Ontario · Receivership (court-appointed)
Motion Record of the Receiver dated October 19, 2026
Application / notice of application · 19 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 filing6 verified
- secured creditorsnote: Amount is 'approximately $7.5 million' per Duca's receivership application materials as of June 12, 2024, with interest and costs continuing to accrue. Separate approximately $200,000 owed under a letter of credit facility as of the Filing Date (August 12, 2024) — see separate entry. · page: 49 · as of: 2024-06-12 · amount: 7500000 · debtor: 2460467 Ontario Inc. · creditor: DUCA Financial Services Credit Union Ltd. · currency: CAD · security: First-ranking mortgage on the Real Property (240 Yeomans Street, Belleville) and general security agreement dated December 6, 2022
- secured creditorsnote: Stated as 'approximately $200,000' owed under the letter of credit facility as of the Filing Date. Separate from the approximately $7.5 million pre-filing balance. · page: 49 · as of: 2024-08-12 · amount: 200000 · debtor: 2460467 Ontario Inc. · creditor: DUCA Financial Services Credit Union Ltd. (letter of credit facility) · currency: CAD · security: Letter of credit facility; secured as part of Duca's first mortgage and general security
- secured creditorsnote: Post-filing receivership funding, not a pre-filing balance: $13.5 million advanced of the $16.15 million authorized as of the date of the Fourth Report. Authorized limit is a ceiling, not a balance. Report states Duca will incur a shortfall in these proceedings, which will increase due to the Fund Diversion Issue. · page: 50 · as of: 2026-09-18 · amount: 13500000 · debtor: 2460467 Ontario Inc. · creditor: DUCA Financial Services Credit Union Ltd. (Receiver's Borrowing Charge funding) · currency: CAD · security: Receiver's Borrowing Charge (court-ordered), authorized up to $16.15 million
- secured creditorsnote: The $7 million is the registered charge amount, not a stated outstanding balance. Purchasers paid deposits of $3.8 million, of which approximately $2.1 million was released from escrow before the proceedings; the balance remains in trust with Owens Wright LLP. · page: 50 · debtor: 2460467 Ontario Inc. · creditor: Aviva Insurance Company of Canada (by its agent Westmount Guarantee Services Inc.) · currency: CAD · security: Charge registered against the Real Property in the amount of $7 million (registered amount); insures Purchaser deposits
- secured creditorsnote: Liens total 'over $1.2 million' (floor, not exact). Fusioncorp agreed as part of the Completion Agreement to release its lien of approximately $878,720. The Receiver is reviewing the liens registered on title; validity and priority not determined. Pre-filing registrations. · page: 50 · debtor: 2460467 Ontario Inc. · creditor: Construction lien claimants (nine suppliers, ten construction liens) · currency: CAD · security: Ten construction liens registered against the Real Property by nine suppliers
- unsecured creditorsnote: No quantum stated. Separately, funds paid by the Receiver to Fusioncorp for trades were apparently diverted post-filing (Fund Diversion Issue); magnitude under investigation and described only as 'not insignificant'. Receiver is reconciling trade accounts from statements of account. · page: 55 · basis: Report states 'Trades have suffered losses for their pre-filing amounts'; no amounts stated · debtor: 2460467 Ontario Inc. · creditor: Project trades and suppliers (pre-filing amounts) · currency: CAD