Ontario · Receivership (court-appointed)
Second Receiver's Report
Court officer report · 7 May 2026
AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
What we verified from this filing8 verified
- cash on handnote: Excludes the Transaction Deposit · as at: 2026-04-30 · amount: 271500 · currency: CAD · qualifier: approximately
- disbursementsnote: Per Interim Statement of Receipts & Disbursements for the Period May 2, 2025 to April 30, 2026 · since: May 2, 2025 (Date of Appointment) · amount: 1216076 · currency: CAD
- operational summaryThe Twelve Oaks Project construction has been largely halted (only 4 of 115 units completed), and the Receiver has focused on site preservation, security, and running a sale process culminating in an agreement to sell the King Bond Site to a purchaser, with proceeds insufficient to fully repay the secured lender.
- professional feesnote: Fees exclude sales tax; disbursements separately $17,376. Blaney (legal counsel) fees for its own period were $233,324 plus $1,940 disbursements, excluding sales tax. · party: Deloitte Restructuring Inc. (the Receiver) · amount: 611466 · period: April 28, 2025 to February 28, 2026 · currency: CAD
- receipts cumulativenote: Per Interim Statement of Receipts & Disbursements for the Period May 2, 2025 to April 30, 2026 · since: May 2, 2025 (Date of Appointment) · amount: 1487612 · currency: CAD
- recovery outcomeentries: basis: unstated · quote: Should circumstances materially change such that funds may become available for distribution to the Third Mortgagees, the Receiver will address this issue at that time. · pct of: unstated · outcome: nil · class key: secured · stated by: receiver · class label: Third Mortgagees · interim final: unstated · conditional on: Should circumstances materially change such that funds may become available for distribution to the Third Mortgagees · claims qualifier: unstated; basis: estimated · quote: As outlined above, given the anticipated shortfall in respect of the Desjardins Indebtedness, the Receiver does not expect that any funds will be available for distribution to unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: receiver · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: As outlined above, the Receiver anticipates that there will be no funds available in the Debtors' estate to reimburse Freehold Purchasers. · pct of: unstated · outcome: nil · stated by: receiver · class label: Freehold Purchasers · interim final: unstated · claims qualifier: unstated · stated on: 2026-05-07 · table missing:
- report date7 May 2026
- report noSecond Report