The Clover on Yonge Inc., The Clover on Yonge Limited Partnership, 480 Yonge Street Inc. and 480 Yonge Street Limited Partnership (Cresford Group)
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-20-00637301-00CL & CV-20-00637297-00CL
- Industry
- Real estate · Residential development
The Clover on Yonge Inc., The Clover on Yonge Limited Partnership, 480 Yonge Street Inc. and 480 Yonge Street Limited Partnership, Cresford Group entities behind the Clover and Halo condominium projects, have been under court-appointed receivership since March 27, 2020, with PricewaterhouseCoopers Inc. acting as receiver and manager. The appointment was made by the Ontario Superior Court of Justice (Commercial List) in file CV-20-00637301-00CL on the application of bcIMC Construction Fund Corporation and bcIMC Specialty Fund Corporation, under section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act. On the Companies' books, Clover Project assets stood at $264,258,877.15 against secured claims of $211,353,227.96 and unsecured claims of $46,368,647.31; Halo Project assets stood at $160,529,389.84 against secured claims of $127,709,382.10 and unsecured claims of $28,915,810.42. The receivership remains active.
A claims procedure has been established — see the order for deadlines.
Per the Halo Claims Procedure Order dated 16 October 2020.
(Halo) Receiver’s Motion Record (re: Halo Discharge Order) — Application / notice of application
(Halo) Receiver’s Motion Record – Third Halo Distribution Order — Application / notice of application
(Clover) – Approval and Discharge Order (with Endorsement of J Hainey) — Endorsement / reasons
(Halo) - Deposit Return Procedure Order (with Endorsement of J Hainey) — Endorsement / reasons
Receiver’s Motion Record (re Clover Approval and Discharge Order and Halo Deposit Return Procedure Order) — Application / notice of application
(Halo) Receiver’s Motion Record – Second Halo Distribution Order — Application / notice of application
(Halo) Receiver's Motion Record - Claims Procedure Order and Distribution Order — Claims procedure order
The court granted an approval and vesting order. Closing terms, as extracted: Vesting takes effect upon delivery of the Receiver's Certificate confirming payment of the Purchase Price, satisfaction or waiver of closing conditions, and completion of the Transaction to the Receiver's satisfaction. Sealed: Confidential Appendices 'C' and 'D' to the Report, sealed until completion of the Transaction or further Order.
Source: Approval and Vesting Order
Endorsement of J. Koehnen (re Halo Receiver Borrowings Increase Order) — Endorsement / reasons
The court approved a sale and investment solicitation process. A bid deadline of 2020-08-19.
Source: SISP Approval Order (re Halo)
Supplementary Motion Record of the Receiver (re Approval of SISP) — Application / notice of application
Motion Record of the Receiver (re Sale Approval Order, SISP) — Application / notice of application
Supplementary Motion Record of the Receiver (re Receiver’s Borrowing – Revised Draft Order) — Application / notice of application
Supplementary Motion Record of the Receiver (re Receiver’s Borrowing – Supplementary Report) — Application / notice of application
Motion Record of the Receiver (re Receiver’s Borrowing) — Application / notice of application
Brian Isherwood & Associates Ltd. o/a Isherwood Geostructural Engineers — Notice to creditors
The court appointed PricewaterhouseCoopers Inc. as receiver and manager, on the application of BCIMC Construction Fund Corporation and BCIMC Specialty Fund Corporation. Court file CV-20-00637301-00CL & CV-20-00637297-00CL.
Source: J. Koehnen's Reasons for Granting Receivership Order
Court appointed PricewaterhouseCoopers Inc. receiver and manager of the Clover and Halo project entities on the bcIMC funds' application under BIA s. 243(1) and CJA s. 101.
Source: Receivership Order
Debtor
The Clover on Yonge Inc., The Clover on Yonge Limited Partnership, 480 Yonge Street Inc. and 480 Yonge Street Limited Partnership (Cresford Group)
Receiver
PwC
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Koehnen | Ontario Superior Court of Justice | 10 orders, Mar 2020 – Jul 2020 | 81 cases on record |
| Justice Gilmore | Ontario Superior Court of Justice | 3 orders, Oct 2020 | 68 cases on record |
| Justice Osborne | Ontario Superior Court of Justice | 2 orders, Jul 2022 | 168 cases on record |
| Justice Hainey | Ontario Superior Court of Justice | 2 orders, Feb 2021 | 211 cases on record |
| Justice Conway | Ontario Superior Court of Justice | 2 orders, Sep 2020 | 309 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverPwC | McCarthy Tétrault LLP | 20 Mar 2020 | Affidavit · 20 Mar 2020 |
| Applicant | Torys LLP | 27 Mar 2020 | Order · 27 Mar 2020 |
| ApplicantbcIMC Construction Fund Corporation and bcIMC Construction Fund Corporation Tel | Torys LLP | 9 Dec 2021 | Service list · 9 Dec 2021 |
| ApplicantThis is Exhibit 'C' referred to in the Affidavit of Shane Ramnanan sworn March 26, 2020 | Lenczner Slaght Royce Smith Griffin LLP | 26 Mar 2020 | Application · 26 Mar 2020 |
| DebtorThe Clover on Yonge Inc., The Clover on Yonge Limited Partnership, 480 Yonge Street Inc. and 480 Yonge Street Limited Partnership (Cresford Group) | Aird & Berlis LLP · Bennett Jones LLP | 19 Jun 2020 | Factum · 19 Jun 2020 |
| CreditorAldershot Landscape Contractors | SimpsonWigle LAW LLP | 9 Dec 2021 | Service list · 9 Dec 2021 |
| CreditorbcIMC Construction Fund Corp | Torys LLP | 20 Mar 2020 | Factum · 20 Mar 2020 |
| CreditorBrock Aggregates | Pallett Valo LLP | 9 Dec 2021 | Service list · 9 Dec 2021 |
| CreditorCity of Toronto CORPORATION | City Solicitor'S Office | 3 Jun 2020 | Factum · 3 Jun 2020 |
| CreditorConcord Group | Bennett Jones LLP | 18 May 2020 | Endorsement · 18 May 2020 |
| CreditorConcord Land Developments Limited | Bennett Jones LLP | 3 Jun 2020 | Factum · 3 Jun 2020 |
| CreditorDaniel Casey and Cresford (Rosedale) Developments Inc | Aird & Berlis LLP | 9 Dec 2021 | Service list · 9 Dec 2021 |
| CreditorFence People Limited | Michael A. Handler Professional Corporation | 9 Dec 2021 | Service list · 9 Dec 2021 |
| CreditorFunda Tekdurmaz and Junfei Xiao, of a group of Unit | Lax O'Sullivan Lisus Gottlieb LLP | 9 Dec 2021 | Service list · 9 Dec 2021 |
| CreditorGFL Infrastructure Group Inc | Glaholt Bowles LLP | 18 May 2020 | Endorsement · 18 May 2020 |
| CreditorGlobal Precast Inc | Miller Thomson LLP | 9 Apr 2020 | Application · 9 Apr 2020 |
| CreditorKingSett Mortgage Corporation | Bennett Jones LLP | 18 May 2020 | Endorsement · 18 May 2020 |
| CreditorOTB Capital Inc | Fred Tayar & Associates Professional Corporation | 2 Jun 2020 | Factum · 3 Jun 2020 |
| CreditorPJD Developments | Stikeman Elliott LLP | 18 May 2020 | Endorsement · 18 May 2020 |
| CreditorPJD Properties Inc | Stikeman Elliott LLP | 9 Dec 2021 | Service list · 9 Dec 2021 |
| CreditorQuality Sterling Group | Cassels Brock & Blackwell LLP | 18 May 2020 | Endorsement · 18 May 2020 |
| CreditorRespodents | Aird & Berlis LLP | 7 Jul 2022 | Endorsement · 7 Jul 2022 |
| CreditorSarven Cicekian, Mike Catsiliras and Lisa Resnick | Naymark Law | 9 Dec 2021 | Service list · 9 Dec 2021 |
| CreditorSky Window Technologies Inc | Drudi Alexiou Kuchar LLP | 9 Apr 2020 | Application · 9 Apr 2020 |
| CreditorStrada Aggegates Inc | Sutherland Law | 9 Dec 2021 | Service list · 9 Dec 2021 |
| CreditorTarion Warranty Corporation | Gowling WLG (Canada) LLP | 7 Jul 2022 | Endorsement · 7 Jul 2022 |
| CreditorU-Neek General Contracting Ltd | Middonti Law | 9 Dec 2021 | Service list · 9 Dec 2021 |
| CreditorVerdi / Alliance Group | Burstein Rotenberg Berk LLP | 9 Dec 2021 | Service list · 9 Dec 2021 |
| CreditorYSL Investors Group | Thornton Grout Finnigan LLP | 18 May 2020 | Endorsement · 18 May 2020 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | bcIMC Construction Fund CorporationCharges/Mortgages, assignments of rents, GSAs, share security, etc. (Security Agreements); Clover facility maximum funding $205,576,541 (shared with bcIMC Specialty Fund, a facility limit, not a balance) — Amount per Receiver's review of books and records and PPSA registrations. Applicant in receivership application. — debtor: The Clover on Yonge Inc. / Clover Project · as of 27 Mar 2020 | $111M | Notice and Statement of the Receiver |
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 8 | Unsecured | |||
| 8 | Unsecured |
20 more claims in 2 classes The stack holds Secured and Unsecured claims.
Every creditor and every amount, drawn to scale.
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See all plansSale closed — The Court approved the sale of the Halo Project to 494 Yonge Street Inc., an affiliate of the Applicants, on September 15, 2020, and the Transaction closed on October 9, 2020.Eighth Report of the Receiver · 8 Dec 2021
| Purchaser | Price | Status | Source |
|---|---|---|---|
| 494 Yonge Street Inc.the Halo Project · asset sale | Subscribers | Closed9 Oct 2020outside 21 Oct 2020 | Eighth Report of the Receiver |
Unsecured creditors: a distribution. Aviva paid in full · BCIMC Specialty Fund a distribution · OTB Capital Inc. a distribution.Final480 Inc – Trustee’s Report on Preliminary Administration · 15 Feb 2024
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Secured | secured claims against 480 LP and 480 Inc. | — | paid in full | Finalper the trustee | 480 LP – Trustee’s Report on Preliminary Administration · 15 Feb 2024 |
| Secured | Aviva | — | paid in fullconditional | Finalper the receiver | Eighth Report of the Receiver · 8 Dec 2021 |
| Secured | BCI Construction and BCI Specialty | — | paid in fullinterim | Finalper the receiver | Sixth Report of the Receiver · 31 Oct 2020 |
| Secured | BCIMC Specialty Fund | — | a distribution | Finalper the receiver | Receiver’s Motion Record (re Clover Approval and Discharge Order and… · 11 Feb 2021 |
| Secured | OTB Capital Inc. | — | a distribution | Finalper the receiver | Receiver’s Motion Record (re Clover Approval and Discharge Order and… · 11 Feb 2021 |
| Unsecured | unsecured creditors with proven claims (Receivership Proceedings) | — | of proven claims | Finalper the trustee | 480 Inc – Trustee’s Report on Preliminary Administration · 15 Feb 2024 |
| class not placedAviva Insurance of Canada | Aviva Insurance of Canada | — | conditional | Finalper the court | Halo Interim Distribution Order · 16 Oct 2020 |
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.
2 blurred figures above
The claims and what each class or creditor recovers — each as the filing states it, with its source.
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See all plansAs at ·
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 |
|---|---|---|
| Receiver's Discharge Certificate | PDF · Subscribers | |
480 Inc – Trustee’s Report on Preliminary Administration
| PDF · Subscribers | |
480 LP – Trustee’s Report on Preliminary Administration
| PDF · Subscribers | |
| Inc – Notice of Bankruptcy | PDF · Subscribers | |
| Inc– Proof of Claim and Proxy forms | PDF · Subscribers | |
| LP – Notice of Bankruptcy | PDF · Subscribers | |
| LP – Proof of Claim and Proxy forms | PDF · Subscribers | |
Endorsement of J Osborne (re Halo Discharge Order)
| PDF · Subscribers | |
Halo Discharge Order
| PDF · Subscribers | |
Halo Service List - July 5 2022
| PDF · Subscribers | |
| (Halo) Receiver’s Motion Record (re: Halo Discharge Order) | PDF · Subscribers | |
| Ninth Report of the Receiver | PDF · Subscribers | |
| Endorsement re Third Halo Distribution Order | PDF · Subscribers | |
Third Halo Distribution Order
| PDF · Subscribers | |
Service List
| PDF · Subscribers | |
(Halo) Receiver’s Motion Record – Third Halo Distribution Order
| PDF · Subscribers | |
Eighth Report of the Receiver
| PDF · Subscribers | |
| Clover Receivership Discharge Certificate | PDF · Subscribers | |
(Clover) – Approval and Discharge Order (with Endorsement of J Hainey)
| PDF · Subscribers | |
(Halo) - Deposit Return Procedure Order (with Endorsement of J Hainey)
| PDF · Subscribers | |
| Notice of Dispute (re Halo Deposit Return Procedure) | PDF · Subscribers | |
| Wire Transfer Form (re Halo Deposit Return Procedure) | PDF · Subscribers | |
Receiver’s Motion Record (re Clover Approval and Discharge Order and Halo Deposit Return Procedure Order)
| PDF · Subscribers | |
| Seventh Report of the Receiver | PDF · Subscribers | |
| Second Halo Interim Distribution Order | PDF · Subscribers | |
(Halo) Receiver’s Motion Record – Second Halo Distribution Order
| PDF · Subscribers | |
Sixth Report of the Receiver
| PDF · Subscribers | |
| Instruction Letter | PDF · Subscribers | |
| Notice to Creditors | PDF · Subscribers | |
| Proof of Claim | PDF · Subscribers | |
Endorsement of J. Gilmore
| PDF · Subscribers | |
Halo Claims Procedure Order
| PDF · Subscribers | |
Halo Interim Distribution Order
| PDF · Subscribers | |
| (Halo) Receiver's Motion Record - Claims Procedure Order and Distribution Order | PDF · Subscribers | |
Fifth Report of the Receiver
| PDF · Subscribers | |
Approval and Vesting Order
| PDF · Subscribers | |
Endorsement of J. Conway (re Approval and Vesting Order)
| PDF · Subscribers | |
Factum of the Receiver (re Approval and Vesting Order)
| PDF · Subscribers | |
Fourth Report of the Receiver
| PDF · Subscribers | |
| Motion Record (re Approval and Vesting Order) | PDF · Subscribers | |
| Email Service List | Trustee site | |
| Endorsement of J. Koehnen (re Halo Receiver Borrowings Increase Order) | PDF · Subscribers | |
Halo Receiver Borrowings Increase Order
| PDF · Subscribers | |
Factum of the Receiver (re Borrowings for Halo)
| PDF · Subscribers | |
Motion Record of the Receiver (re Borrowings for Halo)
| PDF · Subscribers | |
Third Report of the Receiver
| PDF · Subscribers | |
| Funda Tekdurmaz and Junfei Xiao | PDF · Subscribers | |
| Labourers' International Union of North America, Local 183 | PDF · Subscribers | |
| BMO Syndicate of Lenders, in their capacity as Administrative Agent | PDF · Subscribers | |
Factum of the Clover Applicants CCAA Applicants
| PDF · Subscribers | |
| Motion Record of the Clover CCAA Applicants | PDF · Subscribers | |
| Pre-Filing Report of the Proposed Monitor | PDF · Subscribers | |
Endorsement of J. Koehnen (re SISP)
| PDF · Subscribers | |
SISP Approval Order (re Halo)
| PDF · Subscribers | |
| Toro Road Developments Inc., et al | PDF · Subscribers | |
| Compendium of the Applicants | PDF · Subscribers | |
| First Amendment to Agreement of Purchase and Sale - Clover | PDF · Subscribers | |
| First Amendment to Agreement of Purchase and Sale - Halo | PDF · Subscribers | |
Affidavit of Cliff McCracken
| PDF · Subscribers | |
| Affidavit of Jason Chiu sworn June 3, 2020 | PDF · Subscribers | |
| Book of Authorities of Concord Land Developments Limited | PDF · Subscribers | |
Factum of Concord Land Developments Limited
| PDF · Subscribers | |
Factum of OTB Capital Inc.
| PDF · Subscribers | |
Factum of the Applicants
| PDF · Subscribers | |
Written Submission of the City of Toronto
| PDF · Subscribers | |
| Affidavit of David Mann | PDF · Subscribers | |
Endorsement of J Koehnen
| PDF · Subscribers | |
Factum of the Receiver
| PDF · Subscribers | |
June 2, 2020 Supplementary Report of the Receiver
| PDF · Subscribers | |
Record of OTB Capital Inc.
| PDF · Subscribers | |
| Responding Motion Record of 2379646 Ontario Inc. | PDF · Subscribers | |
| Submissions by Certain Clover Unit Purchasers | PDF · Subscribers | |
Supplementary Motion Record of the Receiver
| PDF · Subscribers | |
| Affidavit of Jonathan Silver dated June 1, 2020 | PDF · Subscribers | |
May 29, 2020 Supplementary Report of the Receiver
| PDF · Subscribers | |
Supplementary Motion Record of the Receiver (re Approval of SISP)
| PDF · Subscribers | |
| Circle to Square Inc. | PDF · Subscribers | |
| Motion Record of the Receiver (re Sale Approval Order, SISP) | PDF · Subscribers | |
| Second Report of the Receiver | PDF · Subscribers | |
Endorsement of J. Koehnen (re Receiver’s Borrowing Order)
| PDF · Subscribers | |
Receiver’s Borrowing Order
| PDF · Subscribers | |
| 3C Carpentry Limited | PDF · Subscribers | |
| Affidavit and Notice of Appearance of Jim Emanoilidis | PDF · Subscribers | |
| Supplementary Motion Record of the Receiver (re Receiver’s Borrowing – Revised Draft Order) | PDF · Subscribers | |
Supplementary Motion Record of the Receiver (re Receiver’s Borrowing – Supplementary Report)
| PDF · Subscribers | |
| Supplementary Report of the Receiver | PDF · Subscribers | |
Factum of the Receiver (re Receiver’s Borrowing)
| PDF · Subscribers | |
| First Report of the Receiver | PDF · Subscribers | |
Motion Record of the Receiver (re Receiver’s Borrowing)
| PDF · Subscribers | |
| OTB Capital Inc. | PDF · Subscribers | |
| GFL Infrastructure Group Inc. | PDF · Subscribers | |
| Brian Isherwood & Associates Ltd. o/a Isherwood Geostructural Engineers | PDF · Subscribers | |
| Dell-Core Edge Protection Ltd. | PDF · Subscribers | |
| Quality Sterling Group | PDF · Subscribers | |
| Yuk Kuen Chan et al. | PDF · Subscribers | |
| Pumpcrete Corporation | PDF · Subscribers | |
| architectsAlliance and Stephen Wells Architect Ltd. | PDF · Subscribers | |
| 2379646 Ontario Inc. | PDF · Subscribers | |
| Bellwood Sheet Metal Limited | PDF · Subscribers | |
| Dolente Concrete & Drain Company Limited | PDF · Subscribers | |
Global Precast Inc. and Affinity Aluminum Systems Ltd.
| PDF · Subscribers | |
Sky Window Technologies Inc.
| PDF · Subscribers | |
Notice and Statement of the Receiver
| PDF · Subscribers | |
| The YSL Investors Group | PDF · Subscribers | |
J. Koehnen's Reasons for Granting Receivership Order
| PDF · Subscribers | |
Receivership Order
| PDF · Subscribers | |
Sealing Order (re Confidential Report)
| PDF · Subscribers | |
| Second Affidavit of Dean Atkins (March 27, 2020) – Halo and Clover | PDF · Subscribers | |
| Application Record (CCAA) – volume 1 of 2 | PDF · Subscribers | |
| Application Record (CCAA) – volume 2 of 2 | PDF · Subscribers | |
| Factum of the Applicants (CCAA) | PDF · Subscribers | |
| Proposed Receiver Supplementary Pre-Filing Report | PDF · Subscribers | |
| Responding Application Record of the Brokers - Clover | PDF · Subscribers | |
Responding Application Record of the Brokers - Halo
| PDF · Subscribers | |
Affidavit of Service of Pre- Filing Report (A. Steele)
| PDF · Subscribers | |
Factum of the Applicants (Sealing Order)
| PDF · Subscribers | |
| Motion Record (Sealing Order) | PDF · Subscribers | |
| Receiver’s Pre-Filing Report | PDF · Subscribers | |
Endorsement of Justice Koehnen
| PDF · Subscribers | |
| Application Record – volume 1 of 2 | PDF · Subscribers | |
| Application Record – volume 2 of 2 | PDF · Subscribers | |
| Book of Authorities | PDF · Subscribers | |
| FAQs for Pre-Construction Purchasers | 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., “The Clover on Yonge Inc., The Clover on Yonge Limited Partnership, 480 Yonge Street Inc. and 480 Yonge Street Limited Partnership (Cresford Group)” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 16 October 2026, https://proceedings.ca/case/the-clover-on-yonge-inc-the-clover-on-yonge-limited-partnership-480-yonge-street