Ontario · Receivership (court-appointed)
Application Record dated September 26, 2025
Application / notice of application · 26 September 2025
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 filing9 verified
- applicantCAMERON STEPHENS MORTGAGE CAPITAL LTD.
- courtSUPERIOR COURT OF JUSTICE (COMMERCIAL LIST)
- court file noCV-25-00752828-00CL
- provinceONTARIO
- statutory basisSECTION 243(1) OF THE BANKRUPTCY AND INSOLVENCY ACT, RSC 1985, c. B-3, AS AMENDED; AND SECTION 101 OF THE COURTS OF JUSTICE ACT, RSO 1990, c. C.43, AS AMENDED
- commencement date26 September 2025
- secured creditorsnote: Loan Facility per Commitment Letter dated August 24, 2022 totaled $29,000,000 ($26,500,000 Facility 1 construction loan + $2,500,000 Facility 2 letters of credit); registered mortgage principal of $31,900,000 is a registration ceiling, not the outstanding balance; Loan matured June 1, 2025 and was not repaid; demand for payment and Notice of Intention to Enforce Security (NITES) served August 15, 2025; exact outstanding balance is stated in the Mortgage Statement as at September 29, 2025 (Tab M), which is not among the pages provided · page: 8 · debtor: TrinityStar Developments Inc. · creditor: Cameron Stephens Mortgage Capital Ltd. · currency: CAD · security: Charge/Mortgage of Land, registered principal amount $31,900,000, registered May 31, 2023 (DR2234458), first fixed charge against the Real Property; General Security Agreement dated November 28, 2022 over all present and after-acquired personal property of the Debtor
- secured creditorsnote: Cumulative total of registered construction liens as at September 24, 2025 (approximated as 'more than $8.8 million' in Notice of Application, ground 2(h)(iv)); Pollard Windows Inc. (lien of $139,190 against Lot 4) claims full priority over the Lender's mortgage in its Statement of Claim; parcel searches disclose no registrations other than those of the lien claimants and the Lender · page: 26 · as of: 2025-09-24 · amount: 8871046 · debtor: TrinityStar Developments Inc. · creditor: Construction lien claimants (16 lienors, various lots) · currency: CAD · security: Construction liens registered against various lots/blocks of the Real Property per parcel searches (largest: Fusioncorp Developments Inc. $5,079,627; Eurowood Carpentry 2000 Inc. $528,934; Southcrete Inc $469,882; others individually smaller)
- secured creditorsnote: Registered second in time (after the Lender's PPSA registration over inventory, equipment and accounts); no dollar amount disclosed in the PPSR search · page: 26 · debtor: TrinityStar Developments Inc. · creditor: Royal Bank of Canada · currency: CAD · security: PPSA registration against accounts of the Debtor