Ontario · Receivership (court-appointed)
Application Record of the Applicant dated May 14, 2026
Application / notice of application · 14 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 filing33 verified
- applicantBANK OF MONTREAL
- commencement date7 May 2026
- courtSUPERIOR COURT OF JUSTICE
- court file noCV-26-00001097-0000
- proceeding typereceivership_court
- statutory basisSection 243 of the Bankruptcy and Insolvency Act, R.S.C 1985, c. B-3, and Section 101 of the Courts of Justice Act, R.S.O. 1990, c. C.43
- statutory basisSection 243 of the Bankruptcy and Insolvency Act, R.S.C 1985, c. B-3, and Section 101 of the Courts of Justice Act, R.S.O. 1990, c. C.43.
- secured creditorsnote: Mortgage/GSA originally registered in name of Computershare as title custodian for BMO; transferred to BMO following default. Also holds PPSA-registered GSA over Forge (guarantor). · page: 8 · debtor: 79681 Bluewater Investments Inc. · creditor: Bank of Montreal (on assignment from Computershare Trust Company of Canada) · currency: CAD · security: First priority freehold mortgage over Bluewater Property, instrument no. HC163059, registered Dec 17, 2021, principal amount $2,111,250 ("Bluewater Mortgage"); also GSA dated Dec 15, 2021 ("Bluewater GSA"); maximum loan facility $2,111,250 ("Bluewater Loan")
- secured creditorsnote: Mortgages originally registered in name of Computershare as title custodian for BMO; transferred to BMO following default. · page: 9 · debtor: Leisure Time Investments Inc. · creditor: Bank of Montreal (on assignment from Computershare Trust Company of Canada) · currency: CAD · security: First priority freehold mortgages over Leisure/Forge Property (instr. PR4065124, $5,600,000) and Leisure Time Property (instr. PR4103661); GSA dated June 3, 2022; maximum loan facility $5,600,000 ("Leisure Time Loan")
- secured creditorsnote: Related party/co-borrower guarantee; Forge is also a co-mortgagor and co-borrower entity, not an independent third-party secured creditor. · page: 9 · debtor: Leisure Time Investments Inc. · creditor: Forge & Foster Holdings Inc. · currency: CAD · security: Full recourse guarantee dated June 3, 2022, limited to $5,600,000 ("Leisure Time Guarantee")
- secured creditorsnote: Mortgage originally registered in name of Computershare as title custodian for BMO; transferred to BMO following default. · page: 10 · debtor: South Muskoka Investments Inc. · creditor: Bank of Montreal (on assignment from Computershare Trust Company of Canada) · currency: CAD · security: First priority mortgage over South Muskoka Property, instrument no. MT266759, registered June 17, 2022, principal amount $1,500,000 ("South Muskoka Mortgage"); GSA dated Dec 15, 2021; maximum loan facility $1,500,000 ("South Muskoka Loan")
- secured creditorsnote: Subordinate registration made without Bank of Montreal's consent per applicant's allegations. · page: 13 · debtor: Leisure Time Investments Inc. / Forge & Foster Holdings Inc. · creditor: Olympia Trust Company · currency: CAD · security: Mortgage in principal amount $416,133 registered Feb 1, 2022 (instr. PR4298282/PR4298286) against Leisure/Forge Property and Leisure Time Property; notice of assignment of rents
- secured creditorsnote: Subordinate registrations made without Bank of Montreal's consent per applicant's allegations. · page: 13 · debtor: Leisure Time Investments Inc. / Forge & Foster Holdings Inc. · creditor: H3 Holdings Inc. · currency: CAD · security: Mortgages in principal amounts $800,000 (registered July 8, 2024, instr. PR4351665/PR4351663) and $212,500 (registered Oct 8, 2025, instr. PR4515950/PR4515948) against Leisure/Forge Property and Leisure Time Property; notices of assignment of rents
- secured creditorsnote: Subordinate registration made without Bank of Montreal's consent per applicant's allegations. · page: 13 · debtor: 79681 Bluewater Investments Inc. · creditor: 2693690 Ontario Inc. and five individuals · currency: CAD · security: Mortgage in principal amount $600,000 registered July 24, 2024, instrument no. HC183267 against Bluewater Property
- secured creditorsnote: Subordinate registration made without Bank of Montreal's consent per applicant's allegations. · page: 14 · debtor: South Muskoka Investments Inc. · creditor: Olympia Trust Company · currency: CAD · security: Mortgage in principal amount $500,000 registered March 10, 2023, instrument no. MT277612 against South Muskoka Property; notice of assignment of rents
- secured creditorsnote: Subordinate registration made without Bank of Montreal's consent per applicant's allegations. Same individual also holds mortgages against Leisure/Forge, Leisure Time, and South Muskoka properties (same principal amount $384,724 registered same date under different instrument numbers). · page: 14 · debtor: 79681 Bluewater Investments Inc. · creditor: John Pizzacalla · currency: CAD · security: Mortgage in principal amount $384,724 registered April 25, 2024, instrument no. HC181385 against Bluewater Property; notice of assignment of rents
- secured creditorsnote: Blanket all-property PPSA registrant; amount not stated. · page: 26 · debtor: Forge & Foster Holdings Inc. · creditor: Olympia Trust Company · currency: CAD · security: PPSA registration: inventory, equipment, accounts, other
- secured creditorsnote: Blanket all-property PPSA registrant; amount not stated. · page: 26 · debtor: Forge & Foster Holdings Inc. · creditor: H3 Holdings Inc. · currency: CAD · security: PPSA registration: accounts, other
- secured creditorsnote: Blanket all-property PPSA registrant; amount not stated. · page: 26 · debtor: Forge & Foster Holdings Inc. · creditor: Tandia Financial Credit Union Limited · currency: CAD · security: PPSA registration: inventory, equipment, accounts, other, vehicle (first in priority order per PPSA search)
- secured creditorsnote: Blanket all-property PPSA registrant; amount not stated. · page: 26 · debtor: Forge & Foster Holdings Inc. · creditor: National Bank of Canada · currency: CAD · security: PPSA registration: inventory, equipment, accounts, other, vehicle
- secured creditorsnote: Blanket all-property PPSA registrant; amount not stated. · page: 26 · debtor: Forge & Foster Holdings Inc. · creditor: Clifton Blake Capital Corp. · currency: CAD · security: PPSA registration: accounts, other
- secured creditorsnote: Blanket all-property PPSA registrant; amount not stated. · page: 26 · debtor: Forge & Foster Holdings Inc. · creditor: Coast Capital Savings Federal Credit Union · currency: CAD · security: PPSA registration: accounts, other
- secured creditorsnote: Blanket all-property PPSA registrant; amount not stated. · page: 26 · debtor: Forge & Foster Holdings Inc. · creditor: 1338706 B.C. Ltd. · currency: CAD · security: PPSA registration: accounts, other
- secured creditorsnote: Blanket registrant; amount not stated (separately holds registered mortgage listed above). · page: 28 · debtor: 79681 Bluewater Investments Inc. · creditor: John Pizzacalla · currency: CAD · security: PPSA registration: other
- secured creditorsnote: Blanket all-property PPSA registrant; amount not stated. · page: 28 · debtor: 79681 Bluewater Investments Inc. · creditor: The Sulz Family Trust · currency: CAD · security: PPSA registration: inventory, equipment, accounts, other
- secured creditorsnote: Blanket all-property PPSA registrant; amount not stated. · page: 28 · debtor: 79681 Bluewater Investments Inc. · creditor: Olympia Trust Company · currency: CAD · security: PPSA registration: inventory, equipment, accounts, other
- secured creditorsnote: Blanket registrant; amount not stated (separately holds registered mortgage of $384,724 dated April 25, 2024, instr. MT293178). · page: 30 · debtor: South Muskoka Investments Inc. · creditor: John Pizzacalla · currency: CAD · security: PPSA registration: other
- secured creditorsnote: Blanket all-property PPSA registrant; amount not stated (also separately holds registered mortgage listed above). · page: 30 · debtor: South Muskoka Investments Inc. · creditor: Olympia Trust Company · currency: CAD · security: PPSA registration: inventory, equipment, accounts, other, vehicle
- secured creditorsnote: Subordinate registration made without Bank of Montreal's consent per applicant's allegations. · page: 34 · debtor: 79681 Bluewater Investments Inc. · creditor: Olympia Trust Company · currency: CAD · security: Mortgage in principal amount $800,000 registered May 17, 2023, instrument no. HC174919 against Bluewater Property; notice of assignment of rents
- secured creditorsnote: Subordinate registration made without Bank of Montreal's consent per applicant's allegations. · page: 34 · debtor: 79681 Bluewater Investments Inc. · creditor: The Stulz Family Trust · currency: CAD · security: Mortgage in principal amount $204,000 registered May 2, 2023, instrument no. HC174661 against Bluewater Property; notice of assignment of rents
- secured creditorsnote: Municipal tax arrears; original certificate (Jan 27, 2025) stated $116,284, superseded by updated certificate as at Jan 28, 2026 showing $266,035.01; tax sale pending. · page: 36 · as of: 2026-01-28 · amount: 266035.01 · debtor: 79681 Bluewater Investments Inc. · creditor: The Corporation of the Municipality of Central Huron · currency: CAD · security: Certificate re tax arrears registered as instrument no. HC186743 against Bluewater Property, updated tax certificate
- secured creditorsnote: Municipal tax arrears going back to 2024; original certificate (Sept 5, 2025) stated $46,930, superseded by updated certificate as at July 23, 2025 showing $61,538.30. · page: 36 · as of: 2025-07-23 · amount: 61538.3 · debtor: South Muskoka Investments Inc. · creditor: The Corporation of the Town of Gravenhurst · currency: CAD · security: Certificate re tax arrears registered instrument no. MT314144 against a PIN of South Muskoka Property
- secured creditorsnote: Municipal tax arrears going back to 2022; original certificate (Sept 5, 2025) stated $7,015, superseded by updated certificate as at July 23, 2025 showing $11,127.18. · page: 36 · as of: 2025-07-23 · amount: 11127.18 · debtor: South Muskoka Investments Inc. · creditor: The Corporation of the Town of Gravenhurst · currency: CAD · security: Certificate re tax arrears registered instrument no. MT314145 against a PIN of South Muskoka Property