Ontario · Receivership (court-appointed)
Affidavit of Damien Lowry affirmed October 5, 2026
Affidavit · 5 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 filing5 verified
- secured creditorsnote: Affiant's characterization: Square LP is guarantor, not issuer, and Square GP (the bankrupt entity) is not the guarantor. Appears as $3,087,000 (contingent) in both the Trustee's and the affiant's tables; the paragraph text states $3,087,004.00. No demand letter or s. 244 notice located. Described by the affiant as the "secured creditors" in quotation marks. · page: 8 · amount: 3087004 · debtor: RHH Rental Properties Ltd. (issuer); SF Square LP (guarantor) · creditor: Secured/guaranteed RHH promissory noteholders (identities not named in these pages) · currency: CAD · security: Promissory notes issued by RHH and guaranteed by Square LP; affiant has not been able to confirm which noteholders actually held a secured interest, perfected or otherwise
- financial positionnote: The affiant deposes that the BDO Reports contain little or no information on Square GP's own finances and that no direct evidence of insolvency was submitted. Affiant's figures are advocacy adjustments, not audited. Dec. 31, 2024 sale of the SF Development stated at $100M (Exhibit U); net sale proceeds as at May 2025 of $15,950,157.39 (including a $1.5M realty-tax holdback and a $3M notice-of-rent-increase holdback). · page: 18 · as at: 2025-05-30 · basis: BDO Statement of Affairs of Square GP as reproduced in the affiant's comparison table; the affiant disputes it with his own 'Disclosure Review' column (total assets $53,985,222; total liabilities $8,642,544). The affiant also states a Dec. 31, 2024 comparison: BDO's reports show total assets $102,705,403 and total liabilities $114,131,408; the affiant's review shows assets $141,255,181 and liabilities $89,718,897. · scope: SF Square (Square GP and Square LP treated as a consolidated entity in the comparison tables), although the bankrupt entity is Square GP only · currency: CAD · total assets: 15950157 · total liabilities: 12422035.5
- unsecured creditorsnote: Related party. The affiant's own review column shows $0 and disputes the claim (net transfers favour SF Square); elsewhere the affiant calls Sherwood's claim of $3,038,759 'unverified unsecured'. The Trustee's emails referred to $3,038,759 on Square's books. · page: 18 · as of: 2025-05-30 · basis: BDO Statement of Affairs (as at May 30, 2025) per the affiant's comparison table · amount: 3044569 · debtor: SF Square GP Corp. · creditor: Sherwood Forest Square Ltd. (parent company; Trustee's 'Due to parent company') · currency: CAD
- unsecured creditorsnote: Aggregate; no individual creditors named. Affiant's review figure is $855,544. · page: 18 · as of: 2025-05-30 · basis: BDO Statement of Affairs per the affiant's comparison table · amount: 1010374 · debtor: SF Square GP Corp. · creditor: Accounts payable and accrued liabilities · currency: CAD
- unsecured creditorsnote: Contingent; affiant's review figure is $4,700,000. The $4.7M relates to the Revised Irrevocable Direction (affiant says the initial direction, $3.3M, existed at Dec. 31, 2024). · page: 18 · as of: 2025-05-30 · basis: BDO Statement of Affairs per the affiant's comparison table · amount: 5300000 · debtor: SF Square GP Corp. · creditor: Contingent liability (Trustee's Statement of Affairs) · currency: CAD