jun 2021 |
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.
Documents
55 filings
| Date | Document | File |
|---|---|---|
Distribution and Discharge Order dated September 22, 2025
| PDF · Subscribers | |
Endorsement of Justice Dietrich dated September 22, 2025
| PDF · Subscribers | |
| Satisfaction Court Order dated July 11, 2024 | PDF · Subscribers | |
Endorsement of Justice Osborne dated May 8, 2023
| PDF · Subscribers | |
Settlement Approval Order dated May 8, 2023
| PDF · Subscribers | |
| Fourth Supplement to the Third Report dated April 28, 2023 | PDF · Subscribers | |
Amended and Restated Order dated April 14, 2023
| PDF · Subscribers | |
Endorsement of Justice Osborne dated April 14, 2023
| PDF · Subscribers | |
Endorsement of Justice Osborne dated March 23, 2023
| PDF · Subscribers | |
Court Order dated December 20, 2022
| PDF · Subscribers | |
Endorsement of Justice Osborne dated December 20, 2022
| PDF · Subscribers | |
| Motion Record of the Receiver returnable December 9, 2022 - Volume 1 of 3 | PDF · Subscribers | |
| Motion Record of the Receiver returnable December 9, 2022 - Volume 2 of 3 | PDF · Subscribers | |
| Motion Record of the Receiver returnable December 9, 2022 - Volume 3 of 3 | PDF · Subscribers | |
Service list as at December 6, 2022
| PDF · Subscribers | |
| Brief of Transcripts of the Receiver dated November 30, 2022 | PDF · Subscribers | |
| Reply Motion Record of the Receiver dated November 30, 2022 | PDF · Subscribers | |
| Further Supplementary Responding Motion Record of the Respondent dated November 23, 2022 | PDF · Subscribers | |
Trustee's Report on Preliminary Administration dated November 16, 2022
| PDF · Subscribers | |
| Third Supplement to the Third Report dated November 4, 2022 | PDF · Subscribers | |
| Notice of Bankruptcy and First Meeting of Creditors dated November 1, 2022 | PDF · Subscribers | |
| Certificate of Appointment dated October 28, 2022 | PDF · Subscribers | |
| Supplementary Responding Motion Record of the Respondent dated October 18, 2022 | PDF · Subscribers | |
Endorsement of Justice Osborne dated September 28, 2022
| PDF · Subscribers | |
| Responding Motion Record dated September 16, 2022 | PDF · Subscribers | |
| Second Supplement to the Third Report of the Receiver dated August 8, 2022 | PDF · Subscribers | |
Endorsement of Justice McEwen dated July 26, 2022
| PDF · Subscribers | |
Notice of Motion re Repayment of Owing Amounts dated July 6, 2022
| PDF · Subscribers | |
Court Order dated March 10, 2022
| PDF · Subscribers | |
Endorsement of Justice Penny dated March 10, 2022
| PDF · Subscribers | |
Supplement to Third Report of the Receiver dated February 25, 2022
| PDF · Subscribers | |
| Receiver's Certificate dated January 26, 2022 | PDF · Subscribers | |
| Receiver's Certificate dated December 13, 2021 | PDF · Subscribers | |
Endorsement of Justice Penny dated December 7, 2021
| PDF · Subscribers | |
Approval and Vesting Order dated October 27, 2021
| PDF · Subscribers | |
Motion Record of the Receiver returnable October 27, 2021 - Volume 1 of 3
| PDF · Subscribers | |
| Motion Record of the Receiver returnable October 27, 2021 - Volume 2 of 3 | PDF · Subscribers | |
| Motion Record of the Receiver returnable October 27, 2021 - Volume 3 of 3 | PDF · Subscribers | |
Second Sale Process and Disclaimer Order dated October 27, 2021
| PDF · Subscribers | |
| Third Report of the Receiver dated October 20, 2021 | PDF · Subscribers | |
Approval and Vesting Order dated September 13, 2021
| PDF · Subscribers | |
Endorsement of Justice Cavanagh dated September 13, 2021
| PDF · Subscribers | |
Motion Record of the Receiver returnable September 13, 2021
| PDF · Subscribers | |
| Second Report of the Receiver dated September 3, 2021 | PDF · Subscribers | |
Notice of Motion - Redacted Version returnable August 12, 2021
| PDF · Subscribers | |
Motion Record of the Receiver returnable August 3, 2021
| PDF · Subscribers | |
Sale Process Approval Order dated August 3, 2021
| PDF · Subscribers | |
First Report of the Receiver dated July 27, 2021
| PDF · Subscribers | |
| Affidavit of Muzammil Kodwavi re Motion returnable June 9, 2021 | PDF · Subscribers | |
Endorsement of Justice Wilton-Siegel re Receivership Order dated June 9, 2021
| PDF · Subscribers | |
| Notice of Application re Motion returnable June 9, 2021 | PDF · Subscribers | |
Receivership Order dated June 9, 2021
| PDF · Subscribers | |
Supplemental Application Record re Motion returnable June 9, 2021
| PDF · Subscribers | |
| Factum of the Applicant dated June 3, 2021 re Motion returnable June 9, 2021 | PDF · Subscribers | |
| Affidavit of Daniel Pollack sworn May 28, 2021 | 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 Acquisitions (Hwy 7) Inc.” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 20 September 2026, https://proceedings.ca/case/sunrise-acquisitions-hwy-7-inc