Ontario · Receivership (court-appointed)
First Report of the Receiver dated January 27, 2026 (for motion returnable January 29, 2026)
Court officer report · 27 January 2026
A plain-language read of this filing opens with a subscription.
What we verified from this filing8 verified
- secured creditorspage: 4 · as of: 2025-12-11 · amount: 826518 · debtor: 2352107 Ontario Inc. · creditor: Elements Air Systems Inc. · currency: CAD · security: Construction lien and related Certificate of Action, registered against title to the Condo Units
- secured creditorspage: 4 · as of: 2026-01-23 · amount: 141978.2 · debtor: 2352107 Ontario Inc. · creditor: Paul Marques Architect Inc. · currency: CAD · security: Construction lien registered against title to the Condo Units
- secured creditorsnote: Registration of this lien caused the Retail APS to fail to close as scheduled on January 15, 2026 · page: 4 · as of: 2025-12-15 · amount: 98762 · debtor: 2352107 Ontario Inc. · creditor: McQueen Maintenance Inc. · currency: CAD · security: Construction lien registered against title to the Project
- secured creditorsnote: 2017 Windsor Loan ($7,000,000) and 2018 Windsor Loan ($18,000,000) matured Aug 11, 2019 and July 31, 2019 respectively and remain unpaid; a payment of approximately $7.76 million was received Sept 12, 2022 from an NBC advance, reducing the balance, but no exact current outstanding balance is stated in these pages (registered principal amounts only, not a balance). · page: 40 · debtor: 2352107 Ontario Inc. · creditor: Windsor Private Capital Limited Partnership ("Windsor I") · currency: CAD · security: Windsor Charge (charge/mortgage of land) registered Aug 17, 2017 in principal amount of $7,000,000 for the 2017 Windsor Loan; amended Aug 9, 2018 to increase principal secured to $25,000,000 to also secure the 2018 Windsor Loan of $18,000,000
- secured creditorsnote: Figures are facility limits and registered mortgage principal, not stated outstanding balances. NBC Credit Facilities payable on demand; NBC is also Administrative Agent under the Credit Agreement. · page: 42 · debtor: 2352107 Ontario Inc. · creditor: National Bank of Canada (NBC) · currency: CAD · security: Demand first-ranking collateral mortgage (NBC Charge) in principal amount of $110,000,000 registered Sept 9, 2022; general assignment of rents and leases; general security agreement (NBC GSA) over present and after-acquired personal property; assignment of construction/consultant contracts; assignment of APS proceeds. NBC Term Facility limit of up to $25,765,000 (later increased to $28,765,000 per Nov 4, 2025 Amending Agreement); non-revolving LC facility limit increased from $1,000,000 to $5,000,000.
- secured creditorsnote: Windsor II's participation ranks last-out to NBC under the Nov 4, 2025 Amending Agreement; not entitled to repayment until NBC's Outstanding Obligations are fully and indefeasibly repaid. Windsor II is a related applicant entity (affiliate of Windsor I). · page: 49 · debtor: 2352107 Ontario Inc. · creditor: Windsor II Limited Partnership · currency: CAD · security: Participation in NBC Credit Facilities via Assignment and Assumption Agreement (assigned portion of NBC Term Facility)
- secured creditorsnote: Registered principal amount, not a stated balance; lowest priority among the registered charges per priority agreements · page: 50 · debtor: 2352107 Ontario Inc. · creditor: Olympia Trust Company and Belmont Mortgage Administration Limited · currency: CAD · security: Charge/mortgage of land, registered principal amount of $16,000,000, registered July 22, 2013 (Instrument No. YR2007795), originally in favour of Belmont Mortgage Administration Limited, John Carlisle and Madiana Carlisle, transferred to First Mortgage Administration Corp. and Olympia Trust Company
- secured creditorsnote: Registered principal amount, not a stated balance · page: 50 · debtor: 2352107 Ontario Inc. · creditor: Westmount Guarantee Services Inc. · currency: CAD · security: Charge/mortgage of land, registered principal amount of $40,000,000, registered Sept 14, 2022 (Instrument No. YR3476837); PPSA financing statement registered in connection with purchaser deposits paid under agreements of purchase and sale for Project units