Ontario · Receivership (court-appointed)
Motion Record of the Receiver returnable October 30, 2026
Application / notice of application · 19 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 filing13 verified
- secured creditorsnote: Balance comprises $565,451.33 plus other amounts per the Report; excludes subsequently accruing interest (prime + 1.00%) and costs. Updated payout statements requested but not in these pages. No independent security opinion obtained. Real Property appraised at $225,000 (Aug 21, 2026); TD Bank has declined to take possession or enforce. Only PPSA registration against Diamond Realty (per Receiver). · page: 28 · as of: 2026-02-25 · amount: 592255.94 · debtor: Diamond International Realty Inc. · creditor: The Toronto-Dominion Bank (Diamond Realty) · currency: CAD · security: First-ranking Charge (TD Mortgage) registered May 11, 2023 on 316 William Street, London (PIN 08312-0025 (LT)); GSA dated May 8, 2023 registered under PPSA; unlimited guarantee of Imran Ali Ahmed dated May 8, 2023. The $600,000 is the registered principal amount of the charge, not a balance.
- secured creditorsnote: Comprises $211,552.71 operating facility, $514,681.28 HASCAP term facility and the balance (credit card) per the Report; excludes accruing interest and costs. No security opinion obtained. May rank behind CRA deemed trusts and prior-registered general PPSA security (Leamington Chevrolet Buick GMC, June 8, 2021; Habib Canadian Bank, June 19, 2023). Receiver has identified no realizable property of Diamond Luxury. · page: 28 · as of: 2026-01-27 · amount: 778163.65 · debtor: Diamond Luxury Developments Corp. · creditor: The Toronto-Dominion Bank (Diamond Luxury) · currency: CAD · security: GSA dated November 1, 2024 (PPSA registered November 12, 2024); security agreement dated June 7, 2021 granted in connection with the HASCAP term facility; unlimited guarantee of Imran Ali Ahmed dated November 1, 2024.
- secured creditorsnote: Municipal/quasi-governmental claim. Taxes, penalties, interest and charges in arrears for 2023-2026; penalty and interest accrue at 1.25% per month. City entitled since January 1, 2025 to register a tax arrears certificate (s. 373). A further $2,377.32 in inspection fees and boarding costs invoiced under the City By-law Orders may be added to the tax roll with the same priority; this is not included in the $22,767.67. · page: 34 · as of: 2026-09-09 · amount: 22767.67 · debtor: Diamond International Realty Inc. · creditor: The Corporation of the City of London (realty tax lien) · currency: CAD · security: Special lien on the Real Property under s. 349 Municipal Act, 2001, ranking in priority to the TD Mortgage
- secured creditorsnote: Deemed trust class; amount is the trust portion CRA asserts out of $574,336.42 total GST/HST owing for periods December 2021 to October 2025 (the as_of date is the date of CRA's letters of August 10 and 11, 2026). Remaining $128,330.32 (penalties and interest) is treated as unsecured. Ranks ahead of TD Bank security to the extent of any realization. CRA had also served a requirement to pay on TD Bank on November 19, 2025. · page: 34 · as of: 2026-08-10 · amount: 446006.1 · debtor: Diamond Luxury Developments Corp. · creditor: Canada Revenue Agency (GST/HST deemed trust, Diamond Luxury) · currency: CAD · security: Deemed trust under s. 222(3) Excise Tax Act
- secured creditorsnote: Deemed trust class; trust portion asserted by CRA out of $55,061.09 total payroll source deductions owing (as_of is the date of CRA's letters of August 10 and 11, 2026). Remaining $25,593.00 (penalties and interest) is treated as unsecured. Ranks ahead of TD Bank security over personal property. CRA had served a requirement to pay on TD Bank on November 19, 2025 for $52,332.95 of unremitted source deductions. · page: 34 · as of: 2026-08-10 · amount: 29468.09 · debtor: Diamond Luxury Developments Corp. · creditor: Canada Revenue Agency (source deductions deemed trust, Diamond Luxury) · currency: CAD · security: Deemed trust under Income Tax Act, CPP and EI Act
- unsecured creditorsnote: No GST/HST owing and corporate income tax claim nil; CRA has not filed a proof of claim against Diamond Realty. · page: 34 · as of: 2026-08-20 · basis: CRA letters dated August 20, 2026: penalties and interest only, no deemed trust component · amount: 103.34 · debtor: Diamond International Realty Inc. · creditor: Canada Revenue Agency (payroll source deductions penalties and interest, Diamond Realty) · currency: CAD
- secured creditorsnote: Amounts shown are registration amounts, not confirmed balances. Receiver has not confirmed amounts owing or whether the obligations remain outstanding. Security limited to the specific vehicles where stated. · page: 35 · as of: 2026-07-26 · debtor: Diamond Luxury Developments Corp. · creditor: PPSA equipment/vehicle financiers (Diamond Luxury) · currency: CAD · security: Purchase-money / vehicle-specific registrations: Tricor Lease & Finance Corp. (with Leamington Chevrolet Buick GMC Inc.; Mar 21, 2024; $83,221; 2024 GMC Sierra 1500); Bank of Nova Scotia (Jun 14, 2022; $88,852.28; 2022 Tesla Model Y); Bank of Nova Scotia (Apr 13, 2023; $191,327; 2023 Land Rover Range Rover); Toyota Credit Canada Inc. (Jul 4, 2023; 2023 Lexus); Front Street Leasing LP o/a Dilawri Leasing (Jul 7, 2023; 2023 Audi RS Q8); Bank of Nova Scotia (Aug 21, 2023; $127,762.98; 2024 GMC Sierra 1500)
- secured creditorsnote: Pre-dates TD Bank's November 12, 2024 registration and may rank ahead of it. Amount owing not confirmed. · page: 35 · as of: 2026-07-26 · debtor: Diamond Luxury Developments Corp. · creditor: Leamington Chevrolet Buick GMC Inc. (general PPSA registration) · currency: CAD · security: General PPSA registration June 8, 2021 (inventory, equipment, accounts, other, motor vehicle included); no amount or general collateral description stated
- secured creditorsnote: Pre-dates TD Bank's November 12, 2024 registration and may rank ahead of it; Report indicates Diamond Luxury maintained an operating account with Habib Canadian Bank and had granted it security. Amount owing not confirmed. · page: 35 · as of: 2026-07-26 · debtor: Diamond Luxury Developments Corp. · creditor: Habib Canadian Bank (general PPSA registration) · currency: CAD · security: General PPSA registration June 19, 2023 (inventory, equipment, accounts, other, motor vehicle included); no amount or general collateral description stated
- unsecured creditorsnote: No individual creditors or total stated; no distribution to unsecured creditors anticipated. Any deficiency of TD Bank, the City or the vehicle financiers would also be unsecured claims. Receiver is not aware of any employee claims (WEPPA). · page: 36 · basis: Receiver has not obtained a list of unsecured creditors of either company · creditor: Unsecured creditors of the Companies (no list obtained) · currency: CAD
- unsecured creditorsnote: Described as approximately $128,330.32; Crown claim treated as unsecured to this extent. · page: 36 · as of: 2026-08-10 · basis: Approximate non-deemed-trust portion of the CRA GST/HST claim per the Report · amount: 128330.32 · debtor: Diamond Luxury Developments Corp. · creditor: Canada Revenue Agency (GST/HST penalties and interest, non-trust portion) · currency: CAD
- unsecured creditorsnote: Described as approximately $25,593.00; treated as unsecured. · page: 36 · as of: 2026-08-10 · basis: Approximate non-deemed-trust portion of the CRA source deductions claim per the Report · amount: 25593 · debtor: Diamond Luxury Developments Corp. · creditor: Canada Revenue Agency (source deduction penalties and interest, non-trust portion) · currency: CAD
- recovery outcomeentries: basis: estimated · quote: As no realization is anticipated in the Receivership Proceedings, there will be no distribution to unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: receiver · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2026-10-15 · table missing: