Ontario · Receivership (court-appointed)
Application Record dated January 13, 2026
Application / notice of application · 13 January 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 filing9 verified
- applicantIMC LIMITED PARTNERSHIP, by its general partner, INSTITUTIONAL MORTGAGE CAPITAL CANADA INC.
- courtSUPERIOR COURT OF JUSTICE (COMMERCIAL LIST)
- court file noCL-25-00753627-0000
- statutory basissubsection 243(1) of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, as amended and section 101 of the Courts of Justice Act, R.S.O. 1990, c. C.43, as amended
- commencement date23 December 2025
- secured creditorsnote: Fully subordinated and postponed to the First and Second Mortgages held by Institutional Mortgage Capital Canada Inc./IMC Limited Partnership per Subordination and Standstill Agreements (Exhibits T and BB) · page: 42 · debtor: Westcan Cedar Grove Villages Inc. · creditor: Olympia Trust Company, as trustee for investors in RRSPs or other registered funds · currency: CAD · security: Charge, Instrument No. BR166321, registered 2021/03/10; registered charge amount $470,000; also Notice of Assignment of Rents (BR166322); defined in the loan documents as the 'Subordinate Third Mortgage Loan' with a stated facility of 'up to $1,000,000'
- secured creditorsnote: Referred to in loan documents as the 'Subordinate Second Mortgage Loan'; postponed/subordinated to the First Mortgage (BR162698) per Postponement of Interest, Instrument No. BR162700 (2020/11/30); Demand and NITES issued Nov 5, 2025 re Second Mortgage (Exhibit KK); a payout statement exists (Exhibit PP) but is not among the pages provided · page: 42 · debtor: Westcan Cedar Grove Villages Inc. · creditor: Institutional Mortgage Capital Canada Inc. (as general partner for IMC Limited Partnership) · currency: CAD · security: Second-ranking Charge/Mortgage, Instrument No. BR155943, registered 2020/06/01; registered principal amount $2,250,000 (registered principal, not confirmed outstanding balance); also General Assignment of Rents (BR155944) and General Security Agreement/PPSA registration (Exhibit M)
- secured creditorsnote: Referred to in loan documents as the 'First Mortgage Loan'; Demand and Notice of Intention to Enforce Security issued Nov 5, 2025 (Exhibit JJ); a payout statement exists (Exhibit OO) but is not among the pages provided, so outstanding balance is not stated here · page: 42 · debtor: Westcan Cedar Grove Villages Inc. · creditor: Institutional Mortgage Capital Canada Inc. (as general partner for IMC Limited Partnership) · currency: CAD · security: First-ranking Charge/Mortgage, Instrument No. BR162698, registered 2020/11/30; registered principal amount $7,500,000 (registered principal, not confirmed outstanding balance); also General Assignment of Rents (BR162699) and General Security Agreement/PPSA registration (Exhibit Q)
- secured creditorsnote: Security is registered against the tenant Port Elgin Living Inc.'s leasehold interest under its Lease with the Respondent Westcan Cedar Grove Villages Inc. (landlord), not against the Respondent's fee interest directly; amounts listed are registration/charge amounts, not confirmed outstanding balances; two separate registered components, not to be summed per document · page: 43 · debtor: Port Elgin Living Inc. · creditor: Caisse Desjardins Ontario Credit Union Inc. · currency: CAD · security: Notice of Charge of Lease, Instrument Nos. BR220622 ($35,745,900) and BR220623 ($700,000), both registered 2025/12/01, against Port Elgin Living Inc.'s leasehold interest created by the Notice of Lease (BR212996); also General Assignment of Rents, Instrument No. BR220624