Ontario · Receivership (court-appointed)
First Report of the Receiver dated September 11, 2026.pdf
Court officer report · 11 September 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 filing5 verified
- secured creditorsnote: Related party - prior owner/vendor of 880 Eastern property who took back a charge; registered principal amount of charge is $4,320,000 (2020) per parcel register, not the outstanding balance. Receiver reviewed and recalculated payout statement, appears reasonable. · page: 12 · as of: 2026-10-15 · amount: 4944703 · debtor: 880EA CORP., 880EA LP · creditor: Michael & Michael Auto Body Ltd. (M&M) · currency: CAD · security: First-ranking mortgagee/charge over the Real Property; recalculated payout statement effective as at anticipated closing date
- secured creditorsnote: Receiver reviewed and recalculated payout statement, appears reasonable; security opinion by Loopstra Nixon confirmed valid and enforceable security interest. Registered charges also include $7,800,000 (880 Eastern, 2020) and $10,300,000 (874 Eastern, 2022) per parcel register, which are registered principal amounts, not the outstanding balance. · page: 12 · as of: 2026-10-15 · amount: 11792933 · debtor: 880EA CORP., 880EA LP, 874EA CORP., 874EA LP · creditor: Canadian Mortgage Servicing Corporation (CMSC) · currency: CAD · security: First-ranking mortgagee/charge over the Properties; recalculated payout statement effective as at anticipated closing date
- secured creditorsnote: Registration ceiling/principal amounts only ($4,850,000 each), not outstanding balance. Receiver advised Kingsett's counsel there is no anticipated recovery for Kingsett given 874/876 Eastern remain unsold and listed at aggregate $1,500,000 with no offers. · page: 16 · as of: 2025-03-28 · debtor: 880EA CORP., 880EA LP, 874EA CORP. · creditor: Kingsett Mortgage Corporation (Kingsett Capital) · currency: CAD · security: Third registered mortgagee; charge amounts of $4,850,000 registered against each of PIN 21391-0175, 21391-0172, and 21391-0173
- purchaser880 Eastern Limited Partnership, by its general partner, 880 Eastern GP Corporation
- sale outcometext: Receiver seeks approval of the Sale Agreement for 80 Knox and 880 Eastern at the motion returnable September 23, 2026; closing is conditional on the Approval and Vesting Order · scope: parcel · status: pending_approval