Ontario · Receivership (court-appointed)
Motion Record of the Receiver returnable October 29, 2026
Application / notice of application · 20 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 filing7 verified
- secured creditorsnote: Aggregate Desjardins Indebtedness as stated, not including professional fees, plus accruing interest and costs; remains outstanding. Security opinions (Receiver's counsel) confirm validity/enforceability of security on the two sold properties, subject to customary qualifications and to Appointment Order charges, municipal tax certificates and any priority statutory/deemed trusts; no opinion on priority of other creditors. Sale prices on the two sold properties do not exceed loan amounts; Desjardins will suffer a shortfall on each. · page: 8 · as of: 2025-01-31 · amount: 3417933 · debtor: B4R Properties Group – SSM Inc. and 15465737 Canada Inc. · creditor: Caisse Desjardins Ontario Credit Union Inc. · currency: CAD · security: Collateral mortgages registered against 13 real properties in Sault Ste. Marie and Sudbury, Ontario, plus assignments of rent for each; senior secured creditor and first-in-time collateral mortgagee on all Real Properties. Per-property: 651 Wallace Terrace collateral mortgage $380,000 (registered 2023-12-21; registered ceiling, not balance); 182-184 Woodward Avenue collateral mortgage $475,000 (registered 2023-07-10; registered ceiling, not balance).
- financial positionnote: Receiver confirmed with CRA that the Companies are not registered for HST and therefore appears not to owe CRA in that regard. List prices: 651 Wallace $149,900 (re-listed); 182-184 Woodward $139,900 (re-listed); purchase prices are redacted/confidential. · page: 28 · basis: No debtor balance sheet stated. Receiver's interim statement of receipts and disbursements to September 30, 2026 is an Appendix not included in these pages; Receiver reports $77,802.06 held in its estate bank account. · scope: B4R Properties Group – SSM Inc. and 15465737 Canada Inc. · currency: CAD
- secured creditorsnote: Amount owing in respect of this property only; included within the aggregate Desjardins Indebtedness, not additional to it. · page: 28 · as of: 2025-01-31 · amount: 326759 · debtor: B4R Properties Group – SSM Inc. · creditor: Caisse Desjardins Ontario Credit Union Inc. (182-184 Woodward Property loan, debtor B4R Properties Group – SSM Inc.) · currency: CAD · security: Collateral mortgage $475,000 (registered ceiling, not balance) and notice of assignment of rents, registered first in time on 182-184 Woodward Avenue, Sault Ste. Marie
- secured creditorsnote: Amount owing in respect of this property only; included within the aggregate Desjardins Indebtedness, not additional to it. · page: 28 · as of: 2025-01-31 · amount: 270212 · debtor: 15465737 Canada Inc. · creditor: Caisse Desjardins Ontario Credit Union Inc. (651 Wallace Property loan, debtor 15465737 Canada Inc.) · currency: CAD · security: Collateral mortgage $380,000 (registered ceiling, not balance) and notice of assignment of rents, registered first in time on 651 Wallace Terrace, Sault Ste. Marie
- unsecured creditorsnote: Municipal tax certificate registered after receiver appointment; to be paid ahead of Desjardins and in any event on closing. Statutory priority claim, not ordinary unsecured. · page: 99 · as of: 2026-04-08 · basis: Tax arrears certificate registered on title (per counsel's sub-search current to October 14, 2026) · amount: 3778 · debtor: 15465737 Canada Inc. · creditor: The Corporation of the City of Sault Ste. Marie (municipal tax arrears, 651 Wallace Terrace) · currency: CAD
- unsecured creditorsnote: Municipal tax certificate registered after receiver appointment; to be paid ahead of Desjardins and in any event on closing. Statutory priority claim, not ordinary unsecured. · page: 105 · as of: 2026-04-08 · basis: Tax arrears certificate registered on title (per counsel's sub-search current to May 25, 2026) · amount: 6815 · debtor: B4R Properties Group – SSM Inc. · creditor: The Corporation of the City of Sault Ste. Marie (municipal tax arrears, 182-184 Woodward Avenue) · currency: CAD
- recovery outcomeentries: basis: estimated · quote: The sale prices achieved for each of the Sold Properties are not in excess of the outstanding loan amounts and thus Desjardins will suffer a shortfall on each property. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: Desjardins (651 Wallace Property) · claims amount: 270212 · creditor name: Caisse Desjardins Ontario Credit Union Inc. · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: The sale prices achieved for each of the Sold Properties are not in excess of the outstanding loan amounts and thus Desjardins will suffer a shortfall on each property. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: Desjardins (182-184 Woodward Property) · claims amount: 326759 · creditor name: Caisse Desjardins Ontario Credit Union Inc. · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: | Distributions to Desjardins | 275,000.00 | · pct of: unstated · outcome: distribution · class key: secured · stated by: receiver · amount low: 275000 · amount high: 275000 · class label: Distributions to Desjardins · creditor name: Caisse Desjardins Ontario Credit Union Inc. · interim final: unstated · claims qualifier: unstated · stated on: 2026-10-20 · table missing: