TerraBona 7115 Yonge Ltd.
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-24-00731923-00CL
TerraBona 7115 Yonge Ltd. is in an active court-appointed receivership under BIA s. 243, commenced December 1, 2025. Empirical Capital Corp. holds a first-ranking charge/mortgage registered November 25, 2022 for a registered principal sum of $31,000,000, a general security agreement registered under the PPSA on November 24, 2022, and a general assignment of rents. Its mortgage statement showed $33,419,371.06 outstanding as of January 1, 2025; the notice of application issued November 25, 2024 put the amount at approximately $33,522,732.84 as of November 15, 2024, following a September 5, 2024 demand for $32,233,057.73. Majid Tavakoli and Majid Tavakoli Holdings Ltd. guaranteed the debt under guarantees dated November 24, 2022, secured by general security agreements registered under the PPSA the same day. Municipal realty tax arrears of $37,408.43 stand as a statutory lien against the real property.
The court appointed MSI Spergel Inc. as receiver, on the application of Empirical Capital Corp.. Court file CV-24-00731923-00CL.
Source: Appointment Order of the Honourable Justice Dietrich dated December 1, 2025
5 earlier updates, back to 1 December 2025 — subscribers.
Debtor
TerraBona 7115 Yonge Ltd.
Applicant
Empirical Capital Corp.
Receiver
msi Spergel inc.
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Dietrich | Ontario Superior Court of Justice | 2 orders, Dec 2025 | 109 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ApplicantEmpirical Capital Corp. | Garfinkle, Biderman LLP · Blaney McMurtry LLP | 23 Jan 2025 | Application · 23 Jan 2025 |
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | Empirical Capital Corp. · in 2 casesFirst mortgage/charge (Instrument No. YR3501976), registered principal amount $31,000,000.00, plus Notice of Assignment of Rents (YR3501977) and Notices of Restriction-Land (YR3501985, YR3731860) — Payout statement (Statement of Balance Owing) dated August 24, 2026; balance is a running total including interest and legal fees; per diem accruing thereafter at $10,949.95; loan principal ($31,000,000.00) separately stated as original advance; Empirical is junior lender/administrator under a mortgage participation agreement, with Home Trust as priority lender having carriage of enforcement on defa · as of 24 Aug 2026 | $39.2M | Motion Record of the Receiver dated September 11, 2026 |
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.
| Date | Document | File |
|---|---|---|
Motion Record of the Receiver dated September 11, 2026
| PDF · Subscribers | |
Appointment Order of the Honourable Justice Dietrich dated December 1, 2025
| PDF · Subscribers | |
Endorsement of the Honourable Justice Dietrich dated December 1, 2025
| PDF · Subscribers | |
| Supplementary Application Record dated August 7, 2025 | PDF · Subscribers | |
Aide Memoire of Empirical Capital Corp. dated July 3, 2025
| PDF · Subscribers | |
Aide Memoire of the Applicant dated January 23, 2025
| PDF · Subscribers | |
Application Record dated January 6, 2025
| 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., “TerraBona 7115 Yonge Ltd.” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 20 September 2026, https://proceedings.ca/case/terrabona-7115-yonge-ltd