Ontario · Receivership (court-appointed)
Motion Record of the Receiver - Volume I of III
Application / notice of application · 26 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 filing7 verified
- secured creditorsnote: Registered principal/facility amount, not a stated outstanding balance. · page: 10 · debtor: G Group 5220 Yonge Ltd. · creditor: WPC GP II Inc. · currency: CAD · security: Fourth-ranking mortgage/charge over the Real Property, registered principal $55,000,000 (Instrument AT5835474), originally registered Aug 19, 2021 in favour of MarshallZehr Group Inc. and assigned to WPC GP II Inc. Dec 31, 2021; postponed to the Talisker Order Amendment and to the $50M and $250M Mortgages (Dec 31, 2021); blanket PPSA registration (re-registration of expired file no. 744014466, registered 2025/02/26) over inventory, equipment, accounts, other, motor vehicles.
- secured creditorsnote: Registered principal amount, not a stated outstanding balance. Westmount also provides condominium purchaser deposit insurance for the Project. · page: 10 · debtor: G Group 5220 Yonge Ltd. · creditor: Westmount Guarantee Services Inc. · currency: CAD · security: Fifth-ranking mortgage/charge over the Real Property, registered principal $100,000,000 (Instrument AT5835476), registered Aug 19, 2021, postponed to the Talisker Order Amendment and to the $50M and $250M Mortgages (Dec 31, 2021); separately, a PPSA registration (originally under Aviva Insurance Company of Canada, later amended to Westmount as administrative agent for the surety) granting a security interest in the Debtor's deposits (and interest/excess closing proceeds) under a Deposit Trust Agreement, relating to a different project ('Ellie Condominiums', 15 Ellerslie Avenue, Toronto), not the Real Property in this receivership.
- secured creditorsnote: Senior-ranking secured creditor; exact balance per Roitman Affidavit/First Report as of Sept 30, 2025 ($185,284,882.44); a rounded prose figure ('approximately $185 million', same date) also appears in the Notice of Motion grounds. Facilities matured Sept 30, 2024 and remain unpaid. Facilities guaranteed (Nov 3, 2021 guarantee) by related parties G Group Development Corp., G Management, 2217439 Ontario Inc., Thornrich Investments Ltd., Guizzetti Corporation, and by the Debtor's principals personally (individuals not named here) - related-party/personal guarantors. · page: 28 · as of: 2025-09-30 · amount: 185284882.44 · debtor: G Group 5220 Yonge Ltd. · creditor: Romspen Investment Corporation · currency: CAD · security: First mortgage/charge dated Oct 25, 2013 (amended Aug 16, 2019 and July 30, 2021), registered principal $125,000,000 (Instrument AT3438332, as amended); second mortgage/charge dated Dec 31, 2021, registered principal $50,000,000 (Instrument AT5951130); third mortgage/charge dated Dec 31, 2021, registered principal $250,000,000 (Instrument AT5951169); general assignments of rents (2013 and 2021, Instruments AT3438333/AT5951170); general security agreements from the Debtor and Guarantors (2021); blanket PPSA registration (registered 2013/10/25) over inventory, equipment, accounts, other, motor vehicles included.
- secured creditorsnote: Total per Receiver's First Report/chart is $8,917,175 (stated total, not independently summed). Receiver's preliminary analysis: lien claimants collectively hold priority claims vis-à-vis the Romspen Mortgage limited to a maximum holdback deficiency of $4,475,690 under s.78 Construction Act; analysis ongoing and subject to review/consent. Certificates of Action have been issued/registered for 8 of the liens. · page: 31 · as of: construction lien registration dates, June-October 2025 · amount: 8917175 · debtor: G Group 5220 Yonge Ltd. · creditor: Registered Lien Claimants (13 trade contractors, 16 registered construction liens) · currency: CAD · security: Construction liens registered against the Real Property under the Construction Act: Leader Plumbing & Heating Inc. $2,419,191 (AT6843562 $2,344,277 + AT6848016 $74,914); Modern Elevator Innovations Inc. $904,726; Cambridge Drywall Services Ltd. $882,760; Panson Electrical Services Ltd. $297,637; King Koating Roofing Inc. $754,028; Petra Design Inc. $384,916; Northern Caulking Inc. $139,832; TKL Group Inc. $275,705; State Window Corporation $1,866,576 (AT6897322 $1,376,485 + AT6897334 $490,091); Alloy Fusion Inc. $489,316; Grebian Group Inc. $130,821 (AT6923224 $89,603 + AT6923225 $41,218); CPE Painting & Decorating Inc. $324,377; EXP Services Inc. $47,290.
- secured creditorsnote: Deemed trust claim - unpaid HST plus penalties and interest, for the period March 1, 2025 to May 31, 2025, as advised by CRA letter dated November 12, 2025. Monthly HST returns for June 1, 2025 to November 3, 2025 were also outstanding at the Receiver's appointment (amount for that period not stated); Receiver arranged filing of outstanding returns. · page: 65 · as of: 2025-11-12 · amount: 20417520.6 · debtor: G Group 5220 Yonge Ltd. · creditor: Canada Revenue Agency · currency: CAD
- secured creditorsnote: Not a monetary charge - no dollar amount is stated in the encumbrance table; represents a registered court order rather than a debt/security interest, requiring transfer of certain residential rental units to Talisker. · page: 144 · debtor: G Group 5220 Yonge Ltd. · creditor: Talisker Realty Corporation · currency: CAD · security: Court order (Talisker Order, Instrument AT4735769, registered 2017/11/17) registered against the Real Property, amended by Talisker Order Amendment (Instrument AT5951142, 2021/12/31) and postponed in priority to the $50M Mortgage (and, per further postponements, to the $250M Mortgage).
- secured creditorsnote: Disputed claim - per the Elevate Claim (stayed litigation), Elevate alleges it purchased ~309 fan coils from the Debtor for $834,000 plus HST and leased them back under an Equipment Lease Agreement (ELA) requiring total rental payments of $2,609,565 plus HST over a 10-year term, and that the Debtor agreed to assign the ELA to TSCC 3097; classification as true lease vs. secured PMSI is unresolved; claim also names TSCC 3097 and G Development as defendants. · page: 148 · amount: 2609565 · debtor: G Group 5220 Yonge Ltd. · creditor: Elevate Home and Commercial Services Inc. · currency: CAD · security: Two PPSA registrations (2025/04/16 and 2025/06/02) over consumer goods, inventory, equipment, other, motor vehicles, listing approximately 309 serialized fan coil units installed in the Residential Tower; registered amount CA$2,609,565.00 (duplicate registrations for the same collateral/amount).