Ontario · Receivership (court-appointed)
Second Report of the Receiver and Manager, dated September 10, 2026
Court officer report · 10 September 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 filing27 verified
- secured creditorsnote: Subordinated and postponed in favour of the ICI Mortgage pursuant to a Subordination and Standstill Agreement dated April 15, 2021. $1.5 million is the registered mortgage amount, not a stated current outstanding balance. · page: 5 · debtor: CB 11 South Woodbridge Corp. · creditor: Fred Hui (Dr. Fred Hui) · currency: CAD · security: Mortgage registered April 1, 2020 in the original amount of $1.5 million (second charge on Property)
- secured creditorsnote: ICI Payout Statement breaks down $11,257,179.19 as loan principal $7,646,706.05, accrued interest $2,967,201.29, and other fees/charges $643,271.85 (excludes legal fees/costs from August 1, 2026 onward). ICI serves as mortgage servicer; actual lender/funder is Equitable Bank. Independent security opinion from Reconstruct LLP confirms validity/enforceability of ICI Mortgage but does not opine on quantum or priority. · page: 5 · as of: 2026-08-31 · amount: 11257179.19 · debtor: CB 11 South Woodbridge Corp. · creditor: Canada ICI Capital Corporation (ICI) · currency: CAD · security: First mortgage over the Property (registered April 16, 2021, in the amount of $7.5 million) and PPSA general security agreement over all assets dated April 14, 2021; ICI Mortgage guaranteed by Capital Build Construction Management Corp. and Michael Smith
- secured creditorsnote: Registered Lien Claim; related party (Capital Build is also a guarantor of the ICI Mortgage and its principal, Michael Smith, is director/50% shareholder of CB 11). Bankruptcy Trustee of Capital Build confirmed not seeking priority over the ICI Mortgage. · page: 5 · as of: 2022-05-03 · amount: 722070 · debtor: CB 11 South Woodbridge Corp. · creditor: Capital Build Construction Management Corp. · currency: CAD · security: Construction lien registered May 3, 2022
- secured creditorsnote: Registered Lien Claim; HK confirmed it is not seeking priority over the ICI Mortgage. Priority/validity not otherwise determined by Receiver. · page: 5 · as of: 2022-01-20 · amount: 92407 · debtor: CB 11 South Woodbridge Corp. · creditor: HK United Construction Ltd. · currency: CAD · security: Construction lien registered January 20, 2022
- secured creditorsnote: Registered Lien Claim; KNYMH confirmed it is not seeking priority over the ICI Mortgage. · page: 5 · as of: 2022-08-03 · amount: 108505.6 · debtor: CB 11 South Woodbridge Corp. · creditor: KNYMH Incorporated · currency: CAD · security: Construction lien registered August 3, 2022
- unsecured creditorsnote: Stated as approximately $27,400; CRA confirmed there is no deemed trust in respect of this HST claim. Receiver has not audited or verified the amount. · page: 10 · as of: 2025-01-20 · basis: CRA notification letter to the Receiver regarding outstanding HST amounts · amount: 27400 · debtor: CB 11 South Woodbridge Corp. · creditor: Canada Revenue Agency (CRA) · currency: CAD
- fee scheduleengagements: form: report_table · rows: · money: tax: label: HST (13%) · quote: HST (13%) $6,301.35 · amount: 6301.35 · fees: quote: Fees $45,737 · amount: 45737 · total: quote: TOTAL PROFESSIONAL FEES $54,773.14 · amount: 54773.14 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: Disbursements $2,734.79 · amount: 2734.79 · period: kind: unstated · approval: state: unstated · averages: rate: 510.46 · quote: Average Hourly Rate $510.46 · scope: exclusive of HST · currency: · invoices: · firm text: RECON · firm quote: RECON incurred a total of 89.6 hours, at an average hourly rate of $510.46 exclusive of HST. · hours total: quote: RECON incurred a total of 89.6 hours · value: 89.6 · context quote: RECON incurred a total of 89.6 hours, at an average hourly rate of $510.46 exclusive of HST.
- insolvency professionalSharon S. Hamilton
- insolvency professionalSharon S. Hamilton
- insolvency professionalJeffrey D. Kerbel
- insolvency professionalEdmund Yau
- lawyerSharon Kour
- lawyerColin Hunt
- lawyerCaitlin Fell
- lawyerSharon Kour
- lawyerCapital Build
- lawyerEric Golden
- lawyerColin Hunt
- lawyerCaitlin Fell
- lawyerEric Golden
- operational summaryCB 11 is a special-purpose company holding vacant development land in Vaughan with no construction begun and no employees; the receiver has conducted an extended, multi-year marketing and sale process for the property, culminating in an amended asset purchase agreement with SC Land Inc. (assigned to 7397 Islington Avenue LP) for which court approval of the sale and distribution of proceeds is now sought.
- professional feesnote: Includes $238,020 in professional fees and $175.88 in disbursements plus taxes of $30,965.46; billings for 405.9 professional hours. Reconstruct's fees for the period August 11, 2022 to August 31, 2026 total $54,773.14, including $45,737 in professional fees and $2,734.79 in disbursements plus taxes of $6,301.35. Receiver also anticipates incurring a further $100,000 in fees to complete its administration. · party: Receiver (Ernst & Young Inc.) · amount: 269161.34 · period: September 19, 2022 to August 29, 2026 · currency: CAD
- purchaser7397 Islington Avenue LP; price: sealed: false · scope: the Property · status: not_completed · name note: the 2023 Potential Purchaser, unnamed · structure: assets · name source: operative · relationship: unstated · agreement date: 2023-01-20
- report date11 September 2026
- report noSecond Report
- sale advisorCBRE Limited; Ernst & Young Real Estate Services Inc.
- sale outcometext: Receiver's request for an Order approving a transaction in respect of the Property contemplated by the A&R APA · scope: whole_business · status: pending_approval