Ontario · Receivership (court-appointed)
Motion Record
Application / notice of application · 17 July 2026
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What we verified from this filing12 verified
- applicantCANADA ICI CAPITAL CORPORATION
- appointeeBDO Canada Limited
- appointee roleCourt-Appointed Receiver
- commencement date17 July 2026
- courtSUPERIOR COURT OF JUSTICE
- court file noCV-25-00746967-00CL
- unsecured creditorsnote: Deemed trust (HST arrears) class, currently a priority payable ahead of the secured ICI Mortgage; a majority predates the ICI Loan; Canada ICI intends to seek an order assigning CB56 (and CB32) into bankruptcy, which would reverse the priority of the HST Arrears. · page: 31 · as of: 2026-04-16 · basis: HST trust examination conducted by CRA; claim submitted for HST arrears · amount: 651974.24 · debtor: CB 4656 Ontario Inc. · creditor: Canada Revenue Agency (HST Arrears - CB 4656 Ontario Inc.) · currency: CAD
- unsecured creditorsnote: Deemed trust (HST arrears) class, currently a priority payable ahead of the secured ICI Mortgage; a majority predates the ICI Loan; Canada ICI intends to seek an order assigning CB32 (and CB56) into bankruptcy, which would reverse the priority of the HST Arrears. · page: 31 · as of: 2026-04-16 · basis: HST trust examination conducted by CRA; claim submitted for HST arrears · amount: 197055 · debtor: CB 4632 Ontario Inc. · creditor: Canada Revenue Agency (HST Arrears - CB 4632 Ontario Inc.) · currency: CAD
- unsecured creditorsnote: Preferred/priority municipal property tax claim, described as "$219,681 plus accruing interest"; date of the underlying account statements not stated; the document names no individual creditor other than the municipal taxing authority. · page: 32 · basis: Collective municipal property tax account statements received by the Receiver, reporting collective municipal property taxes owing by the Debtors · amount: 219681 · debtor: CB 4632 Ontario Inc., CB 4656 Ontario Inc. and the Estate of Claude Bitton (collectively, the Debtors) · creditor: Municipal property tax authority (City of Toronto) - Priority Payables (aggregate as reported) · currency: CAD
- secured creditorsnote: Senior/first-ranking secured creditor; security opinion from Capstone Legal confirms the ICI Mortgage is valid and enforceable; ICI Loan was funded by Canada ICI together with Home Trust Company (no separate registered security stated for Home Trust); exact balance taken from Canada ICI Capital Corporation Mortgage Information Statement 'As At July 15, 2026' (principal $26,828,687.00 + accrued interest $3,664,100.36 + late interest $253,148.09 + late interest per diem $970.93 + other outstanding fees $1,315.00 + legal fees $95,804.41 + ITF balance $252.31 - balance in trust $215,084.35), which matches the First Report's approximate figure of $30,629,193.75 with a per diem of $7,313.57; Canada ICI is expected to suffer a shortfall on the sale. · page: 41 · as of: 2026-07-15 · amount: 30629193.75 · debtor: CB 4632 Ontario Inc., CB 4656 Ontario Inc. and the Estate of Claude Bitton · creditor: Canada ICI Capital Corporation · currency: CAD · security: First-ranking mortgage ("ICI Mortgage") registered against the Real Property; registered/original principal amount $26,828,687
- fee scheduleengagements: form: prose · rows: · money: tax: label: HST · quote: inclusive of HST of $16,014.39 · amount: 16014.39 · fees: quote: for a total of $121,856.25 prior to disbursements of $1,331.36 and applicable taxes · amount: 121856.25 · total: quote: in the amount of $139,202.00 inclusive of HST of $16,014.39 · amount: 139202 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: disbursements of $1,331.36 and applicable taxes · amount: 1331.36 · period: end: 2026-07-03 · kind: interim · quote: The Receiver's fees for the period January 9, 2026 to July 3, 2026 encompass 260.45 hours at an average hourly rate of approximately $467.87 for a total of $121,856.25 prior to disbursements of $1,331.36 and applicable taxes. · start: 2026-01-09 · approval: quote: The Receiver requests that the Court approve its interim accounts for the period from January 9, 2026 to July 3, 2026 in the amount of $139,202.00 inclusive of HST of $16,014.39, for the services set out in Exhibit 'A' . · state: sought · averages: rate: 467.87 · quote: average hourly rate of approximately $467.87 · currency: · invoices: · firm text: BDO Canada Limited · firm quote: Lawyers for BDO Canada Limited, in its capacity as Court-Appointed Receiver · hours total: quote: encompass 260.45 hours · value: 260.45 · context quote: The Receiver requests that the Court approve its interim accounts for the period from January 9, 2026 to July 3, 2026 in the amount of $139,202.00 inclusive of HST of $16,014.39, for the services set out in Exhibit 'A' .; form: prose · rows: · money: fees: quote: for a total of $16,482.00 prior to disbursements of $169.40 and applicable taxes · amount: 16482 · approximate: false · disbursements: quote: prior to disbursements of $169.40 and applicable taxes · amount: 169.4 · period: end: 2026-06-30 · kind: interim · quote: Chaitons fees for the period January 21, 2026 to June 30, 2026 encompass 25.70 hours at an average hourly rate of approximately $641.32 for a total of $16,482.00 prior to disbursements of $169.40 and applicable taxes. · start: 2026-01-21 · approval: state: unstated · averages: rate: 641.32 · quote: average hourly rate of approximately $641.32 · currency: · invoices: · firm text: Chaitons · firm quote: CHAITONS LLP · hours total: quote: encompass 25.70 hours · value: 25.7 · context quote: Chaitons fees for the period January 21, 2026 to June 30, 2026 encompass 25.70 hours at an average hourly rate of approximately $641.32 for a total of $16,482.00 prior to disbursements of $169.40 and applicable taxes.
- recovery outcomeentries: basis: estimated · quote: the Sale Agreement has the support of the Debtors' senior secured creditor, the Canada ICI Capital Corporation (' Canada ICI '), which is expected to suffer a shortfall on the secured indebtedness owing to it by the Debtors. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: Canada ICI Capital Corporation · creditor name: Canada ICI Capital Corporation · interim final: unstated · claims qualifier: unstated · stated on: 2026-07-16 · table missing: