Textbook (445 Princess Street) Inc.
- Proceeding
- Receivership (court-appointed)subsection 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act
- File
- CV-17-589078-00CL
Textbook (445 Princess Street) Inc. has been under court-appointed receivership in Ontario since January 9, 2018, when the Ontario Superior Court of Justice appointed KSV Kofman Inc. as receiver and manager on the application of KingSett Mortgage Corporation, under section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act (court file CV-17-589078-00CL). The proceeding remains active. KingSett, the principal secured creditor, holds a mortgage on the real property at 429/445 Princess Street in Kingston in the original amount of $7 million, with approximately $7.2 million owing as at April 13, 2018; Bennett Jones has opined that the charge is valid and enforceable. A syndicated mortgage investment of approximately $8.4 million, registered on title and held for investors by Textbook Student Suites (445 Princess Street) Trustee Corporation and Olympia Trust Company, also encumbers the property. KingSett consented to the transaction, and the receiver is seeking a distribution to KingSett first, being unaware of any claim ranking in priority to it.
Motion Record of the Trustee returnable November 18, 2019 — Application / notice of application
The officer filed report no. Nineteenth Report.
Source: Seventh Report of the Receiver dated November 1, 2019
Motion Record of the Moving Parties for a Motion returnable May 29, 2019 — Application / notice of application
Motion Record of the Moving Parties returnable May 2, 2019 — Application / notice of application
The officer filed report no. Eighteenth Report of KSV Kofman Inc.. The Report addresses a proposed settlement of Mareva Order-related litigation with John Davies and related parties, under which sale proceeds from an Arizona property would be split between the Receiver/Trustee and Davies; it does not discuss ongoing business operations of the Receivership Companies, which remain in receivership with development projects largely stalled.
The officer filed report no. Sixteenth Report of KSV Kofman Inc.. The report addresses the Receiver's ongoing investigation into misappropriation of funds by the Davies Developers' principals, litigation against Davies and related parties, and compliance with an OPP production order; the Projects themselves remain undeveloped with no capital to advance construction.
Source: Fifth Report of the Receiver dated February 11, 2019
The officer filed report no. Fifteenth Report. The report addresses litigation developments including a Notice of Action filed against the Receiver, Trustee, and their representatives, and defamatory online materials, rather than ongoing business operations; the receivership relates to sale of Textbook/Memory Care real estate properties.
Source: Fourth Report of the Receiver dated January 16, 2019
The officer filed report no. Third Report. The Receiver completed the sale of the 445 Real Property and repaid the senior mortgagee, and is now seeking to expand the receivership to capture proceeds from an undisclosed sale of an adjacent property (208 Real Property) by the debtor's principals.
The court granted an approval and vesting order for the sale to 1975919 Ontario Inc. Closing terms, as extracted: vesting effective upon delivery of Receiver's Certificate confirming payment of purchase price and satisfaction/waiver of closing conditions.
Motion Record of the Receiver returnable April 20, 2018 — Application / notice of application
Court appointed KSV Kofman Inc. receiver and manager of the debtor on KingSett Mortgage Corporation's application under BIA s. 243(1) and CJA s. 101.
Debtor
Textbook (445 Princess Street) Inc.
Receiver
KSV
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Hainey | Ontario Superior Court of Justice | 10 orders, Jan 2018 – May 2021 | 211 cases on record |
| Justice Conway | Ontario Superior Court of Justice | 4 orders, Sep 2025 | 310 cases on record |
| Justice Myers | Ontario Superior Court of Justice | 2 orders, May 2018 | 117 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverKSV | Aird & Berlis LLP · Bennett Jones LLP | 17 Apr 2018 | Service list · 17 Apr 2018 |
| Applicant | Lax O'Sullivan Lisus Gottlieb LLP | 9 Jan 2018 | Order · 9 Jan 2018 |
| DebtorTextbook (445 Princess Street) Inc. | Rubin & Christie LLP | 17 Apr 2018 | Service list · 17 Apr 2018 |
| Purchaser | Fogler, Rubinoff LLP | 17 Apr 2018 | Service list · 17 Apr 2018 |
| CreditorGrant Thornton Limited | Aird & Berlis LLP · Bennett Jones LLP | 2 May 2019 | Order · 2 May 2019 |
| CreditorJohn Davies, Judith Davies and Aeolian Investments Ltd | Dentons Canada LLP | 31 Jan 2019 | Order · 31 Jan 2019 |
| CreditorKSV Kofman Inc | Bennett Jones LLP | 15 Apr 2019 | Application · 10 Apr 2019 |
| CreditorSMI Investors | Chaitons LLP | 17 Apr 2018 | Service list · 17 Apr 2018 |
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | Textbook Student Suites (445 Princess Street) Trustee Corporation (445 Trustee) and Olympia Trust Companyas of date of this Report (April 13, 2018) — Mortgage registered on title to the Real Property (syndicated mortgage investment); Olympia Trust holds mortgage for investors who hold investment in RRSP — Amount is approximate ('approximately $8.4 million'); syndicated mortgage investment raised from Investors via Trustee Corporations; subordinate in practice as Receiver seeking distribution to KingSett first and is not aware of any claim ranking in priority to KingSett — debtor: Textbook (445 Princess Street) Inc. | $8.4M | First Report of the Receiver dated April 13, 2018 |
| Secured |
1 more claim in 1 class The stack holds Secured claims.
Every creditor and every amount, drawn to scale.
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See all plans5 transactions · 3 closed · 1 approved · 1 not completed — advise the Court of the sale of the 208 Real PropertyThird Report of the Receiver dated June 26, 2018 · 26 Jun 2018
| Purchaser | Price | Status | Source |
|---|---|---|---|
| 1975919 Ontario Inc.the property described as the "Purchased Assets" in the Sale Agreement · real property · agreement 6 Apr 2018 | Sealed | Approved20 Apr 2018 | Approval and Vesting Order dated April 20, 2018 |
| purchaser of the 208 Real Property, unnamedthe 208 Real Property · real property | Subscribers | Closeddate not stated | Third Report of the Receiver dated June 26, 2018 |
| purchaser of Davies' cottagehis cottage · real property | Subscribers | Closed25 Apr 2017 | Seventh Report of the Receiver dated November… |
| purchaser of Davies' homehis home, which is jointly owned with his wife · real property | Subscribers | Not completeddate not stated | Seventh Report of the Receiver dated November… |
| purchaser under the APS for the Arizona Real Property and furnishingsthe Arizona Real Property... along with the furnishings in the property · real property · agreement 12 Oct 2018 | Subscribers | Closed7 Nov 2018 | Seventh Report of the Receiver dated November… |
Hazelton: paid in full.FinalSupplement to the Sixth Report of the Receiver · 23 May 2019
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| class not placedHazelton SMI | Hazelton | — | paid in full | Finalper the receiver | Supplement to the Sixth Report of the Receiver · 23 May 2019 |
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.
5 engagements · 2 firms — latest: KSV Restructuring Inc., 15 Dec 2017 – 31 Mar 2018First Report of the Receiver · 13 Apr 2018
| Firm | Period | Hours | Fees | Rates | Source | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Bennett Jones LLPCounsel to the trustee | — | 13 people | Motion Record of the Receiver · 20 Apr 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
13 people — Bennett Jones LLP · 38 blurred figures
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| KSV Restructuring Inc.Receiverperiod 3 of 4 | 15 Dec 2017 – 31 Mar 2018 | — | — | 2 people | First Report of the Receiver · 13 Apr 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2 people — KSV Restructuring Inc., 15 Dec 2017 – 31 Mar 2018 · 9 blurred figures
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| KSV Restructuring Inc.Receiverperiod 2 of 4 | to 28 Feb 2018 | — | 2 people | First Report of the Receiver · 13 Apr 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2 people — KSV Restructuring Inc., to 28 Feb 2018 · 8 blurred figures
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| KSV Restructuring Inc.Receiverperiod 1 of 4 | 15 Dec 2017 – 31 Jan 2018 | — | 2 people | First Report of the Receiver · 13 Apr 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2 people — KSV Restructuring Inc., 15 Dec 2017 – 31 Jan 2018 · 8 blurred figures
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| KSV Restructuring Inc.Receiverperiod 1 of 4 | — | — | 2 people | Motion Record of the Receiver · 20 Apr 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2 people — KSV Restructuring Inc. · 9 blurred figures
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82 blurred figures above
What each firm billed, and each person’s hours and rate — each as the filing states it, with its source.
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See all plansAs at ·
Cash on hand
$60K
As at 26 Jun 2018Third Report of the Receiver dated June 26, 2018
The total the debtor stated at filing
Each one as the filing states it, with its source.
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See all plans| Date | Document | File |
|---|---|---|
| Twelfth Report of the Receiver dated March 31, 2026 | PDF · Subscribers | |
Ancillary Order dated September 9, 2025
| PDF · Subscribers | |
Endorsement of Justice Conway dated September 9, 2025
| PDF · Subscribers | |
Joint Order re Stewart and Harris Settlement Approval dated September 9, 2025
| PDF · Subscribers | |
Receiver's Activity and Fee Approval Order dated September 9, 2025
| PDF · Subscribers | |
| Eleventh Report of the Receiver dated August 28, 2025 | PDF · Subscribers | |
| Tenth Report of the Receiver dated April 12, 2023 | PDF · Subscribers | |
Court Order dated May 13, 2021
| PDF · Subscribers | |
Settlement Approval Order re Elliott Defendants dated May 13, 2021
| PDF · Subscribers | |
| Ninth Report of the Receiver dated May 5, 2021 - Part 1 of 3 | PDF · Subscribers | |
| Ninth Report of the Receiver dated May 5, 2021 - Part 2 of 3 | PDF · Subscribers | |
| Ninth Report of the Receiver dated May 5, 2021 - Part 3 of 3 | PDF · Subscribers | |
| Ancillary Order dated July 14, 2020 | PDF · Subscribers | |
Endorsement of Justice Hainey dated July 14, 2020
| PDF · Subscribers | |
| Settlement Approval Order dated July 14, 2020 | PDF · Subscribers | |
| Eighth Report of the Receiver dated July 2, 2020 | PDF · Subscribers | |
| Joint Book of Authorities of the Trustee and Receiver returnable July 14, 2020 | PDF · Subscribers | |
| Joint Factum of the Trustee and Receiver returnable July 14, 2020 | PDF · Subscribers | |
| Motion Record of the Trustee returnable July 14, 2020 | PDF · Subscribers | |
| Ancillary Order dated November 18, 2019 | PDF · Subscribers | |
Endorsement of Justice Hainey dated November 18, 2019
| PDF · Subscribers | |
| Motion Record of the Trustee returnable November 18, 2019 | PDF · Subscribers | |
| Settlement Approval Order dated November 18, 2019 | PDF · Subscribers | |
| Joint Book of Authorities of the Trustee and Receiver dated November 5, 2019 | PDF · Subscribers | |
| Joint Factum of the Trustee and Receiver dated November 5, 2019 | PDF · Subscribers | |
Seventh Report of the Receiver dated November 1, 2019
| PDF · Subscribers | |
| Book of Authorities returnable May 29, 2019 | PDF · Subscribers | |
| Factum of the Moving Parties returnable May 29, 2019 | PDF · Subscribers | |
| Motion Record of the Moving Parties for a Motion returnable May 29, 2019 | PDF · Subscribers | |
Supplement to the Sixth Report of the Receiver dated May 23, 2019
| PDF · Subscribers | |
Settlement Approval Order dated May 2, 2019
| PDF · Subscribers | |
| Book of Authorities of the Moving Parties for a Motion returnable May 2, 2019 | PDF · Subscribers | |
| Factum of the Moving Parties for a Motion returnable May 2, 2019 | PDF · Subscribers | |
| Motion Record of the Moving Parties returnable May 2, 2019 | PDF · Subscribers | |
Sixth Report of the Receiver dated April 24, 2019
| PDF · Subscribers | |
Court Order dated April 15, 2019
| PDF · Subscribers | |
Motion Record returnable April 15, 2019
| PDF · Subscribers | |
Supplement to the Fifth Report of the Receiver dated April 9, 2019
| PDF · Subscribers | |
| Motion Record returnable February 25, 2019 | PDF · Subscribers | |
Fifth Report of the Receiver dated February 11, 2019
| PDF · Subscribers | |
Court Order dated January 31, 2019
| PDF · Subscribers | |
| Endorsement of Justice Penny dated January 31, 2019 | PDF · Subscribers | |
Court Order dated dated January 18, 2019
| PDF · Subscribers | |
| Endorsement of Justice Hainey dated January 18, 2019 | PDF · Subscribers | |
Fourth Report of the Receiver dated January 16, 2019
| PDF · Subscribers | |
Court Order dated June 29, 2018
| PDF · Subscribers | |
| Endorsement dated June 29, 2018 | PDF · Subscribers | |
| Motion Record of the Receiver returnable June 29, 2018 | PDF · Subscribers | |
Third Report of the Receiver dated June 26, 2018
| PDF · Subscribers | |
| Court Order dated May 30, 2018 | Trustee site | |
Endorsement of Justice Myers dated May 30, 2018
| PDF · Subscribers | |
Settlement Approval Order dated May 30, 2018
| PDF · Subscribers | |
| Motion Record of the Receiver returnable May 30, 2018 | PDF · Subscribers | |
| Motion Record of the Trustee returnable May 30, 2018 | PDF · Subscribers | |
| Second Report of the Receiver dated May 17, 2018 | PDF · Subscribers | |
Ancillary Order dated April 20, 2018
| PDF · Subscribers | |
Approval and Vesting Order dated April 20, 2018
| PDF · Subscribers | |
| Endorsement dated April 20, 2018 | PDF · Subscribers | |
Motion Record of the Receiver returnable April 20, 2018
| PDF · Subscribers | |
Service List as at April 17, 2018
| PDF · Subscribers | |
First Report of the Receiver dated April 13, 2018
| PDF · Subscribers | |
Endorsement of Justice Hainey dated January 9, 2018
| PDF · Subscribers | |
Receivership Order dated January 9, 2018
| PDF · Subscribers | |
| Report of the Proposed Receiver dated January 5, 2018 | PDF · Subscribers | |
| Receivership application returnable January 9, 2018 | 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., “Textbook (445 Princess Street) Inc.” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 4 November 2026, https://proceedings.ca/case/textbook-445-princess-street-inc