Urbancorp Management Inc.
- Proceeding
- BankruptcyBIA
- File
- 31-2743224
- Industry
- Real estate · Residential development
Urbancorp Management Inc. is in bankruptcy under the BIA before the Ontario Superior Court of Justice (Commercial List), court file 31-2743224, with proceedings dated to April 6, 2022 and KSV Restructuring Inc. acting as licensed insolvency trustee. The estate's principal contest is a secured claim of $2,812,631.05 as of June 18, 2021 filed by Doreen Saskin, spouse of Urbancorp principal Alan Saskin, resting on a general security agreement dated September 11, 2019 and registered two days later. The trustee disputes both validity and quantum, having been unable to reconcile the principal claimed of approximately $2,207,546.43 with supported advances of $1,786,150.62 before interest, and noting the security was registered roughly three and a half years after the NOI proceedings began and after substantially all funds had been advanced. UMI's books and records show $7,700,000 owing to Urbancorp Toronto Management Inc., its main unsecured creditor.
The officer filed report no. Sixty-second Report (Monitor) / Seventh Report (Trustee). The CCAA proceeding is winding down, with the Monitor working to resolve outstanding CRA tax matters (refunds, an HST issue, and clearance certificates) for the Geothermal Asset Owners before making final distributions; in parallel, the UMI bankruptcy estate is nearing completion pending resolution of an HST 'wash' voluntary disclosure before a final dividend can be paid.
The officer filed report no. Fifty-Sixth Report. The Monitor continues to pursue litigation with Mattamy over UTMI management fees, work with CRA to obtain clearance certificates for the Geothermal Asset Owners to permit final distributions to UCI, and the Cumberland CCAA Entities are projected to have sufficient cash to meet disbursements during the extension period.
Notice of motion dated April 6, 2022 brought the matter before the Commercial List, marking commencement of the bankruptcy proceedings under court file 31-2743224.
Source: Motion Record of the Trustee returnable April 13, 2022
Debtor
Urbancorp Management Inc.
Trustee in bankruptcy
KSV
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Morawetz | Ontario Superior Court of Justice | 3 orders, May 2021 – May 2022 | 141 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| Applicant | Davies Ward Phillips & Vineberg LLP | 20 May 2021 | Order · 20 May 2021 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Doreen SaskinGeneral Security Agreement dated September 11, 2019; registered September 13, 2019 — Proof of claim filed amount inclusive of interest of $605,084.62 (principal claimed approximately $2,207,546.43); disputed by Trustee - validity and quantum contested; Trustee unable to reconcile claimed principal with supported advances totaling $1,786,150.62 (before interest); prose reference elsewhere describes claim as '$2.8 million secured claim'; related party - spouse of Urbancorp's principal Alan Saskin; security registered ~3.5 years after NOI Proceedings commenced and after substantially all funds ad · as of 18 Jun 2021 | $2.81M | First Report of the Trustee dated April 6, 2022 |
| 8 | Unsecured |
1 more claim in 1 class The stack holds Secured and Unsecured claims.
Every creditor and every amount, drawn to scale.
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See all plansUnsecured creditors: a distribution. UCI a distribution · UMI no distribution.FinalSeventh Report of the Trustee · 20 Aug 2025
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Unsecured | UMI's unsecured creditors | — | interim | Finalper the trustee | Seventh Report of the Trustee · 20 Aug 2025 |
| Unsecured | UCI | Finalper the trustee | Seventh Report of the Trustee · 20 Aug 2025 | ||
| Unsecured | UMI | — | no distribution | per the trustee | Seventh Report of the Trustee · 20 Aug 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.
3 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 plans11 engagements · 3 firms — latest: KSV Restructuring Inc., 1 Jan – 31 Jul 2025Seventh Report of the Trustee · 20 Aug 2025
| Firm | Period | Hours | Fees | Rates | Source | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DLA Piper (Canada) LLPCounsel | to 31 Jan 2025 | — | Seventh Report of the Trustee · 20 Aug 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Davies Ward Phillips & Vineberg LLPCounselperiod 5 of 5 | 1 Jan – 30 Jun 2025Sought | — | — | Seventh Report of the Trustee · 20 Aug 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Davies Ward Phillips & Vineberg LLPCounselperiod 4 of 5 | 1 Nov 2022 – 28 Feb 2023 | 12 people | Second Report as Trustee · 16 Mar 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12 people — Davies Ward Phillips & Vineberg LLP, 1 Nov 2022 – 28 Feb 2023 · 22 blurred figures
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| Davies Ward Phillips & Vineberg LLPCounselperiod 3 of 5 | to 31 Jan 2023 | 4 people | Second Report as Trustee · 16 Mar 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4 people — Davies Ward Phillips & Vineberg LLP, to 31 Jan 2023 · 12 blurred figures
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| Davies Ward Phillips & Vineberg LLPCounselperiod 2 of 5 | to 31 Dec 2022 | 5 people | Second Report as Trustee · 16 Mar 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5 people — Davies Ward Phillips & Vineberg LLP, to 31 Dec 2022 · 15 blurred figures
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| Davies Ward Phillips & Vineberg LLPCounselperiod 1 of 5 | to 30 Nov 2022 | 3 people | Second Report as Trustee · 16 Mar 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3 people — Davies Ward Phillips & Vineberg LLP, to 30 Nov 2022 · 9 blurred figures
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| KSV Restructuring Inc.Monitorperiod 5 of 5 | 1 Jan – 31 Jul 2025 | — | — | Seventh Report of the Trustee · 20 Aug 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| KSV Restructuring Inc.Monitorperiod 4 of 5 | 1 Nov 2022 – 28 Feb 2023 | 2 people | Second Report as Trustee · 16 Mar 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2 people — KSV Restructuring Inc., 1 Nov 2022 – 28 Feb 2023 · 9 blurred figures
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| KSV Restructuring Inc.Monitorperiod 4 of 5 | 1 Feb – 28 Feb 2023 | 2 people | Second Report as Trustee · 16 Mar 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2 people — KSV Restructuring Inc., 1 Feb – 28 Feb 2023 · 8 blurred figures
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| KSV Restructuring Inc.Monitorperiod 2 of 5 | 1 Jan – 31 Jan 2023 | 2 people | Second Report as Trustee · 16 Mar 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2 people — KSV Restructuring Inc., 1 Jan – 31 Jan 2023 · 8 blurred figures
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| KSV Restructuring Inc.Monitorperiod 1 of 5 | 1 Nov – 31 Dec 2022 | 2 people | Second Report as Trustee · 16 Mar 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2 people — KSV Restructuring Inc., 1 Nov – 31 Dec 2022 · 8 blurred figures
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119 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 plansCash on hand
$2.91M
As at 20 Aug 2025Seventh Report of the Trustee dated August 20, 2025
Professional fees
As at
1 more reported figure
Each one as the filing states it, with its source.
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See all plans| Date | Document | File |
|---|---|---|
| Eighth Report of the Trustee dated February 18, 2026 | PDF · Subscribers | |
Seventh Report of the Trustee dated August 20, 2025
| PDF · Subscribers | |
| Sixth Report of the Trustee dated June 21, 2024 | PDF · Subscribers | |
| Fifth Report of the Trustee dated January 23, 2024 | PDF · Subscribers | |
| Fourth Report of the Trustee dated September 25, 2023 | PDF · Subscribers | |
| Third Report as Trustee dated June 21, 2023 | PDF · Subscribers | |
Second Report as Trustee dated March 16, 2023
| PDF · Subscribers | |
Endorsement of Justice Morawetz dated May 10, 2022
| PDF · Subscribers | |
First Report of the Trustee dated April 6, 2022
| PDF · Subscribers | |
Motion Record of the Trustee returnable April 13, 2022
| PDF · Subscribers | |
Notice of Bankruptcy and First Meeting of Creditors dated June 8, 2021
| PDF · Subscribers | |
| Certificate of Appointment dated June 7, 2021 | PDF · Subscribers | |
Bankruptcy Order dated May 20, 2021 - UMI
| PDF · Subscribers | |
Endorsement of Justice Morawetz dated May 20, 2021
| 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., “Urbancorp Management Inc.” (Bankruptcy), Ontario Superior Court of Justice. Retrieved 5 November 2026, https://proceedings.ca/case/urbancorp-management-inc