Yeo Towns (2460467 Ontario Inc.)
- Proceeding
- Receivership (court-appointed)section 243(1) of the Bankruptcy and Insolvency Act; and section 101 of the Courts of Justice Act
- File
- CV-24-00096502-0000
- Industry
- Real estate · Residential development
Yeo Towns (2460467 Ontario Inc.) has been under the court-appointed receivership of KSV Restructuring Inc. since August 12, 2024, when the Ontario Superior Court of Justice appointed KSV as receiver and manager on the application of DUCA Financial Services Credit Union Ltd. under section 243 of the BIA and provincial Judicature Act authority, in court file CV-24-00096502-0000. DUCA holds a first-ranking mortgage on the real property and a general security agreement dated December 6, 2022, and was owed approximately $7,500,000 as at June 12, 2024, with interest and costs continuing to accrue, plus approximately $200,000 under a letter of credit facility. Westmount Guarantee Services Inc., ranking behind DUCA on a charge registered for $7,000,000 securing purchaser deposit insurance, is owed approximately $3,800,000 in released deposits. Eight suppliers have registered nine construction liens against the property, aggregating approximately $2 million. The proceeding remains active.
Following HCRA's objection to Fusioncorp continuing as construction manager, sought approval of an Assignment and Amendment Agreement assigning the construction contract to 59 PM; fund diversion delays pushed target occupancies into December 2026.
Source: Supplement to the Fourth Report dated October 19, 2026
Reported the project behind schedule and over budget under construction manager Fusioncorp, with 35 purchaser terminations raising deposit and rescission issues, and appended fee affidavits covering August 12, 2024 to May 31, 2026.
Reported construction halted since before the receivership apart from winterization work, and recommended approval of a Completion Agreement with Fusioncorp to recommence and finish the stalled 62-unit townhouse development.
Court appointed KSV Restructuring Inc. receiver and manager of 2460467 Ontario Inc. on DUCA's application, commencing the receivership and fixing the date for measuring creditor claims.
Source: Receivership Appointment Order dated August 12, 2024
Supplementary Responding Application Record dated August 6, 2024 (Redacted) — Application / notice of application
DUCA Financial Services Credit Union Ltd. applied under section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act for the appointment of a receiver over 2460467 Ontario Inc.
Case update
Yeo Towns: no consent from HCRA, and a motion to replace Fusioncorp
The receiver says HCRA told it on September 21 that it would not consent to Fusioncorp staying on as construction manager. The court approved the unit sale process the next day; on October 19 the receiver sought approval to move Fusioncorp's contract to 59 Project Management at $10,500 a month, and moved its occupancy targets to December.
Case update
Yeo Towns: every trade paid through a lawyer's trust account
Two years and $13.5 million into completing a part-built 62-unit Belleville townhouse project, the receiver says it learned that the construction manager it had funded in full had been using the money for other purposes — and asks the court to keep the builder on site, pay every trade through a lawyer's trust account, and list the 37 units whose buyers rescinded.
Debtor
Yeo Towns (2460467 Ontario Inc.)
Receiver
KSV
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Kershman | Ontario Superior Court of Justice | 6 orders, Aug 2024 – Oct 2026 | 19 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverKSV | Dickinson Wright LLP | 11 Dec 2024 | Order · 11 Dec 2024 |
| Applicant | Borden Ladner Gervais LLP | 12 Aug 2024 | Order · 12 Aug 2024 |
| DebtorYeo Towns (2460467 Ontario Inc.) | Friedmans Law Firm | 6 Aug 2024 | Application · 6 Aug 2024 |
| CreditorAviva Insurance Company of Canada | Fasken Martineau DuMoulin LLP | 12 Aug 2024 | Service list · 12 Aug 2024 |
| CreditorDUCA Financial Services Credit Union Ltd | Borden Ladner Gervais LLP | 12 Aug 2024 | Service list · 12 Aug 2024 |
| CreditorKSV Restructuring Inc | Dickinson Wright LLP | 12 Aug 2024 | Service list · 12 Aug 2024 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | DUCA Financial Services Credit Union Ltd. · in 19 casesFirst-ranking mortgage on the Real Property; general security agreement dated December 6, 2022 — Approximate balance per Duca's receivership application materials as of June 12, 2024 (prose approximation); interest and costs continuing to accrue. Also owed approximately $200,000 under a letter of credit facility as of the Filing Date (August 12, 2024) - separate entry below. As of the date of the Fourth Report (September 18, 2026), Duca's funding under the Receiver's Borrowing Charge totalled $13.5 million of the $16.15 million authorized under that charge (post-filing DIP financing, not pre-f · as of 12 Jun 2024 | $7.5M | Motion Record of the Receiver dated September 18, 2026 |
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 5 | PMSI / lessors | |||
| 8 | Unsecured |
5 more claims in 3 classes The stack holds Secured, PMSI / lessors and Unsecured claims.
Every creditor and every amount, drawn to scale.
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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.
2 engagements · 2 firms — latest: Dickinson Wright LLP, 26 Sep 2024 – 25 Jun 2026Third Report of the Receiver · 30 Jun 2026
| Firm | Period | Hours | Fees | Rates | Source |
|---|---|---|---|---|---|
| AlixPartners Restructuring, Inc.Receiver | —Approved | — | — | Third Report of the Receiver · 30 Jun 2026 | |
| Dickinson Wright LLPCounsel | 26 Sep 2024 – 25 Jun 2026 | — | — | Third Report of the Receiver · 30 Jun 2026 |
2 blurred figures above
What each firm billed — each as the filing states it, with its source.
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See all plansCash on hand
$0
As at 30 Jun 2026Third Report of the Receiver dated June 30, 2026
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 |
|---|---|---|
Amended Endorsement of Justice Kershman dated October 26, 2026
| PDF · Subscribers | |
Motion Record of the Receiver dated October 19, 2026
| PDF · Subscribers | |
Supplement to the Fourth Report dated October 19, 2026
| PDF · Subscribers | |
| Endorsement of J. Kershman dated September 22, 2026 | PDF · Subscribers | |
Order dated September 22, 2026
| PDF · Subscribers | |
Factum of the Receiver dated September 18, 2026
| PDF · Subscribers | |
Fourth Report of the Receiver dated September 18, 2026
| PDF · Subscribers | |
Motion Record of the Receiver dated September 18, 2026
| PDF · Subscribers | |
Third Report of the Receiver dated July 16, 2026
| PDF · Subscribers | |
| Court Order dated July 8, 2026 | PDF · Subscribers | |
Motion Record of the Receiver dated June 30, 2026
| PDF · Subscribers | |
Third Report of the Receiver dated June 30, 2026
| PDF · Subscribers | |
Court Order dated May 14, 2025
| PDF · Subscribers | |
Endorsement of Justice Kershman dated May 14, 2025
| PDF · Subscribers | |
| Notice #2 to Unit Purchasers dated May 14, 2025 | PDF · Subscribers | |
Endorsement of Justice Kershman dated May 5, 2025
| PDF · Subscribers | |
Factum of the Receiver dated May 2, 2025
| PDF · Subscribers | |
Supplement to Second Report of the Receiver dated May 2, 2025
| PDF · Subscribers | |
| Motion Record of the Receiver dated April 30, 2025 | PDF · Subscribers | |
Second Report of the Receiver dated April 30, 2025
| PDF · Subscribers | |
Court Order dated December 11, 2024
| PDF · Subscribers | |
First Report of the Receiver dated December 5, 2024
| PDF · Subscribers | |
| Motion Record of the Receiver dated December 5, 2024 | PDF · Subscribers | |
Notice to Unit Purchasers dated August 20, 2024
| PDF · Subscribers | |
Receivership Appointment Order dated August 12, 2024
| PDF · Subscribers | |
Service List as at August 12, 2024
| PDF · Subscribers | |
| Reply Affidavit of Ivan Bogdanovich dated August 6, 2024 | PDF · Subscribers | |
Supplementary Responding Application Record dated August 6, 2024 (Redacted)
| PDF · Subscribers | |
| Responding Application of Respondent dated July 31, 2024 | PDF · Subscribers | |
Notice of Application date July 18, 2024
| 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., “Yeo Towns (2460467 Ontario Inc.)” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 4 November 2026, https://proceedings.ca/case/yeo-towns-2460467-ontario-inc