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.
Justice Dietrich approved the sale of the debtor's interest in the Purchased Assets to 2158046 Ontario Inc. under a June 18, 2026 agreement, with vesting on delivery of the Receiver's Certificate.
Source: Approval and Vesting Order of the Honourable Justice Dietrich dated September 22, 2026
Endorsement of the Honourable Justice Dietrich dated September 22, 2026 — Endorsement / reasons
msi Spergel Inc. appointed receiver, with a $750,000 borrowing limit and a Receiver's Charge and Borrowings Charge ranking ahead of other security; registered on title as YR3879491.
Source: Appointment Order of the Honourable Justice Dietrich dated December 1, 2025
Aide Memoire of Empirical Capital Corp. dated July 3, 2025 — Application / notice of application
Empirical Capital Corp. issued its notice of application under BIA s. 243(1) and CJA s. 101, court file CV-24-00731923-00CL, seeking msi Spergel Inc.'s appointment as receiver.
Outcome brief
TerraBona 7115 Yonge: a dollar listing, seven offers, and no discharge yet
On September 22, 2026 Justice Dietrich approved msi Spergel's sale of a 0.95-acre Markham development site at Yonge and Steeles to 2158046 Ontario Inc. at a sealed price, against $39,167,304.23 owed to Empirical Capital Corp. — and declined, for now, to discharge the receiver or approve its $41,000 fee accrual.
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 | 4 orders, Dec 2025 – Sep 2026 | 132 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| Receivermsi Spergel inc. | SimpsonWigle LAW LLP | 22 Sep 2026 | Order · 22 Sep 2026 |
| ApplicantEmpirical Capital Corp. | Garfinkle, Biderman LLP | 23 Jan 2025 | Application · 23 Jan 2025 |
| DebtorTerraBona 7115 Yonge Ltd. | 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 |
| Secured | |||
| Secured | |||
| Secured |
3 more claims in 1 class The stack holds Secured claims.
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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.
Sale approved — the Transaction is hereby approvedApproval and Vesting Order of the Honourable Justice Dietrich dated… · 22 Sep 2026
| Purchaser | Price | Status | Source |
|---|---|---|---|
| 2158046 Ontario Inc.the Debtor's right, title and interest in and to the assets described in the Sale Agreement (the "Purchased Assets") · real property · agreement 18 Jun 2026 | not stated | Approved22 Sep 2026 | Approval and Vesting Order of the Honourable… |
| Date | Document | File |
|---|---|---|
Approval and Vesting Order of the Honourable Justice Dietrich dated September 22, 2026
| PDF · Subscribers | |
Endorsement of the Honourable Justice Dietrich dated September 22, 2026
| PDF · Subscribers | |
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 5 November 2026, https://proceedings.ca/case/terrabona-7115-yonge-ltd
Sources last checked · summary updated 7 August 2026 · Report a correction · Printed from proceedings.ca/case/terrabona-7115-yonge-ltd
Facts and summaries are extracted automatically from the court filings linked on each page; the filings remain the authoritative record. Suggested corrections are reviewed against the source filings.