Ontario · Receivership (court-appointed)
Motion Record of the Receiver returnable July 31, 2026
Application / notice of application · 24 July 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 filing15 verified
- applicantFIRST SOURCE FINANCIAL MANAGEMENT INC.
- appointeeTDB Restructuring Limited
- appointee roleCourt-Appointed Receiver
- commencement date24 July 2026
- courtSUPERIOR COURT OF JUSTICE (COMMERCIAL LIST)
- court file noCV-24-00730137-00CL
- statutory basisSubsection 243(1) of the Bankruptcy and Insolvency Act, R.S.C. 1985, c.B-3, as amended and section 101 of the Courts of Justice Act, R.S.O. 1990, c. C.43, as amended
- secured creditorsnote: Combined payout figure per Payout Statement as of May 31, 2026, comprising two loans (Loan 1 $3,439,569.43 principal balance per discharge statement; Loan 2 $2,497,769.98 principal balance per discharge statement); separately, as of Sept 27, 2024, $3,672,853.44 owing on Loan 1 and $2,661,028.21 owing on Loan 2 per Mandel Affidavit demand figures. Receiver obtained legal opinion confirming valid and enforceable first-ranking mortgage. · page: 24 · as of: 2026-05-31 · amount: 9032535.95 · debtor: Craig Developments Inc. · creditor: First Source Financial Management Inc. · currency: CAD · security: First-ranking Charge/Mortgage registered Nov 29, 2022 as Instrument No. MT274102, registered principal $7,970,040.00; also GSA (PPSA reg. no. 20221129 1110 1590 0316) and General Assignment of Rents (MT274104)
- secured creditorsnote: Registered/transferred charge amount · page: 32 · as of: 2024-09-27 · amount: 2029424.67 · debtor: Craig Developments Inc. · creditor: 1001015209 Ontario Inc. · currency: CAD · security: Third-ranking charge, Transfer of Charge registered Sept 27, 2024 as Instrument No. MT300384 (Third Mortgage)
- secured creditorsnote: Registered principal amount, not a stated balance · page: 32 · as of: 2023-04-24 · amount: 2000000 · debtor: Craig Developments Inc. · creditor: Olympia Trust Company, Christina Persaud, Lisa Allen, Marie-Eve Laroche, Norma Chase, Steele Investment Corp., 2364096 Ontario Ltd., Anthony Magnone, Shirley Chung, Noblebrick Investments Inc., Peter Bieberstein, Sharron Versaevel, Mario Dimartino, Mikayla Arnold Allison · currency: CAD · security: Second-ranking Charge registered April 24, 2023 as Instrument No. MT278970 against the Real Property (Second Mortgage)
- secured creditorsnote: Amount borrowed to date pursuant to Receiver's Certificates, as of First Report · page: 32 · as of: 2026-07-24 · amount: 485000 · debtor: Craig Developments Inc. · creditor: TDB Restructuring Limited (Receiver's Borrowings Charge) · currency: CAD · security: Receiver's Borrowings Charge on the Real Property pursuant to paragraph 21 of Appointment Order, up to $500,000 authorized; ranks after Receiver's Charge, subordinate to Receiver's Charge but ahead of other security
- secured creditorsnote: PIN report and Mandel Affidavit state $403,651.00; Lien Action/Opinion state $403,651.34 inclusive of HST. Receiver's counsel opinion recommends holdback of $60,000 (statutory holdback plus contingency) pending resolution. Lien claim priority vis-a-vis First Source Mortgage disputed/asserted by Archibald. · page: 33 · as of: 2024-09-30 · amount: 403651.34 · debtor: Craig Developments Inc. · creditor: Archibald Builders Group Inc. · currency: CAD · security: Construction Lien registered Sept 30, 2024 as Instrument No. MT300421 against the Real Property (inclusive of HST); Certificate of Action registered Dec 2, 2024 as Instrument No. MT303382; disputed/unresolved as of First Report
- secured creditorsnote: Receiver's Accounts total (fees $103,219.50 + HST $13,418.58) for period Dec 3, 2024 to June 30, 2026 · page: 36 · as of: 2026-06-30 · amount: 116638.08 · debtor: Craig Developments Inc. · creditor: TDB Restructuring Limited and Robins Appleby LLP (Receiver's Charge) · currency: CAD · security: Receiver's Charge on the Real Property, first charge in priority to all other security interests, subject to BIA ss. 14.06(7), 81.4(4), 81.6(2)
- secured creditorsnote: Registered charge amount · page: 63 · amount: 159200 · debtor: Craig Developments Inc. · creditor: Canada Mortgage and Housing Corporation · currency: CAD · security: Charge registered as Instrument No. MT224835 against PIN 48087-0245 LT
- secured creditorsnote: Registered charge amount · page: 63 · amount: 161800 · debtor: Craig Developments Inc. · creditor: Canada Mortgage and Housing Corporation · currency: CAD · security: Charge registered as Instrument No. MT22875 against PINs 48087-0236 LT to 48087-0244 LT