Ontario · Receivership (court-appointed)
Application Record dated January 12, 2026
Application / notice of application · 12 January 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
- applicantPORTAGE CAPITAL NOMINEE CORP.
- commencement date12 December 2025
- courtSUPERIOR COURT OF JUSTICE (COMMERCIAL LIST)
- court file noCL-25-00753615-0000
- provinceONTARIO
- statutory basissection 243(1) of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, as amended, and under section 101 of the Courts of Justice Act, R.S.O. 1990, c. C.43, as amended
- appointeeKSV RESTRUCTURING INC.
- appointee roleProposed Receiver
- secured creditorsnote: Loan originally advanced by Community Trust Company (an affiliate of Portage), fully assigned to the Nominee in 2021; Indebtedness breakdown as at Dec 1, 2025: Principal $15,260,000.00, accrued interest $3,344.66, four past-due monthly payments of $101,733.33 each, Forbearance Fee $390,000.00, Administration Fee $500.00, Legal Fee $6,000.00. Also secured by a personal guarantee (amended and restated guarantee and indemnity dated Oct 1, 2021) from the principal of the Debtor (an individual, named only for reference) as guarantor. · page: 31 · as of: 2025-12-01 · amount: 16066777.98 · debtor: R & B Properties (2011) Inc. · creditor: Portage Capital Nominee Corp. (the "Nominee"), wholly-owned subsidiary/special purpose vehicle of Portage Capital · currency: CAD · security: First charge/Mortgage over Real Property at 761 Queen Street West, Toronto (Instrument No. AT5195577 registered July 26, 2019 in original principal amount of $15,500,000; transferred to Nominee by Instrument No. AT5845288 on Aug 31, 2021; amended by Instrument No. AT5873590 Oct 1, 2021; further amended by Agreement Amending Charge, Instrument No. AT6724404 registered Dec 20, 2024, extending maturity to April 1, 2025 and raising interest rate to 8%); General Security Agreement over Debtor's personal property; General Assignment of Rents and Leases (Community GAR, SAR, 2021 GAR); Assignment of Material Contracts; Assignment of Insurance monies; PPSA (Ontario) registration, first-in-time, assigned to Nominee effective Sept 2, 2021
- secured creditorsnote: Regulatory/municipal quasi-priority claim; affidavit states municipal tax debt has de facto priority ahead of the Nominee's mortgage security, eroding Portage's security position. A prior tax certificate as of Nov 6, 2025 (November Tax Certificate) showed arrears of $494,342.78, indicating ~$44,000/month being paid down. · page: 32 · as of: 2025-12-08 · amount: 450305.81 · debtor: R & B Properties (2011) Inc. · creditor: City of Toronto (Revenue Services) - municipal tax arrears · currency: CAD · security: Statutory municipal tax lien on the Real Property, covering municipal tax, fire safety service charges and water usage charges