Ontario · Receivership (court-appointed)
Second Report of the Receiver and Manager, dated September 10, 2026
Court officer report · 10 September 2026
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What we verified from this filing9 verified · 1 withheld
- 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: 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
- 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: 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; 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
- 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
- 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.
- report date11 September 2026
- report noSecond Report
1 extracted value is withheld: either a trap-shaped field where models produce confident wrong numbers, or an identity value whose quotation could not be found in the document. Withheld values are shown to no one.