Ontario · Receivership (court-appointed)
First Report of the Receiver dated July 17, 2026
Court officer report · 17 July 2026
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What we verified from this filing12 verified
- secured creditorspage: 50 · as of: 2025-03-19 · amount: 186466.28 · debtor: Hammer & Nails Developments Ltd. (Maple Street) · creditor: 2384921 Ontario Ltd. · currency: CAD · security: Construction lien registered against the Maple Property, Instrument No. LC268042, registered March 19, 2025.
- secured creditorspage: 50 · as of: 2025-02-07 · amount: 173684 · debtor: Hammer & Nails Developments Ltd. (Maple Street) · creditor: 1136234 Ontario Ltd. · currency: CAD · security: Construction lien registered against the Maple Property, Instrument No. LC267125, registered February 7, 2025.
- secured creditorspage: 50 · as of: 2025-02-21 · amount: 45360 · debtor: Hammer & Nails Developments Ltd. (Maple Street) · creditor: TBG Mechanical Solutions Limited · currency: CAD · security: Construction lien registered against the Maple Property, Instrument No. LC267397, registered February 21, 2025.
- secured creditorspage: 50 · as of: 2025-03-05 · amount: 37651 · debtor: Hammer & Nails Developments Ltd. (Maple Street) · creditor: Masterpiece Hardwood Flooring · currency: CAD · security: Construction lien registered against the Maple Property, Instrument No. LC267700, registered March 5, 2025.
- secured creditorsnote: Registered charge amount only; no pre-filing outstanding balance is stated. Receiver's counsel opined this is a valid, enforceable first-ranking charge. A post-filing (during receivership) mortgage discharge statement dated June 29, 2026 states the amount required to discharge is approximately $4,601,153.25 plus per diem interest of $533.57 - this is a later, post-filing figure, not the pre-filing balance. · page: 51 · debtor: Hammer & Nails Developments Ltd. (Beckwith Street) · creditor: Caisse Desjardins Ontario Credit Union Inc. ("Desjardins") · currency: CAD · security: First-ranking Charge on Beckwith Property, Instrument No. LC257797, registered April 3, 2024; registered charge amount $4,255,855.00
- secured creditorsnote: Registered interest amount, not confirmed as a current balance. Subordinated/postponed in priority to Caisse Desjardins (Instrument No. LC257799) and to First Source Inc. (Instrument No. LC263059) by registered postponements. · page: 51 · debtor: Hammer & Nails Developments Ltd. (Beckwith Street) · creditor: Evolve Services Inc. · currency: CAD · security: Notice of Security Interest ("Evolve NOSI") registered against the Beckwith Property, Instrument No. LC234446, registered February 14, 2022; registered amount $250,000.00; third in registered priority.
- secured creditorsnote: Judgment for principal sum of $4,378.27 plus $362 for costs (components stated separately, no total given), both accruing interest at 5% per annum. Statutory execution creditor, not a voluntary contractual mortgage/charge. · page: 51 · debtor: Hammer & Nails Developments Ltd. (Maple Street) (the Borrower) and Hammer & Nails Developments Ltd. (Beckwith Street) · creditor: Annis O'Sullivan Vollebekk (Kemptville) Ltd. · currency: CAD · security: Execution/judgment registered against title to lands of both the Borrower and Beckwith, dated January 16, 2025.
- secured creditorsnote: First Report prose approximates the Loan principal at $13,326,300; exact dated indebtedness per the March 21, 2025 Demand letter (attaching a Discharge Statement as at March 20, 2025) is $11,892,760.64, plus legal costs of $5,000, plus per diem interest of $5,476.56 to March 31, 2025, increasing to $5,622.60/day thereafter. NITES issued February 19, 2025 and a further NITES March 21, 2025 (additional named creditors), pursuant to s.244 BIA. Loan matured February 8, 2025 and was not repaid; cross-default clauses mean default under either mortgage is default under all Security. Personal guarantees exist from two individual guarantors. · page: 53 · as of: 2025-03-20 · amount: 11892760.64 · debtor: Hammer & Nails Developments Ltd. (Maple Street) and Hammer & Nails Developments Ltd. (Beckwith Street) (jointly, cross-defaulted loan); Guarantors: Dylan James Sliter and Patrick Barry Lane Linnen · creditor: First Source Financial Management Inc. and First Source Mortgage Corporation (collectively "First Source") · currency: CAD · security: First-ranking Charge/Mortgage of Land on the Maple Property (Instrument No. LC235577, registered March 17, 2022; Promissory Note principal $9,210,000 dated March 8, 2022), amended by Notices registered July 21, 2023 (LC250766) and September 25, 2024 (LC263056); Amendment to Promissory Note dated September 11, 2024 restating principal balance at $13,326,300; loan facility limit under the August 26, 2024 Increase and Extension Agreement was the lesser of $11,105,250 or 73.82% of the "As-Complete" Appraised Value. Second-ranking Charge/Mortgage of Land on the Beckwith Property (the "Beckwith Mortgage", Instrument No. LC263057, registered September 25, 2024, registered amount $13,326,300). Also secured by General Security Agreements from the Borrower and Beckwith, PPSA registrations against the Borrower, Beckwith and the Guarantors, Assignment of Rents (General) on both properties, Negative Pledges, and a Guarantee and Postponement of Claim from the Guarantors.
- purchaserJingjing Gao and Jianquan Yang
- recovery outcomeentries: basis: estimated · quote: Accordingly, in addition to the net sale proceeds realized from the sale of the Beckwith Property, the Receiver proposes that the cash receipts attributable to the Beckwith Property pursuant to the Allocation Methodology also be distributed to Desjardins as part of the Proposed Interim Distribution of Proceeds, calculated to the closing date of the Transaction, following which there will be no further distributions to Desjardins. · pct of: unstated · outcome: distribution · class key: secured · stated by: receiver · cumulative: false · class label: Desjardins · creditor name: Caisse Desjardins Ontario Credit Union Inc. · interim final: interim · claims qualifier: unstated · stated on: 2026-07-17 · table missing:
- sale advisorCBRE Limited Real Estate Brokerage
- sale outcometext: Receiver recommends approval of the APS for the Beckwith Property; sale proceeds insufficient to pay Desjardins in full · scope: parcel · status: pending_approval