Terra Firma Development Corporation Limited
Follow- Proceeding
- ProposalSection 69.4 of the Bankruptcy and Insolvency Act
- File
- Hfx No. 44436
Terra Firma Development Corporation Limited is proceeding under Division I of the Bankruptcy and Insolvency Act in the Supreme Court of Nova Scotia in Bankruptcy and Insolvency, court file Hfx No. 44436. The proceeding commenced on September 22, 2020, the same day an interim order was granted. The matter remains active. The record shows no steps after the September 22, 2020 interim order.
A claims procedure has been established — see the order for deadlines.
Interim order granted on the commencement date of the Division I proposal proceeding, in the Supreme Court of Nova Scotia in Bankruptcy and Insolvency, file Hfx No. 44436.
Source: Decision of Registrar Raffi Balmanoukian on May 22, 2025 Hearing
Debtor
Terra Firma Development Corporation Limited
Proposal trustee
MNP
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | TFDC AsiaCorp Berhad (TFDC Asia)Mortgages over PIDs 45405552 and 45405560; TFDC AsiaCorp also separately owns PID 45382728 — Related party — TFDC AsiaCorp Berhad is a wholly owned subsidiary of TFDC; debt believed owed to TFDC Asia and its underlying international investors. — debtor: Terra Firma Development Corporation Limited (Canada) | $7.88M | Trustee's Report on Preliminary Administration |
| Secured | Steiner & Co GmbHMortgage over approximately 25-acre parcel, PID 45394814 — Original loan stated as $3 million plus interest (approximation); exact outstanding balance stated as $2,493,750. — debtor: Terra Firma Development Corporation Limited | $2.49M | Trustee's Report on Preliminary Administration |
| Secured | Issa Mohamad Mohamad Matar and Sahar Ismail Issa AyyashCollateral mortgages over PID 45403276 and PID 45398914, granted in 2018 in respect of prior unsecured advances made in 2016 under a plot purchase agreement — Individual creditors; Trustee has not yet reviewed validity of the security. Notice of foreclosure filed November 5, 2020 (Supreme Court of Nova Scotia Hfx No. 499019); hearing scheduled November 30, 2020. — debtor: Terra Firma Development Corporation Limited | — | Trustee's Report on Preliminary Administration |
| Secured | Signallia Group DMCCSecured by PIDs 45404548, 45404613, 45404621, 45404704, 45404902 (Woodlands Condominium); financing provided in 2017 — TFDC conveyed the noted PIDs to Signallia by Warranty Deed on September 27, 2019 — security satisfied/discharged via conveyance rather than currently enforceable mortgage. — debtor: Terra Firma Development Corporation Limited | — | Trustee's Report on Preliminary Administration |
| Secured | Project Forest Lakes Pte. Ltd. (PFL)Collateral mortgage recorded against PID 45401965; previously held collateral mortgages over PIDs 45407459, 45402518, 45401957 and 45382736 — Unrelated to TFDC; Nova Scotia affiliate of Singapore firm SEED Global Investment. PFL obtained Orders for Foreclosure and Sale on four PIDs (title now transferred, no longer TFDC-owned security); only PID 45401965 remains registered to TFDC and subject to the mortgage. — debtor: Terra Firma Development Corporation Limited | — | Trustee's Report on Preliminary Administration |
| Secured | Resort Invest International GmbH (RII)Recorded mortgages on 17 PIDs — Validity/ownership of mortgages disputed by S+C Treuhandgesellschaft MBH, who has filed Certificates of Lis Pendens against certain PIDs and claims the underlying funds were S+C's, with RII improperly recording the mortgages for its own benefit. RII initiated a private receivership in March 2020 (PwC appointed receiver). Trustee requires proof of claim and security before further action. — debtor: Terra Firma Development Corporation Limited | — | Trustee's Report on Preliminary Administration |
| Secured | JW Lindsay Construction Ltd.Collateral security over PID 45396892 (Welcome Lodge), financed for construction of the Lodge — Order for Foreclosure and Sale granted February 19, 2020 — enforcement of security already underway/completed. — debtor: Terra Firma Development Corporation Limited | — | Trustee's Report on Preliminary Administration |
“not stated” means the record names the claim without a figure; “—” means not in the extracted record.
Unsecured creditors: no distribution.EstimatedBook of Authorities · 10 Mar 2025
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Unsecured | unsecured creditors of Meridian | — | no distribution | Estimated | Book of Authorities · 10 Mar 2025 |
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.
| Date | Document | File |
|---|---|---|
Decision of Registrar Raffi Balmanoukian on May 22, 2025 Hearing
| ||
| Applicant's Reply Submissions | ||
| Reply Affidavit of C. Rochon | ||
| Reply Book of Authorities | ||
| Report of Trustee Responding to Motion | ||
Affidavit of C. Rochon
| ||
Book of Authorities
| ||
| Brief | ||
Notice of Motion
| ||
| Minutes of First Meeting of Creditors | ||
| MNP Response to McInnes Cooper | ||
| Letter to Creditors - Voting Letter | ||
| Letter to MNP from McInnes Cooper | ||
| Creditor Package - Division 1 Proposal | ||
| Minutes - Third Meeting of Creditors | ||
| Call for Expressions of Interest - Inspector Positions | ||
| Notice of Meeting of Creditors | ||
| Notice to Creditors re February 8, 2021 Meeting | ||
| Claims Register as at Start of First Meeting of Creditors | ||
| Minutes - First Meeting of Creditors on November 12, 2020 | ||
Trustee's Report on Preliminary Administration
| ||
| Creditor FAQ (Frequently Asked Questions) | ||
| Proof of Claim Checklist | ||
| Creditor Package | ||
| Proof of Claim (Form 31) | ||
| Proxy (Form 36) | ||
| Bankruptcy Order | ||
Filing titles, dates, and extracted key facts are public.
CiteProceedings., “Terra Firma Development Corporation Limited” (Proposal), Supreme Court of Nova Scotia. Retrieved 20 September 2026, https://proceedings.ca/case/terra-firma-development-corporation-limited