Ontario · Receivership (court-appointed)
Second Report of the Receiver dated September 3, 2026
Court officer report · 3 September 2026
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What we verified from this filing11 verified
- secured creditorsnote: Lien claim registered July 8, 2025 (pre-filing); found valid and given priority over unsecured claimants · page: 6 · as of: 2025-07-08 · amount: 190392.46 · debtor: Horizen Developments GP Corp. · creditor: Sierra General Contracting Inc. · currency: CAD · security: Construction lien registered against 520 Sarnia Road, London, Ontario property pursuant to the Construction Act
- secured creditorsnote: Described as Horizen's sole secured creditor; distribution made on account of secured debt; amount not stated in these pages · page: 6 · as of: Date of Appointment (September 19, 2025) · debtor: Horizen Developments GP Corp. · creditor: ADJ Holdings Inc. · currency: CAD · security: First-ranking sole secured creditor; secured indebtedness satisfied from sale proceeds
- unsecured creditorsnote: Original claimed $42,449.30; $35,080.15 disallowed. Spira's claim disallowed entirely (duplicative of Sierra Lien Claim out-of-pocket expense); Zelinka partially disallowed to $3,904.15 (only supported amount); CB Ross Partners allowed (invoice was actually to RHH but corresponded to Horizen's books) · page: 7 · as of: Claims Bar Date (January 30, 2026) · basis: Claims filed and allowed per Claims Procedure Order · amount: 7369.15 · debtor: Horizen Developments GP Corp. · creditor: Trade Creditors (CB Ross Partners, Spira Fire Protection Ltd., Zelinka Priamo Ltd.) · currency: CAD
- unsecured creditorsnote: Original claimed amount $5,667,495.89; $86,976.44 disallowed (primarily disallowed security reclassified and interest adjustments post-RHH bankruptcy). Includes Elena Bernardi ($209,008.22), 2243530 Ontario Inc. ($209,008.22), John & Katherine Baranski ($4,180,164.38), Joesph Bernardi ($52,252.05), Valentina Bernardi ($198,557.81), Wayne Neale ($731,528.77 - unsecured, no security claimed) · page: 7 · as of: Claims Bar Date (January 30, 2026) · basis: Claims filed and allowed per Claims Procedure Order · amount: 5580519.45 · debtor: Horizen Developments GP Corp. (guarantor of RHH Rental Properties Ltd. debt) · creditor: Guarantees under Parent Company Promissory Notes (aggregate, 6 claims) · currency: CAD
- unsecured creditorsnote: Sierra's breach of contract claim $1,251,333.00 (lien portion $190,392.46 treated separately as secured); Medical Pharmacies allowed in full (judgment on discharged take-back mortgage debt); S+A Footprint allowed $20,961.12 breach of contract, breach of trust claim disallowed (no traceable trust property) · page: 7 · as of: Claims Bar Date (January 30, 2026) · basis: Claims filed and allowed in full per Claims Procedure Order · amount: 1437237.72 · debtor: Horizen Developments GP Corp. · creditor: Civil Actions - Sierra General Contracting Inc. (breach of contract), Medical Pharmacies Ltd., S+A Footprint · currency: CAD
- secured creditorsnote: DISCHARGED/UNPERFECTED security: GSAs were not registered with the PPSR and were not perfected under the PPSA as of the Date of Appointment; Receiver disallowed the security claimed and reclassified these claims as unsecured · page: 8 · as of: NOI/appointment date (September 19, 2025) · debtor: Horizen Developments GP Corp. (guarantor); RHH Rental Properties Ltd. (primary debtor) · creditor: Six claimants under Parent Company (RHH Rental Properties Ltd.) promissory notes secured by general security agreements (incl. Elena Bernardi, 2243530 Ontario Inc., Joesph Bernardi, Valentina Bernardi) · currency: CAD · security: General security agreements executed by Horizen in favour of respective lenders
- unsecured creditorsnote: Related party payables: RHH ~$6.9 million, Sherwood Forest Square Ltd. ~$344,000, SF Square LP ~$315,000 (approximate components per prose; total per claims table is exact) · page: 9 · as of: Claims Bar Date (January 30, 2026) · basis: Claims filed by affiliates and allowed in full as Proven Claims · amount: 7523268.27 · debtor: Horizen Developments GP Corp. · creditor: Intercompany Payables - RHH Rental Properties Ltd., Sherwood Forest Square Ltd., SF Square LP · currency: CAD
- closing confirmedscope: the Proposed Transaction as contemplated in the Purchase Agreement · outcome: completed · date basis: unstated · approval order date: 2025-12-05
- purchaserprice: sealed: false · scope: the property municipally known as 520 Sarnia Road, London, Ontario · status: closed · name note: Purchaser as defined in the Approval and Vesting Order; not named in this excerpt · structure: real_property · name source: recital · relationship: unstated
- recovery outcomeentries: basis: estimated · quote: Subject to Court approval, the Sierra Lien Claim in the amount of $190,392.46. is expected to be paid in full and in priority to unsecured claimants. · pct of: unstated · outcome: paid_in_full · class key: pmsi_lessor · stated by: receiver · amount low: 190392.46 · amount high: 190392.46 · class label: Sierra Lien Claim · creditor name: Sierra General Contracting Inc. · interim final: unstated · conditional on: Subject to Court approval · claims qualifier: unstated; basis: actual · quote: Distribution Percentage 10.7% · pct of: unstated · outcome: distribution · pct low: 10.7 · pct high: 10.7 · class key: unsecured · stated by: receiver · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: $1,550,928 to distribute amongst all unsecured creditors on a pro rata basis to those Claimants with Proven Claims in the Claims Process (the ' Final Claims Distribution '). · pct of: unstated · outcome: distribution · class key: unsecured · stated by: receiver · amount low: 1550928 · amount high: 1550928 · class label: all unsecured creditors on a pro rata basis to those Claimants with Proven Claims · interim final: unstated · claims qualifier: unstated · stated on: 2026-09-03 · table missing: Attached as Appendix 'K' is the proposed Claims Process Distribution with amounts to be paid to secured and unsecured creditors as a result of the Claims Process.
- sale outcometext: The Proposed Transaction closed and a certificate was issued with the Court evidencing same. · scope: parcel · status: closed