Ontario · Receivership (court-appointed)
Motion Record of the Receiver dated September 22, 2026
Application / notice of application · 22 September 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 filing6 verified
- secured creditorsnote: The document states the aggregate only as 'approximately $30.6 million' before fees, costs and interest, which continue to accrue. The exact figure shown here is the sum of the stated components (approx. $21,123,337 Term Construction Facility + $605,737 LC Facility + $8,913,611 Mezzanine Facility) and should be read as approximate. Called the 'Lender Indebtedness' and 'Senior Secured Lenders' Claim'. · page: 20 · as of: 2026-06-08 · amount: 30642685 · debtor: Nova Ridge (Manderley) Limited Partnership and Nova Ridge (Manderley) GP Corp. · creditor: United Overseas Bank Limited (as administrative agent and as Mezzanine Lender) and Laurentian Bank of Canada (Construction Lenders with UOB) · currency: CAD · security: Demand Debenture registered against the Real Property (Instrument No. AT6074624, registered May 10, 2022): first-ranking fixed and specific mortgage and charge over the Real Property (the 'Debenture Charge'), ranking ahead of other registered charges subject to Priority Claims such as unpaid statutory holdback. Facilities (limits, not balances): Term Construction Facility up to $79,916,000; LC Facility up to $2,500,000; Mezzanine Facility up to $9,050,000. Security opinion from Reconstruct LLP: valid and enforceable under Ontario law, subject to standard qualifications and assumptions.
- secured creditorsnote: Aggregate of registered liens as stated in the First Report. They are NOT confirmed priority claims: only unpaid statutory holdback on valid, properly registered liens ranks ahead of the Debenture Charge under the Construction Act (Ontario). Validity, quantum and priority are to be determined via the Priority Claims Procedure (Claims Bar Date November 5, 2026). Priority amount not yet determined. · page: 20 · as of: 2026-07-04 · amount: 11357528 · debtor: Nova Ridge (Manderley) Limited Partnership · creditor: Construction lien claimants (aggregate, registered liens incl. Wilkinson Manderley Inc. approx. $8.4 million) · currency: CAD · security: Construction liens and related security interests registered against the Real Property on or before July 4, 2026 (lien preservation deadline)
- financial positionnote: Project of 194 residential suites plus two retail units (both sold and closed). At the date of the Receivership Order, 70 Suites, 34 parking spots, 28 lockers and 23 combined parking/locker units remained unsold. Receivable (asset): Unearned Commissions recoverable from brokers approx. $111,674.10 net (Bay Street Group $25,169.10; Royal LePage Supreme Realty $37,165.60; Homelife Landmark (Victor Li) $12,979.80; Homelife Landmark (Helen He) $36,359.60). A fifth broker agreed to repay $23,219.70 via a payment arrangement. Each Broker Cooperating Agreement requires repayment of commission advances within 5 days of written notice if the sale does not close. · page: 28 · basis: No debtor balance sheet is stated on these pages. The Receiver relies on the Debtors' unaudited financial information and books and records, which it has not audited. · scope: Nova Ridge (Manderley) Limited Partnership and Nova Ridge (Manderley) GP Corp. · currency: CAD
- unsecured creditorsnote: Quantum not stated. The Receiver states certain brokers are owed commissions on other closed units and are entitled to set off. Unearned Commissions figures are net of that set-off. Example: Homelife Landmark Realty (Victor Li) demand letter reflects a $23,479.80 credit in respect of Unit 212. · page: 28 · basis: Commissions owing by the Debtors on pre-receivership closed sales, applied by the Receiver as pre-receivership set-off against unearned commission advances · debtor: Nova Ridge (Manderley) GP Corp. · creditor: Brokerages owed commissions on closed unit sales (unnamed) · currency: CAD
- secured creditorsnote: Post-filing court-ordered charge, not a pre-filing claim; included for priority context only. Fees not yet approved: AlixPartners fees $384,145.25 plus disbursements $446.07 (June 1 to Aug 31, 2026); McCarthy fees $251,619 plus disbursements $1,197.44 (June 8 to Sept 21, 2026), each excluding sales tax. · page: 42 · debtor: Nova Ridge (Manderley) Limited Partnership and Nova Ridge (Manderley) GP Corp. · creditor: Receiver's Charge (AlixPartners Restructuring, Inc. and McCarthy Tétrault LLP) · currency: CAD · security: Court-ordered charge on the Property as security for receiver and receiver's counsel fees and disbursements, first charge in priority to all security interests, trusts, liens and encumbrances, subject to BIA ss. 14.06(7), 81.4(4), 81.6(2).
- secured creditorsnote: Post-filing court-ordered charge; $500,000 is a borrowing limit, not an outstanding balance. No amount drawn is stated on these pages. · page: 43 · debtor: Nova Ridge (Manderley) Limited Partnership and Nova Ridge (Manderley) GP Corp. · creditor: Receiver's Borrowings Charge (Receiver's Certificates) · currency: CAD · security: Fixed and specific charge on the whole of the Property securing receiver borrowings up to a $500,000 limit (or greater amount authorized by the Court); ranks ahead of all security interests and registered construction liens but behind the Receiver's Charge and BIA charges.