Ontario · Receivership (court-appointed)
First Report of the Receiver (without appendices) – Dated September 3, 2026
Court officer report · 3 September 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 filing11 verified
- secured creditorsnote: Senior secured lender; security opinion by BLG confirms validity and enforceability; personally guaranteed by Sarmad Ganni (sole director/officer) under unlimited guarantee; amount stated as of August 28, 2026 and continues to accrue costs and interest; separately advanced $125,000 to receivership estate via Receiver's Borrowings (see separate entry) · page: 12 · as of: 2026-08-28 · amount: 2619391 · debtor: 2607315 Ontario Inc. · creditor: Tandia Financial Credit Union Limited (now Tandia Financial, a Division of Alterna Savings And Credit Union Limited) · currency: CAD · security: Commercial mortgage (Mortgage) on 353 St. Paul Avenue, Brantford pursuant to Commitment Letter dated December 19, 2022, promissory note dated January 5, 2023 in principal amount of $2,200,000; also registered against all personal property of the Debtor (PPSA)
- secured creditorsnote: Receiver's Borrowings advanced by Tandia to fund receivership; secured by court-ordered Receiver's Borrowing Charge, separate from the Mortgage indebtedness · page: 12 · as of: NOI/Appointment Date financing period (advanced via Receiver's Certificate during receivership) · amount: 125000 · debtor: 2607315 Ontario Inc. (receivership estate) · creditor: Tandia Financial Credit Union Limited · currency: CAD · security: Receiver's Borrowing Charge pursuant to paragraph 22 of the Appointment Order
- secured creditorsnote: Second Mortgagee/second-ranking registration; also holds identical $1,000,000 registration against 120 St. George Street per separate parcel register · page: 13 · as of: 2024-03-06 · amount: 1000000 · debtor: 2607315 Ontario Inc. · creditor: 2288865 Ontario Inc. ("228 Ont") · currency: CAD · security: Registration on title to 353 St. Paul Avenue (Real Property) per parcel register
- secured creditorsnote: 120 St. George is outside the receivership (not included in Appointment Order); Lift Capital has commenced power of sale proceedings against 120 St. George · page: 18 · as of: 2026-01-30 · amount: 2000000 · debtor: 2607315 Ontario Inc. · creditor: Lift Capital Incorporated · currency: CAD · security: Charge registered against 120 St. George Street per parcel register dated January 30, 2026
- secured creditorsnote: Second charge on 120 St. George Street, a property outside the receivership · page: 18 · as of: 2026-01-30 · amount: 1000000 · debtor: 2607315 Ontario Inc. · creditor: 2288865 Ontario Inc. ("228 Ont") · currency: CAD · security: Charge registered against 120 St. George Street per parcel register dated January 30, 2026
- secured creditorsnote: Disputed/contested claim: Receiver's counsel (BLG) opines lien was not preserved or perfected within statutory timelines, was improperly registered as a general lien, and has further deficiencies; Receiver takes position lien is invalid and, even if valid, subordinate to Tandia Indebtedness · page: 20 · as of: 2024-08-30 · amount: 169500 · debtor: 2607315 Ontario Inc. · creditor: HAB Creative Housing Corp. ("HCHC") · currency: CAD · security: Construction lien registered against 120 St. George Street (registration number BC479162); also asserted against Real Property (353 St. Paul), 339 St. Paul Avenue, and 341 St. Paul Avenue
- process resultsbids: 8 · ndas: 23 · note: 23 parties executed a confidentiality agreement and accessed the data room; 8 prospective purchasers submitted offers and amended offers; Receiver accepted four offers, three of which did not complete
- purchaserVictoria Professional Centre Inc.
- recovery outcomeentries: basis: estimated · quote: The Receiver estimates that there will be a shortfall on the Tandia Indebtedness after taking into account the following payments: · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: Tandia Indebtedness · claims amount: 2619391 · creditor name: Tandia Financial Credit Union Limited · interim final: unstated · claims qualifier: unstated · stated on: 2026-09-03 · table missing:
- sale advisorAvison Young Commercial Real Estate Services, LP
- sale outcometext: The Receiver accepted Victoria's offer, executed the APS, and is seeking Court approval of the Transaction · scope: parcel · status: pending_approval