Ontario · Receivership (court-appointed)
First Report of the Receiver dated September 23, 2026
Court officer report · 23 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 filing8 verified
- secured creditorsnote: Amount is the Receiver's stated approximate total ("approximately $13.72 million") with interest and costs continuing to accrue; the applicant's aide memoire states $13,718,739.57 as at the date of the Application. The court endorsement describes assigned indebtedness as totalling approximately $13.7 million. No payments made by the Debtor since 2023 demands. The transfer of the RBC charge to TLP was authorized by the Caution Discharge Order of Sept 3, 2026. · page: 5 · as of: 2026-07-08 · amount: 13720000 · debtor: 2531961 Ontario Inc. · creditor: The Lawrence Phoenix Inc. (TLP), assignee of Royal Bank of Canada · currency: CAD · security: First charge on the Real Property (TLP Mortgage, registered principal $15.2 million — a registration ceiling, not the balance) plus general security agreement (253 GSA); components per Assignment Agreement dated June 5, 2026: $11.67 million plus accruing interest under the June 24, 2022 credit agreement with the Debtor; $0.75 million plus accruing interest under the June 24, 2022 credit agreement with TNT International Leasing Inc., secured by a $1,000,000 guarantee dated June 30, 2022; and $1.3 million professional and legal fees. RBC retained (not assigned) approximately $2 million of the amount owing under the 253 Credit Agreement and a $3.55 million personal guarantee from Ms. Agustin and Mr. Smith.
- secured creditorsnote: Receiver has no further information on this creditor or the registration of its charge; amount not stated. · page: 6 · debtor: 2531961 Ontario Inc. · creditor: 2560361 Ontario Inc. · currency: CAD · security: General security interest, appears subordinate to TLP's security
- secured creditorsnote: Deemed trust claim for unremitted HST for certain filing periods between December 2020 and December 2024, received by the Receiver September 16, 2026. Quasi-governmental / deemed-trust class; not a registered security interest. · page: 6 · as of: 2026-09-16 · amount: 90525 · debtor: 2531961 Ontario Inc. · creditor: Canada Revenue Agency (deemed trust claim, unremitted HST) · currency: CAD · security: Deemed trust
- unsecured creditorsnote: Receiver disputes validity of the Purported Leases and payment of deposits; no proof of payment beyond cash receipts. Not an admitted liability; listed for completeness only. · page: 6 · basis: Alleged cash security deposits per receipts dated May 21, 2026: SDT $6,525; GCON $10,000; Kitchens Lease states $20,000 deposit (no evidence of payment); Maisonneuve $0 · debtor: 2531961 Ontario Inc. · creditor: Security deposits under Purported Leases (claims by Purported Tenants — disputed) · currency: CAD
- secured creditorsnote: Basis for charges unexplained and unsubstantiated; asserted (through Mr. Sklar) to arise from an alleged joint venture agreement never produced; registered one day before the July 16, 2026 case conference and not disclosed to the Court. Validity not established; no amount owing stated. · page: 11 · as of: 2026-07-15 · debtor: 2531961 Ontario Inc. / Melania Agustin (charges granted by Ms. Agustin) · creditor: Consortia Equity Capital Limited · currency: CAD · security: Charges of $5 million and $40 million (registration ceilings, not balances) registered July 15, 2026 against the Real Property
- secured creditorsnote: Court endorsement states RBC did not assign approximately $2 million of the amount owing under the 253 Credit Agreement; separate proceedings are said to be underway between RBC, the Debtor and Ms. Agustin. The $2 million is an approximation stated in the endorsement, not a dated balance; guarantee amount is a limit, not a balance. · page: 25 · as of: 2026-06-05 · debtor: 2531961 Ontario Inc. · creditor: Royal Bank of Canada (retained, unassigned portion) · currency: CAD · security: Retained a $3.55 million joint and several personal guarantee from Ms. Agustin and Mr. Smith under the 253 Credit Agreement
- sale advisorLennard Commercial Realty
- sale outcometext: The Court approved a sale process for the Real Property on September 3, 2026 and the Receiver has engaged Lennard to conduct it; no bid or purchaser is described. · scope: parcel · status: process_approved