Ontario · Receivership (court-appointed)
Motion Record
Application / notice of application · 11 June 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 filing5 verified
- secured creditorsnote: Amount is the post-interim-distribution indebtedness per RBC's updated payout statement of June 8, 2026, after a $6,000,000 interim distribution. Earlier figures: $7,511,787.67 as of Aug 14, 2024 ($7,000,000 principal + $511,787.67 interest/fees/costs); $8,370,344.79 plus ongoing interest and costs as of Jan 6, 2026. Net proceeds held by Receiver are stated to be insufficient to pay the remaining indebtedness in full. · page: 13 · as of: 2026-06-08 · amount: 2486883.7 · debtor: Ashcroft Homes - 108 Richmond Road Inc. · creditor: Royal Bank of Canada · currency: CAD · security: First-ranking charge/mortgage over 114 Richmond Road (378 Leighton Terrace), registered March 2021 with stated principal amount $7,000,000 (registered principal, not a balance); Site Specific Security Agreement dated March 16, 2021; PPSA registration; personal guarantee from David Choo. Receiver's independent legal opinion (Jan 12, 2026): charge valid, enforceable, first priority; security attached and perfected.
- unsecured creditorsnote: Municipal tax arrears, a priority/statutory claim; paid from sale proceeds, so no longer outstanding. Earlier stated arrears: $812,024.36 (first report intro, undated); $777,626.12 plus $34,398.24 as of May 7, 2025 (two tax bills, totalling $812,024.36). · page: 29 · as of: 2026-04-09 · basis: Amount paid by Receiver on closing of the sale transaction on account of tax arrears · amount: 972621.03 · debtor: Ashcroft Homes - 108 Richmond Road Inc. · creditor: City of Ottawa (property tax arrears) · currency: CAD
- secured creditorsnote: Disputed/abandoned priority: lien form states $401,922.83 claimed across multiple related-company properties; Stantec confirmed only $71,568.45 relates to this Property. Receiver found services were supplied before March 20, 2024 and the lien was not preserved within Construction Act timelines. On May 26, 2026 Stantec's counsel confirmed it is 'no longer seeking priority with respect to the funds held in trust'. · page: 30 · as of: 2024-08-22 · amount: 71568.45 · debtor: Ashcroft Homes - 108 Richmond Road Inc. · creditor: Stantec Consulting Ltd. (construction lien, Instrument OC2718496) · currency: CAD · security: Construction lien registered August 22, 2024; certificate of action registered November 20, 2024 (OC2744540)
- secured creditorsnote: Disputed. Work performed for a different entity (Ashcroft Construction Inc.) on or before May 16, 2024; Receiver determined any lien rights expired before registration. QM&E sued in breach of the stay and did not respond to Receiver's April 30, 2026 request for information. QM&E's claim alleges the lien amount was an error and the correct amount is $74,568.33 (see next entry). · page: 30 · as of: 2025-01-07 · amount: 65515.14 · debtor: Ashcroft Homes - 108 Richmond Road Inc. · creditor: QM&E Engineering Inc. (construction lien, Instrument OC2756182) · currency: CAD · security: Construction lien registered January 7, 2025; certificate of action registered April 4, 2025 (OC2778249)
- secured creditorsnote: Disputed; same grounds as the January 7, 2025 QM&E lien. The Receiver's first report shows the amount as $74,568.33, while the receiver's counsel's lien summary shows $74,568. · page: 30 · as of: 2025-01-09 · amount: 74568.33 · debtor: Ashcroft Homes - 108 Richmond Road Inc. · creditor: QM&E Engineering Inc. (construction lien, Instrument OC2756939) · currency: CAD · security: Construction lien registered January 9, 2025