Ontario · Receivership (court-appointed)
Application Record dated June 18, 2026
Application / notice of application · 18 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 filing4 verified
- proceeding typereceivership_court
- statutory basisSUBSECTION 243(1) OF THE BANKRUPTCY AND INSOLVENCY ACT, R.S.C. 1985, c. B-3, AS AMENDED AND SECTION 101 OF THE COURTS OF JUSTICE ACT, R.S.O. 1990, c. C.43, AS AMENDED
- secured creditorsnote: Amount owing per demand/NITES of May 6, 2026, plus per diem interest of $1,692.79. Registered principal sums are registration ceilings, not balances. Prior to the July 2025 refinancing, CS received a partial paydown of $21,331,563.20 (about July 24, 2025). Residual principal balance was estimated at about $3,370,803 at 15% per annum compounded monthly; a CS interest reserve of $374,020.50 was also funded. Default after the Extended Forbearance Termination Date of April 30, 2026. Zonix Guarantors (individuals, by role) guaranteed the loan; they are named in the Service List only. · page: 25 · as of: 2026-05-06 · amount: 4127781.92 · debtor: Zonix Homes Inc. and Zonix Dudley Inc. (the Nominees) · creditor: Cameron Stephens Mortgage Capital Ltd. · currency: CAD · security: CS Loan (commitment letter Feb 15, 2024; total facility $24,000,000: initial advance $21,457,000 + further advance $2,543,000). Security: Steeles Charge (Instr. YR3659128, registered principal $28,000,000, on Zonix Homes' properties), Highland Charge (Instr. YR3659131, registered principal $28,800,000, Zonix Dudley), assignments of rents (YR3659129, YR3659132), GSA dated March 21, 2024 with PPSA registrations, Zonix guarantee, beneficial owner charges. Each charge also stands as payment on the other. Subordinated and postponed to the Vector charges (July 24-25, 2025), so now second-ranking behind Vector.
- secured creditorsnote: Amount due per Vector demand/NITES and payout statement of May 4, 2026; per diem interest $7,611.81. Default arose from failure to fund the Vector Interest Reserve and default under the CS security, accelerating the Vector Loan. Under the Subordination and Standstill Agreement, CS must give 90 days' notice before enforcing. · page: 26 · as of: 2026-05-04 · amount: 24314359.39 · debtor: Zonix Homes Inc. and Zonix Dudley Inc. (the Nominees) · creditor: Vector Financial Services Limited and Olympia Trust Company · currency: CAD · security: First-ranking Vector Steeles Charge (Instr. YR3819516, registered principal $24,250,000) and Vector Highland Charge (Instr. YR3819518, registered principal $24,250,000), assignments of rents (YR3819517, YR3819519), PPSA financing statement (Ref. File No. 518576112), and postponements of the CS security in Vector's favour. The Vector Loan was advanced under a commitment letter dated April 29, 2025 (as amended July 10 and July 23, 2025).