Ontario · Receivership (court-appointed)
First Report of the Receiver dated September 30, 2026
Court officer report · 30 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 filing12 verified
- secured creditorsnote: Amount is 'approximately $29.1 million' aggregate indebtedness under the DCC Loans, stated as of June 5, 2026 and excluding certain legal and other third-party costs. Debtors defaulted on interest payments (as at Mar 17, 2026); demand and s.244 BIA notices issued Mar 31, 2026; forbearance agreement entered Mar 31, 2026, then defaults continued and receiver appointed June 23, 2026. DCC advanced $500,000 under the Receiver's Borrowings Charge (a separate post-filing receivership advance, not part of the $29.1M). · page: 9 · as of: 2026-06-05 · amount: 29100000 · debtor: Flato Greens Inc., Dundalk Mixed Use Expansion One Inc., Patterson Street Holdings Inc., Flato North Village Dundalk Inc., Braemore Dundalk Two Inc., Melancthon Meadows Inc., 2760562 Ontario Inc. (the Debtors; per-Debtor split not stated) · creditor: Dorr Capital Corporation (DCC) · currency: CAD · security: Mortgages registered against the applicable Real Properties and general security agreements granted by the applicable Debtors; unlimited guarantee from Shakir Rehmatullah and Flato Management Inc. (related-party guarantors) in respect of various DCC Loans. Example of one loan: Patterson Street Holdings Inc. loan, principal $320,000 original commitment (a facility/mortgage principal, not the outstanding balance), secured by a first-position charge/mortgage of $320,000 (Instrument SC1444591, registered Aug 25, 2017) and a GSA dated Aug 23, 2017 registered under the PPSA.
- secured creditorsnote: Holds as bare trustee and mortgage custodian in respect of an investment in the applicable DCC loan; its interest is part of the DCC Loans, so it is not a separate additional debt. No separate amount stated. · page: 9 · debtor: Melancthon Meadows Inc. (inferred: owner of the Melancthon properties at 516276 County Road 124 and 476259 Third Line; the document itself does not name the owner) · creditor: Olympia Trust Company · currency: CAD · security: Co-mortgagee on the mortgage registered against 516276 County Road 124 and 476259 Third Line, Melancthon, Ontario
- secured creditorsnote: Amount not stated in these pages. Per the Appointment Order, the Receiver's Charge (para 17A) and Receiver's Borrowings Charge (para 20A) rank behind FLC Inc.'s security on the 159 Lands, subject to limited exceptions. Priority relative to DCC is not stated in these pages. · page: 35 · debtor: Dundalk Mixed Use Expansion One Inc. ("Expansion Inc.") · creditor: Farm Lending Canada Inc. (FLC Inc.) · currency: CAD · security: Mortgage and other security registered against the property of Expansion Inc., including 159135 Highway 10, Melancthon, Ontario (PIN 34150-0012, LRO #7)
- cash on handnote: Report states 'excess of receipts over disbursements of $305,033' for the Interim R&D period; it does not expressly label this a cash-on-hand balance. · as at: 2026-09-29 · amount: 305033 · currency: CAD · qualifier: implied: excess of receipts over disbursements; cash balance not separately stated
- disbursementsnote: Period through September 29, 2026. · since: June 23, 2026 (appointment date) · amount: 210190 · currency: CAD
- operational summaryThe Debtors are project-specific real estate entities holding vacant land and seven single-family homes, four of them tenanted. The Receiver is managing the tenanted properties, has paid all property taxes and arranged replacement insurance, and is seeking approval of sale processes for the properties.
- professional feesnote: Receiver's Fees line in the Interim R&D; whether HST is included is not stated (HST and PST Paid shown separately at $10,103). · party: Receiver (TDB Restructuring Limited) · amount: 53743 · period: June 23, 2026 to September 29, 2026 · currency: CAD
- receipts cumulativenote: Includes DCC advances of $500,000 under the Receiver's Borrowings Charge, rental income $14,726 and interest $497; period stated through September 29, 2026. · since: June 23, 2026 (appointment date) · amount: 515223 · currency: CAD
- report date30 September 2026
- report noFirst Report
- sale advisorCBRE Limited; Cushman & Wakefield ULC
- sale outcometext: The Receiver seeks court approval of sale processes to market the EcoPark Property (via CBRE) and the Other Real Properties (via Cushman); no sale has yet been approved. · scope: parcel · status: listed