Nova Scotia · NOI
Fifth Report of the Proposal Trustee dated October 30, 2026
Court officer report · 30 October 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 filing12 verified
- secured creditorsnote: Post-filing court-ordered charge. $150,000 is the charge ceiling, not a balance. Outstanding professional fees (AR + WIP) as of October 23, 2026 totalled $149,245.82 (Proposal Trustee $41,999.03; Proposal Trustee counsel $10,449.81; Company counsel $96,796.98). · page: 4 · debtor: Comfort Smart Homes Incorporated · creditor: Administration Charge beneficiaries (Proposal Trustee, Proposal Trustee's counsel, Company's counsel) · currency: CAD · security: Court-ordered Admin Charge against the Property, ranking first; charge ceiling $150,000
- secured creditorsnote: Post-filing court-ordered charge, not pre-filing debt. $350,000 is the approved facility maximum (a limit), not an outstanding balance. Actual draws to October 2, 2026 were $249,414, with a further $84,059 drawn October 3-23, 2026 (cumulative figure not stated); a third and final tranche was anticipated. Sale proceeds stated sufficient to pay DIP loan, interest and fees in full. · page: 4 · debtor: Comfort Smart Homes Incorporated · creditor: Libra Finance Company Inc. (DIP Lender) · currency: CAD · security: DIP Lender's Charge against the Property, ranking second behind the Admin Charge; DIP facility maximum $350,000 under DIP Agreement dated July 13, 2026
- secured creditorsnote: Outstanding principal balance not stated on these pages. A prepayment penalty ('Peakhill Penalty') totalling $1,050,000 ($250,000 Minerva Mortgage; $805,000 Anita Mortgage, per payout statements as of July 31, 2026) is claimed; the Proposal Trustee had not concluded on its enforceability (Third Report). Sale proceeds are stated to be insufficient for full repayment of Peakhill's senior mortgage debt (partial payment only). Personal guarantees of Peakhill's mortgage debt exist (a concern for 333NSL). · page: 5 · debtor: Comfort Smart Homes Incorporated · creditor: Peakhill Capital Inc. · currency: CAD · security: Registered and secured mortgages (Minerva Mortgage and Anita Mortgage) on the five multi-unit Residential Properties; described as senior secured creditor / senior mortgage debt. Mortgages are CMHC-insured with no right of prepayment prior to maturity. Mortgage debt originated under commitment letters of October 14, 2022 (amended January 11, 2023) with borrower originally 4417032 Nova Scotia Ltd., passed to Comfort via intercompany transaction(s).
- secured creditorsnote: Approximate figure including interest, prorated to October 26, 2026 (estimates; interest continues to accrue to anticipated closing November 17, 2026). Truro approx. $38,000 (1 Minerva $14,000; 5 Minerva $11,000; 11 Minerva $13,000); Colchester approx. $22,000 (65 Anita Crescent $11,000; 66 Anita Crescent $11,000). Priority statutory claims, not conventional security. · page: 16 · as of: 2026-10-26 · amount: 60000 · debtor: Comfort Smart Homes Incorporated · creditor: Town of Truro and Municipality of the County of Colchester (property taxes, betterments, utilities) · currency: CAD · security: Statutory priority claims under ss. 75(4), 81(1) and 133(1) of the Municipal Government Act, payable from proceeds of sale of the associated real property
- unsecured creditorsnote: No individual unsecured creditors or total named in the document pages provided. Trustee's Third Report noted unsecured items such as related-party receivables being investigated for collectability (assets, not claims). · page: 16 · basis: Proposal Trustee states sale proceeds are insufficient for any distribution to unsecured creditors; no unsecured claim amounts or creditor names are given on these pages · debtor: Comfort Smart Homes Incorporated · creditor: Unsecured creditors (aggregate; no amount stated) · currency: CAD
- unsecured creditorsnote: Contingent: payable only if the Court approves a successful bid by another party or the Trustee withdraws the bid. Ridgeway is the proposed Successful Bidder, so the fee is not expected to be triggered. Not an ordinary unsecured claim. · page: 73 · basis: Contingent break fee under Stalking Horse Agreement, payable as a super-priority administrative expense ranking ahead of unsecured creditor claims · amount: 50000 · debtor: Comfort Smart Homes Incorporated · creditor: Ridgeway Management Inc. (Stalking Horse Bidder) - Break Fee · currency: CAD
- cash on handnote: Actual closing cash for weeks 18-20 (October 3 - October 23, 2026) was 167,936 vs forecast 82,587; this excludes unpaid professional fees (AR and WIP of $149,245.82 as of October 23, 2026), and the report states actual cash flow is tracking behind forecast once these are factored in. · as at: 2026-10-23 · amount: 167936 · currency: CAD · qualifier: closing cash per Third Cash Flow Forecast variance table (actual)
- operational summaryThe Company continues to manage its five multi-unit residential buildings through a third-party property manager while the Proposal Trustee administers a court-approved sale process. The Proposal Trustee recommends approving the Amended Stalking Horse Agreement with Ridgeway as the successful bid, closing by about November 17, 2026, after which substantially all assets are sold, operations cease and a deemed bankruptcy is expected.
- professional feesnote: Excludes HST of $29,121.23 (total $237,129.98); 487 hours at average rate of $427.12/hour. Counsel to the Proposal Trustee (McInnes Cooper): fees $30,487.00 plus expenses $50.00 and HST $4,268.18, total $34,805.18 (63.20 hours). Company counsel AR+WIP of $96,796.98 outstanding at October 23, 2026. · party: Grant Thornton Limited (Proposal Trustee) · amount: 208008.75 · period: NOI filing to October 23, 2026 · currency: CAD
- recovery outcomeentries: basis: estimated · quote: Further, the proceeds of the Sale Transaction are insufficient for a full repayment of Peakhill's senior mortgage debt or for a distribution to the unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2026-10-30 · table missing:
- report date30 October 2026
- report noFifth Report