Ontario · Receivership (court-appointed)
First Report of the Receiver dated July 24, 2026
Court officer report · 24 July 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: Payout statement combines two loans: Loan 1 (Account 1392.22.05) payoff $5,231,960.48 as of May 31, 2026 and Loan 2 (Account 1393.22.05) payoff $3,800,575.47 as of May 31, 2026, totaling $9,032,535.95 as stated by Receiver at para 18; per diem interest $4,524.94 thereafter; personal guarantees by individuals Oliver and by Investorcentric (guarantor entity), and assumption/guarantee by Pare and Coria (individuals) per Mandel Affidavit · page: 7 · as of: 2026-05-31 · amount: 9032535.95 · debtor: Craig Developments Inc. · creditor: First Source Financial Management Inc. · currency: CAD · security: First ranking Charge No. MT274102 registered Nov 29, 2022 (registered principal $7,970,040.00); General Security Agreement dated Oct 19, 2022 (PPSA registration no. 20221129 1110 1590 0316); General Assignment of Rents Instrument No. MT274104
- unsecured creditorsnote: Disputed claim - validity, quantum and enforceability undetermined per Robins Appleby opinion dated July 21, 2026; parties unable to reach settlement; Lien Holdback of $60,000 (10% statutory holdback plus contingency) to be retained pending resolution; construction lien claim, priority against First Source Mortgage disputed and subject to Construction Act s.78 analysis · page: 13 · as of: 2024-09-30 · basis: Construction Lien No. MT300421 registered against the Real Property, inclusive of HST, perfected by Certificate of Action and Statement of Claim · amount: 403651.34 · debtor: Craig Developments Inc. · creditor: Archibald Builders Group Inc. · currency: CAD
- secured creditorsnote: Post-filing borrowings under court-authorized borrowing limit of $500,000; not a pre-filing creditor · page: 15 · as of: 2026-07-24 · amount: 485000 · debtor: Craig Developments Inc. · creditor: TDB Restructuring Limited (Receiver), as holder of Receiver's Certificates · currency: CAD · security: Receiver's Borrowings Charge on the Real Property, fixed and specific charge, priority over all other security interests but subordinate to Receiver's Charge and BIA ss. 14.06(7), 81.4(4), 81.6(2)
- secured creditorsnote: Amount shown is the original registered charge amount per PIN Report; the Transfer of Charge registration recorded a separate figure of $2,029,424.67 (September 27, 2024), which may reflect an updated balance at transfer · page: 15 · as of: 2023-04-24 · amount: 2000000 · debtor: Craig Developments Inc. · creditor: 1001015209 Ontario Inc. (as transferee of Charge No. MT278970, originally registered in favour of Olympia Trust Company, Christina Persaud, Lisa Allen, Marie-Eve Laroche, Norma Chase, Steele Investment Corp., 2364096 Ontario Ltd., Anthony Magnone, Shirley Chung, Noblebrick Investments Inc., Peter Bieberstein, Sharron Versaevel, Mario Dimartino, Mikayla Arnold Allison) · currency: CAD · security: Charge No. MT278970 registered April 24, 2023, transferred via Transfer of Charge No. MT300384 registered September 27, 2024 (transfer amount $2,029,424.67)
- secured creditorsnote: Court-ordered administration charge, ranks ahead of Lender's Mortgage; not a pre-filing creditor claim but included per priority structure · page: 32 · debtor: Craig Developments Inc. · creditor: TDB Restructuring Limited (Receiver) and Robins Appleby LLP (Receiver's counsel) · currency: CAD · security: Receiver's Charge - first charge on the Real Property in priority to all security interests, trusts, liens and encumbrances (subject to BIA ss. 14.06(7), 81.4(4), 81.6(2)), granted pursuant to Appointment Order para 18, as security for fees and disbursements
- secured creditorsnote: Registered charges disclosed on parcel abstract search; not listed in Receiver's First Report summary of registered charges on the Real Property (page 12-13), suggesting possible discharge prior to receivership; amount left null as these are registration amounts not confirmed balances · page: 46 · debtor: Craig Developments Inc. · creditor: Canada Mortgage and Housing Corporation · currency: CAD · security: Charge No. MT224835 in the amount of $159,200.00 against PIN 48087-0245; Charge No. MT22875 in the amount of $161,800.00 against PINs 48087-0236 through 48087-0244 (original registered amounts, not confirmed as outstanding balances)