Ontario · Receivership (court-appointed)
Application Record dated October 7, 2026.pdf
Application / notice of application · 7 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 filing4 verified
- secured creditorsnote: Aggregate outstanding indebtedness stated as $57,731,133.87 as of September 15, 2026, excluding professional fees, disbursements and accruing interest. Credit Facilities include a demand facility and letters of credit issued in aggregate $1,100,590.40 (undrawn as at Oct 7, 2026; the three LCs are $10,000, $80,000 and $1,010,590.40); a separate LC aggregate figure and the demand facility limit are not given on these pages. The 'First Mortgage Obligations' cap in the Genesis subordination agreement is $63,000,000 (a priority cap, not a balance), increasable by Cost Overrun Advances, protective advances and enforcement costs. The affidavit states Meridian holds a first-ranking perfected PPSA position; Westmount and Genesis have postponed to Meridian. · page: 9 · as of: 2026-09-15 · amount: 57731133.87 · debtor: Sher Markham Inc. and Sher Holdings Inc. · creditor: Meridian Credit Union Limited (first-ranking; applicant) · currency: CAD · security: Collateral charge/mortgage registered Sept 12, 2022 as YR3475801 against 9704 McCowan Road, Markham (principal amount $67,000,000 -- registered charge amount, not a balance); assignment of rents YR3475802; GSAs from Sher Markham and Sher Holdings (PPSA registrations over all present and after-acquired personal property); assignments of material contracts, APS and construction management contract; share pledge; guarantees from Sher Holdings and Shakeel Walji; letters of credit indemnities; environmental indemnity; negative pledge; deposit security
- secured creditorsnote: Amount not stated on these pages. Westmount has postponed its interest in the Mortgaged Lands to Meridian under a Priority Agreement executed September 12, 2022. · page: 11 · debtor: Sher Markham Inc. · creditor: Westmount Guarantee Services Inc. · currency: CAD · security: Claims security over the Mortgaged Lands for credit support provided for Tarion registrations (statutory deposit and warranty coverage) and excess deposit insurance
- secured creditorsnote: Stated total of liens registered or claimed; amounts are lien claims asserted, not adjudicated or validated, and rank is not stated. Total was $10,303,715.19 at September 15, 2026 per the notice of application; rose to $11,422,954.19 at October 7, 2026 per the affidavit, with new liens from Paragon Drywall, Stephenson's Rental Services ($106,702.00) and Eastpointe Management Corp. ($26,289.00). · page: 31 · as of: 2026-10-07 · amount: 11422954.19 · debtor: Sher Markham Inc. · creditor: Construction lien claimants (21 registered liens on the Mortgaged Lands) · currency: CAD · security: Construction liens registered against 9704 McCowan Road, Markham, Mar. 2026 to Oct. 2026 (largest: Annex Mechanical Installations $3,259,261.96; Triumph Roofing & Sheet Metal $1,514,959.10; Grove Project Management $1,060,371.05; Paragon Drywall $986,248.00; Colwis Electric $836,313.57; Grebian Group $805,642.51; Kaya Group $730,762.13)
- secured creditorsnote: Outstanding balance not stated on these pages. Commitment letter loan principal not to exceed $11,260,000 (a limit/registered amount, not a balance). Subordinated and postponed to Meridian's first mortgage obligations up to a maximum of $63,000,000 plus interest, costs, protective advances and any cost overrun advance, under the Amended and Restated Subordination and Standstill Agreement; Genesis standstill 120 days after its own default notice. Related-party guarantee by Shakeel Walji as Guarantor. · page: 68 · debtor: Sher Markham Inc. · creditor: Genesis Mortgage Investment Corp. (second mortgagee; postponed to Meridian) · currency: CAD · security: Charge in face amount $8,110,000 (Instrument YR3422609, registered Sept 1, 2019), increased by notice to $11,260,000 (registration 2025); GSA (PPSA File No. 782831052); guarantees; assignment of insurance proceeds; share pledge (HPH (81-85 Shuter) Limited); cost overrun and completion guarantee; mortgages over collateral properties (including 5 Ernie Amsler Court, Markham and Toronto condo units)