Ontario · Receivership (court-appointed)
First Report of the Receiver
Court officer report · 2 November 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 filing11 verified
- secured creditorsnote: Amount is the 'approximate' indebtedness per updated payout statement as at October 28, 2026 ("approximately $9.32 million"). Desjardins is the first-ranking secured creditor and, per the Receiver, the only creditor to receive a distribution if the sale closes. Separately, Desjardins advanced $70,000 to the Receiver under a Receiver's Borrowing Certificate dated May 21, 2026 (Receiver's Borrowings Charge, limited to $500,000 under the Appointment Order); this is a receivership borrowing to be repaid from proceeds, not part of the $9.32 million as stated. PPR search (Oct 26, 2026) shows no registrations against the Debtors other than by Desjardins. · page: 16 · as of: 2026-10-28 · amount: 9320000 · debtor: Lawrence Towers LP and 2591672 Ontario Ltd. · creditor: Caisse Desjardins Ontario Credit Union Inc. · currency: CAD · security: First-in-time mortgage registered on title to the Real Property (stated as $10,000,000 — registered mortgage amount, not the balance); first-in-time General Security Agreement dated July 26, 2023. PPSA financing statements registered July 27, 2023 (file nos. 795656268, 795656295, 795656304) covering all present and after-acquired personal property at/related to 1088 Progress Avenue, rents/leases, and indebtedness owing to the debtors. Counsel opinion obtained confirming valid and enforceable first-ranking registered charge/mortgage over the Real Property and valid charge over sale proceeds under the GSA.
- unsecured creditorsnote: Statutory/municipal tax claim, not an ordinary unsecured claim; to be paid from sale proceeds on closing, ahead of Desjardins. · page: 16 · as of: 2026-09-11 · basis: 2026 property tax statement dated September 11, 2026 — overdue realty taxes on the Real Property · amount: 248168.96 · debtor: 2591672 Ontario Ltd. (registered owner of the Real Property) · creditor: City of Toronto (overdue realty taxes) · currency: CAD
- unsecured creditorsnote: No deemed trust claim has been asserted for this amount. · page: 17 · as of: 2026-07-08 · basis: CRA proof of claim: unremitted HST for period February 9, 2022 to February 19, 2026, including penalties and interest · amount: 18780.22 · debtor: Lawrence Towers LP · creditor: Canada Revenue Agency (HST) — claim against Lawrence Towers LP · currency: CAD
- unsecured creditorsnote: No deemed trust claim has been asserted for this amount. Receiver unaware of any employees, so CRA filed no claim for source deductions. · page: 17 · as of: 2026-03-04 · basis: CRA proof of claim: unremitted HST for period March 4, 2022 to December 31, 2024, including penalties and interest · amount: 13461.76 · debtor: 2591672 Ontario Ltd. · creditor: Canada Revenue Agency (HST) — claim against 2591672 Ontario Ltd. · currency: CAD
- cash on handnote: Excludes the APS deposit, which the Receiver is holding and which is excluded from the Final R&D because Sale Transaction details are redacted in case the transaction is not completed. · as at: 2026-10-27 · amount: 27969.71 · currency: CAD · qualifier: excess of receipts over disbursements (R&D Funds)
- disbursementsnote: Includes receiver's fees $8,457.50, legal fees $9,437.18, repairs and maintenance $14,213.34, environmental report $3,250.00, insurance $2,120.00, HST $4,373.92, miscellaneous $166.88, bank charges $11.47. · since: February 19, 2026 (appointment) · amount: 42030.29 · currency: CAD
- operational summaryThe debtor holds vacant land held for development with a sales centre on site, is unresponsive, and has no known employees; the Receiver secured the property, ran a marketing process through Cushman, and is seeking approval of a sale and a final distribution to Desjardins before discharge.
- professional feesnote: Inclusive of HST. Receiver's outstanding fees and disbursements to Oct 28, 2026 for payment: $65,280.57. Counsel Paliare Roland Rosenberg Rothstein LLP: $32,305.98 inclusive of HST for Feb 20 to Oct 28, 2026 ($21,641.97 outstanding). A further Fee Accrual of up to $30,000 plus HST is estimated for completion; Norton Rose provided real estate legal services. · party: Fuller Landau (the Receiver) · amount: 74837.55 · period: February 26, 2026 to October 28, 2026 · currency: CAD
- receipts cumulativenote: Entirely Receiver's borrowings from Desjardins under a Receiver's Borrowing Certificate; no sale proceeds yet. Period of Final R&D: Feb 19 to Oct 27, 2026. · since: February 19, 2026 (appointment) · amount: 70000 · currency: CAD
- report date2 November 2026
- report noFirst and Final Report