Ontario · CCAA
Final Pre-Filing Report of BDO Canada Limited in its Capacity as Proposed Monitor
Pre-filing report · 17 August 2026
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What we verified from this filing9 verified
- financial positionnote: Assets consist predominantly of development land ($15.6 million) and property held for development ($44.5 million). Liabilities consist predominantly of mortgages and loans payable ($62.2 million), trade payables ($8.1 million) and deposits on sales ($1.3 million). Co-owners deficiency/(loss) of $11.8 million also presented. · page: 7 · as at: 2025-12-31 · basis: Unaudited Management-prepared financial statements related to the Project (2025 Financial Statements), included in the Atkinson Affidavit · scope: The Project (2055226 Ontario Inc. development), not consolidated entity-wide · currency: CAD · total assets: 60600000 · total liabilities: 62200000
- secured creditorsnote: Guaranteed by Alexander Troop (personal guarantor), Rose GP, Alliance, Rose LP, and Berkstar. Overall MarshallZehr indebtedness under both Credit Facilities stated as approx. $42,257,787.43 as at July 23, 2026 (and approx. $42.9 million as at August 13, 2026, per para 2, page 3). · page: 7 · as of: 2026-07-23 · amount: 19859527.12 · debtor: 2055226 Ontario Inc. / Alliance (Sutton) Inc. / Berkstar Development Inc. / Rose Sutton LP / Rose Operating I GP Inc. (Phase 1 Property) · creditor: MarshallZehr Group Inc. (Credit Facility MZGI 427) · currency: CAD · security: 1st ranking charge on Phase 1 Property (registered ceiling $58M), 2nd ranking charge on Phase 2 and 3 Property (registered ceiling $58M), and GSAs; principal loan amount $48,553,000 in four tranches (Facility 1 Construction $12,000,000; Facility 2A Land & Servicing $25,000,000; Facility 2B Mezzanine $7,683,000; Facility 2C Subordinate Mezzanine $3,870,000); maturity January 1, 2026
- secured creditorsnote: Aggregate of seven liens; approximate figure as stated in document. Individual lienholders not named. · page: 8 · as of: 2026-07-31 · amount: 5700000 · debtor: 2055226 Ontario Inc. (Phase 1 Property) · creditor: Construction lien claimants (seven registered liens) · currency: CAD · security: Construction liens registered against title to Phase 1 properties
- secured creditorspage: 8 · as of: 2026-06-29 · amount: 100297 · debtor: 2055226 Ontario Inc. (Phase 1 Property) · creditor: York Region Vacant Land Condominium Corporation No. 1532 · currency: CAD · security: Condominium lien registered against parcel registers for the Phase 1 Property
- secured creditorsnote: Guaranteed by Alexander Troop (personal guarantor), Rose GP, Alliance, Rose LP, and Berkstar. · page: 8 · as of: 2026-07-23 · amount: 22398260.31 · debtor: 2055226 Ontario Inc. / Alliance (Sutton) Inc. / Berkstar Development Inc. / Rose Sutton LP / Rose Operating I GP Inc. (Phase 2 and 3 Property) · creditor: MarshallZehr Group Inc. (Credit Facility MZGI 569) · currency: CAD · security: 1st ranking charge on Phase 2 and 3 Property (registered ceiling $19.265M), 2nd ranking charge on Phase 1 Property; principal loan amount $16,050,000; maturity March 1, 2026
- secured creditorsnote: Continuing security for present and future indebtedness/liability of 205 Ontario to Tarion; amount of indebtedness not stated. · page: 8 · debtor: 2055226 Ontario Inc. · creditor: Tarion Warranty Corporation · currency: CAD · security: Security interest in purchaser deposit funds (up to $20,000 per unit) held in trust account pursuant to deposit trust agreement dated February 14, 2024; PPSA financing statement registered by escrow agent
- unsecured creditorsnote: Includes the Lien Amount (approx. $5.7 million construction liens, reported separately as secured). Includes amounts owing to an entity controlled by a director in the amount of $121,000 (related party). Document names no individual trade creditors. · page: 8 · as of: 2026-07-31 · basis: Based on the Information available to the Proposed Monitor, as reported in Pre-Filing Report · amount: 10400000 · debtor: 2055226 Ontario Inc. · creditor: Trade creditors (aggregate as reported) · currency: CAD
- unsecured creditorsnote: HST arrears; approximate figure as stated. · page: 8 · basis: Based on the Information, as understood by the Proposed Monitor · amount: 950000 · debtor: 2055226 Ontario Inc. · creditor: Canada Revenue Agency (HST arrears) · currency: CAD
- unsecured creditorsnote: Certain pre-sale purchasers have commenced claims seeking recovery of deposits, termination of agreements and delayed occupancy compensation; amount not stated. · page: 8 · basis: As understood by the Proposed Monitor · debtor: 2055226 Ontario Inc. · creditor: Pre-sale purchasers (deposit/termination/occupancy claims) · currency: CAD