Ontario · Receivership (court-appointed)
First Report of the Receiver
Court officer report · 4 February 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
- report date4 February 2026
- report noFirst Report
- operational summaryThe Receiver has undertaken activities including taking possession of the Real Property and books/records, terminating employees, managing property repairs and maintenance, addressing a fire inspection and a break-in, negotiating tenant lease agreements, pursuing collection of loans and accounts receivable owed to CTFS, and running a broker selection process resulting in the retention of CBRE to conduct a proposed 17-week Sale Process for the Real Property.
- cash on handamount: 134093 · currency: CAD
- receipts cumulativeamount: 205335.46 · currency: CAD
- cash on handnote: Funds held by the Receiver before accounting for unpaid and accrued costs. · as at: 2026-01-21 · amount: 134093 · currency: CAD · qualifier: approximately
- operational summaryCTFS's accounting and tax business has ceased and its five employees were terminated; the Receiver is operating the Pickering commercial office building (five tenants), handling repairs and lease renewals, pursuing collection of loans and receivables owed to CTFS, and preparing a court-approved CBRE-led sale process for the property.
- process resultsbids: 3 · note: counts refer to broker proposals for selecting the listing broker, not sale bids · as of: 2025-09-30 · solicited: 3
- recovery outcomeentries: basis: estimated · quote: NBC, the Debtors' senior secured creditor, is expected to suffer a material shortfall in recovering the amount of its secured debt, supports the Sale Process; and · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: National Bank of Canada · creditor name: National Bank of Canada · interim final: unstated · claims qualifier: unstated · stated on: 2026-02-04 · table missing:
- report date4 February 2026
- report noFirst Report
- sale advisorCBRE
- sale outcometext: Receiver seeking approval of proposed Sale Process for the Real Property, no transaction yet · scope: parcel · status: process_approved