Ontario · Receivership (court-appointed)
Third Report of the Receiver
Court officer report · 19 October 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 filing6 verified
- secured creditorsnote: Amount not stated. A standstill/proceeds-sharing agreement was negotiated but is no longer considered viable; Sure Capital expected to apply to appoint a receiver over Waterways. · page: 12 · debtor: Waterways · creditor: Durham (first-ranking mortgagee, Waterways Project) · currency: CAD · security: First-ranking mortgage (Durham Mortgage) in relation to a construction financing facility; SMFI holds a second-ranking mortgage subordinate to it
- secured creditorsnote: Amount not stated; under the proposed (now abandoned) standstill, Chalmers agreed to defer payments until the Durham Mortgage and certain SMFI Mortgage amounts are paid. · page: 12 · debtor: Waterways · creditor: Chalmers (Chalmers Mortgage, Waterways Project) · currency: CAD · security: Chalmers Mortgage
- unsecured creditorsnote: Nota lien registered (advised Sept 8, 2026) is disputed by Waterways as to legitimacy; amounts not stated. Lien claims are against the Waterways Project, not the Debtors. · page: 12 · basis: Lien registrations as described by the Receiver · debtor: Waterways · creditor: Registered liens against Waterways Project (two liens plus Nota Plumbing and Heating Inc.) · currency: CAD
- secured creditorsnote: DISPUTED/under review: Receiver is examining whether the Goldfarb Security may be challenged under BIA s.95 and the Assignments and Preferences Act (Ontario); no determination on validity, enforceability or priority; discussions with TGF on a without-prejudice basis ongoing. Amount not stated. · page: 25 · debtor: SMFI, 2486976 Ontario Inc., 1981361 Ontario Inc. · creditor: Goldfarb Group (incl. Logpin Investments Limited) (security granted by the Debtors plus assignments of certain interests, incl. Heritage Village charge transferred Dec 16, 2024) · currency: CAD · security: Security and assignments entered into in December 2024 and February 2025 over the SMFI Mortgage (Waterways), 198's co-tenancy interest in and cash flow from Waterways, and other interests ("Goldfarb Security")
- secured creditorsnote: Balance (principal and interest) stated in the unsigned Security Confirmation Agreement and Secured Promissory Note (execution copy / draft, dated October 2026); interest, fees and costs continue to accrue. Personal guarantors by role: two individuals. · page: 186 · as of: 2026-09-30 · amount: 14997082.93 · debtor: 2114568 Ontario Limited (borrower); beneficial owners 1981361 Ontario Inc. and Alliance Compro Inc.; guarantors Alliance Homes Inc., Alliance Homes Ltd., Alex Troop, Robert Carey · creditor: Sussman Mortgage Funding Inc. (SMFI) (chargee under Charge/Mortgage Instrument No. SC727697 against Alliance Project lands, PIN 58707-0038) · currency: CAD · security: Charge registered April 9, 2009 (original principal $3,500,000, a registered amount, not the balance), amended by Instrument No. SC734669; guarantees and guarantor security; general security agreement; beneficial owner security
- secured creditorsnote: Balance (principal and interest) stated in the unsigned Security Confirmation Agreement (execution copy / draft); interest, fees and costs continue to accrue. Amending agreement of Feb 14, 2019 had acknowledged a then-balance of $13,597,165.93. Personal guarantors by role: two individuals. · page: 195 · as of: 2026-09-30 · amount: 22112067.75 · debtor: 2114568 Ontario Limited (borrower); beneficial owners 1981361 Ontario Inc. and Alliance Compro Inc.; guarantors Alliance Homes Inc., Alex Troop, Robert Carey · creditor: Sussman Mortgage Funding Inc. (SMFI) and Olympia Trust Company, in trust for RRIF 271042 and RRSP 271044 (chargees under Charge/Mortgage Instrument No. SC543816 against Alliance Project lands, PIN 58707-0038) · currency: CAD · security: Charge registered May 15, 2007 (original principal $4,000,000, a registered amount, not the balance), later transferred/amended; interests held: SMFI $3,405,900.00, Olympia $406,457.23 (RRIF 271042) and $706,334.79 (RRSP 271044) per June 16, 2022 transfer; assignment of rents; guarantees; guarantor security; beneficial owner security