Ontario · Receivership (court-appointed)
Application Record of the Applicants dated January 9, 2026 (for motion returnable January 16, 2026)
Application / notice of application · 9 January 2026
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What we verified from this filing11 verified
- applicantWINDSOR PRIVATE CAPITAL LIMITED PARTNERSHIP and WINDSOR II LIMITED PARTNERSHIP
- courtSUPERIOR COURT OF JUSTICE (COMMERCIAL LIST)
- court file noCL-26-00000005-0000
- provinceONTARIO
- statutory basisSECTION 243(1) OF THE BANKRUPTCY AND INSOLVENCY ACT and SECTION 101 OF THE COURTS OF JUSTICE ACT
- commencement date9 January 2026
- secured creditorsnote: 2017 Windsor Loan ($7,000,000, matured 2019-08-11) and 2018 Windsor Loan ($18,000,000, matured 2019-07-31) together totaled $25,000,000 principal advanced; both remain unpaid. Only payment received was approx. $7.76 million on 2022-09-12 from an NBC advance; no further principal or interest payments received since. Components only; exact current outstanding balance is not stated in the document. · page: 22 · debtor: 2352107 Ontario Inc. · creditor: Windsor Private Capital Limited Partnership (Windsor I) · currency: CAD · security: Windsor Charge - charge/mortgage of land registered 2017-08-17 as Instrument No. YR2719065, originally registered principal $7,000,000 (securing 2017 Windsor Loan); amended by Notice Amending Charge registered 2018-08-09 as Instrument No. YR2859711 to increase registered principal to $25,000,000 (also securing 2018 Windsor Loan of $18,000,000). Ranks third in priority per priority agreements.
- secured creditorsnote: Ranks first in priority per priority agreements. Figures shown are registered principal/facility maximums, not a stated outstanding balance. NBC retained the balance of its secured loan position after assigning $3,000,000 of its Term Facility interest to Windsor II (Nov 4, 2025). Debtor's obligations to NBC are also guaranteed by related company Haven Property Development Inc. (guarantee limited to $17,176,668) and by Windsor I (guarantee limited to $8,588,334) - related-party credit support, not itself a debtor liability. · page: 25 · debtor: 2352107 Ontario Inc. · creditor: National Bank of Canada (NBC) · currency: CAD · security: Demand first-ranking collateral mortgage (NBC Charge) - registered principal $110,000,000, registered 2022-09-09, Instrument No. YR3475219; general assignment of rents and leases (Instrument No. YR3475220); site-specific general security agreement (NBC GSA) over present/after-acquired personal property; Assignment of Contracts; APS Assignment Agreement. NBC Term Facility (non-revolving construction loan) originally up to $25,765,000, increased to $28,765,000 by Amending Agreement dated 2025-11-04; non-revolving Letter of Credit facility up to $1,000,000, later increased to $5,000,000.
- secured creditorsnote: Participation ranks last-out to NBC per the Amending Agreement dated 2025-11-04; Windsor II not entitled to repayment until NBC's Outstanding Obligations are fully and indefeasibly repaid. Funds advanced were used to discharge 13 construction liens totaling $6,289,529.81 (registered Dec 2024-Sept 2025), since discharged, and other accounts payable. · page: 30 · as of: 2025-11-04 · amount: 3000000 · debtor: 2352107 Ontario Inc. · creditor: Windsor II Limited Partnership · currency: CAD · security: Participation as Lender in the NBC Term Facility (assigned portion) pursuant to Assignment and Assumption Agreement dated 2025-11-04; secured under the NBC Charge, NBC GSA and related NBC security documents to the extent of the assigned interest.
- secured creditorsnote: Amount is a registered principal ceiling, not a stated outstanding balance. Despite being the earliest-registered charge (2013), ranks fourth (last) in priority among the four registered charges per priority agreements. · page: 32 · debtor: 2352107 Ontario Inc. · creditor: Olympia Trust Company and Belmont Mortgage Administration Limited · currency: CAD · security: Charge/mortgage of land, registered principal $16,000,000, registered 2013-07-22 as Instrument No. YR2007795 (as may be amended).
- secured creditorsnote: Amount is a registered principal ceiling, not a stated outstanding balance. Ranks second in priority per priority agreements. · page: 32 · debtor: 2352107 Ontario Inc. · creditor: Westmount Guarantee Services Inc. · currency: CAD · security: Charge/mortgage of land, registered principal $40,000,000, registered 2022-09-14 as Instrument No. YR3476837 (as may be amended); also registered a PPSA financing statement in respect of purchaser deposits under agreements of purchase and sale for units within the Project.