Ontario · CCAA
Ninth Report to the Court
Court officer report · 29 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 filing10 verified
- financial positionnote: No total assets or liabilities are stated. Document references 'secured obligations', mortgagees, trades, subtrades, suppliers and unit purchasers as stakeholders, and refers to Tarion and lien matters, but states no amounts for them. Closing cash balance of $1,091,090 at October 9, 2026 (actual). Forecast closing cash $457,024 at January 1, 2027 (forecast only, not financial position). Majority of accrued construction holdbacks are expected to be paid in 2027 (obligation unquantified). · page: 7 · basis: Monitor's report on a CCAA stay extension; no balance sheet or statement of affairs is presented. Cash flow information is based on unaudited information and forecasts. · scope: WellingtonCo (single-purpose real estate development company, 1451 Wellington Project, Ottawa) · currency: CAD
- secured creditorsnote: Cumulative principal advances of approximately $50.15 million, excluding accrued interest, leaving approximately $4.35 million available. Amount stated as approximate in the report. Facility limit increased from $47.0 million to $54.5 million per the Eighth Report. DIP Lender has reserved all rights, including in connection with other defaults by WellingtonCo under the DIP Agreement. · page: 8 · as of: 2026-10-09 · amount: 50150000 · debtor: Mizrahi Development Group (1451 Wellington) Inc. · creditor: TCC Mortgage Holdings Inc. (DIP Lender) · currency: CAD · security: DIP Lender's Charge over the Property; DIP Facility authorized to a maximum principal of $54.5 million (authorized borrowing limit, not a balance), maturing November 1, 2026 (DIP Lender agreeable to extending maturity to December 18, 2026)
- cash on handnote: Closing cash balance for the 19-week Monitored Period ended October 9, 2026; projected closing was $581,936, a favourable variance of $509,154. · as at: 2026-10-09 · amount: 1091090 · currency: CAD
- disbursementsnote: Total disbursements for the Monitored Period vs. $9,897,264 projected; a period figure, not cumulative since the CCAA filing date. · since: June 1, 2026 (start of Sixth Revised Cash Flow Forecast period; 19 weeks ended October 9, 2026) · amount: 8619797 · currency: CAD
- operational summaryThe Company is a single-purpose condominium developer still completing construction of the Project, which has run behind schedule with work now expected to continue into December 2026; it is funded through the DIP Facility and is transitioning toward marketing, sales and closings while the Deposit Return Process continues.
- professional feesnote: Actual 'Professional fees - CCAA' disbursed vs. $340,916 projected. Cash-flow note describes these fees as covering the Company's legal counsel, the Monitor, and the Monitor's legal counsel; tax treatment not stated. · party: CCAA professionals (Company's counsel, the Monitor and the Monitor's counsel) · amount: 277199 · period: 19 weeks ended October 9, 2026 · currency: CAD
- receipts cumulativenote: Total receipts for the Monitored Period (DIP funding net $7,398,673 plus HST refund $909,415); a period figure, not cumulative since the CCAA filing date. · since: June 1, 2026 (start of Sixth Revised Cash Flow Forecast period; 19 weeks ended October 9, 2026) · amount: 8308088 · currency: CAD
- report date29 October 2026
- report noNinth Report
- unsecured creditors