Ontario · Receivership (court-appointed)
First Report of the Receiver
Court officer report · 19 December 2025
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What we verified from this filing13 verified
- disbursementsnote: Largely consisting of insurance premiums for all of the Real Properties. · since: July 10, 2025 · amount: 25390 · currency: CAD
- fee scheduleengagements: form: invoice_listing · rows: · money: approximate: false · period: end: 2025-11-30 · kind: cumulative · label: the Period · quote: incurred in respect of these proceedings up to and including November 30, 2025 · approval: quote: approves the fees and disbursements of the Receiver and its counsel, Thornton Grout Finnigan LLP ('TGF') incurred in respect of these proceedings up to and including November 30, 2025 · state: unstated · averages: rate: 500 · quote: The average hourly rate billed by PwC during the Period is $500. · currency: · invoices: · firm text: PricewaterhouseCoopers Inc. · firm quote: FIRST REPORT SUBMITTED BY PRICEWATERHOUSECOOPERS INC., IN ITS CAPACITY AS COURT-APPOINTED RECEIVER OF THE RESPONDENTS · context quote: in its capacity as Court-Appointed Receiver of the Respondents; form: prose · rows: · money: approximate: false · period: end: 2025-11-30 · kind: cumulative · quote: incurred in respect of these proceedings up to and including November 30, 2025 · approval: quote: approves the fees and disbursements of the Receiver and its counsel, Thornton Grout Finnigan LLP ('TGF') incurred in respect of these proceedings up to and including November 30, 2025 · state: unstated · averages: · currency: · invoices: · firm text: Thornton Grout Finnigan LLP · firm quote: its counsel, Thornton Grout Finnigan LLP ('TGF') · context quote: the fees and disbursements of the Receiver and its counsel, Thornton Grout Finnigan LLP ('TGF') incurred in respect of these proceedings up to and including November 30, 2025 · firm unverified: true · context unverified: true
- financial positionnote: Table lists only known secured claims (Desjardins $6,167,297.74 and a $60,000 charge in favour of Gilles Dennis Roy and Louise Corbeil-Roy) totaling $6,227,297.74; the Receiver also notes potential additional liabilities not included in this total, including a possible deemed trust claim for source deductions/GST, unpaid property taxes, and approximately $328,000 owing to unsecured creditors including CRA. · basis: Based on the Companies' books and records and the Receiver's current information · scope: Known secured claims against the Companies (holding company respondents), secured against the Real Properties · currency: CAD · total liabilities: 6227297.74
- operational summaryThe Companies are non-operating holding companies that primarily own the Real Properties, have no employees or bank accounts, and are undergoing an orderly sale/marketing process for those properties, with sales of the Hubbell and Montrose Properties now pending Court approval.
- process resultsbids: 9 · note: Montrose Property process results: 17 showings, nine written offers from five distinct parties · qualified bids: 9
- professional feesnote: Comprises fees of $79,242.85 plus GST of $3,952.15 and QST of $7,904.49; TGF's (Receiver's counsel) fees and disbursements for the same period total $122,462.96 separately. · party: Receiver (PricewaterhouseCoopers Inc.) · amount: 91099.49 · period: June 20, 2025 to November 30, 2025 · currency: CAD
- purchaserprice: note: Purchase price set out in Confidential Appendix 'B', to be paid in full at closing, net of deposit to be received by the Receiver. · basis: cash · sealed: true · currency: CAD · scope: the Montrose Property · status: proposed · name note: Montrose Purchaser, described as a related party to Ali · structure: real_property · name source: operative · relationship: related_party
- receipts cumulativenote: Includes the Receiver's borrowings of $25,000 and rent collections for the Montrose Property and the Hubbell Property. · since: July 10, 2025 · amount: 46369 · currency: CAD
- report date19 December 2025
- report noFirst Report
- sale advisorReceiver's broker (Hubbell Property); Receiver's broker (Montrose Property)
- sale outcometext: Sale of Hubbell and Montrose Properties approved and pending closing; Long Lake and Salo Properties still being marketed · scope: parcel · status: pending_approval
- stalking horseAli