Ontario · Receivership (court-appointed)
First Report of the Receiver dated February 25, 2026
Court officer report · 25 February 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 filing10 verified
- report date25 February 2026
- report noFirst
- secured creditorsnote: Referred to as the 'Portage Indebtedness'; per Jones Affidavit, total indebtedness including principal and interest outstanding as at December 1, 2025; continues to accrue interest and costs. Portage is described as the Debtor's only/sole secured creditor. Security assigned from Community Trust Company (Portage affiliate). · page: 6 · as of: 2025-12-01 · amount: 16066777.98 · debtor: R & B Properties (2011) Inc. · creditor: Portage Capital Nominee Corp. · currency: CAD · security: First charge/mortgage over Real Property (original principal $15,500,000); general security agreement (assigned July 15, 2021); general assignment of rents and leases (assigned July 15, 2021); notice of assignment of lessor interest in lease (assigned July 15, 2021); assignment of insurance proceeds (as of October 1, 2023); assignment of first-in-time PPSA (Ontario) financing statement against Debtor by Community Trust Company
- unsecured creditorsnote: Property taxes constitute a charge against the Real Property and continue to accrue interest; municipal tax arrears could be considered a preferred/statutory charge but document does not label it as such - reported as unsecured per Debtor's characterization · page: 6 · as of: 2026-01-13 · basis: According to the Debtor, as of January 13, 2026, this was the Debtor's only significant unsecured creditor (unpaid property taxes) · amount: 355000 · debtor: R & B Properties (2011) Inc. · creditor: City of Toronto · currency: CAD
- cash on handamount: 1036000 · currency: CAD
- operational summaryThe Receiver's activities since the commencement of these proceedings have included, inter alia, reviewing the receivership application materials and Order, corresponding regularly with Portage and its counsel, corresponding with the Debtor and its counsel regarding financial information, tax returns, appraisals, leases and insurance, corresponding regarding the transfer of HST funds, confirming insurance coverage and adding the Receiver as additional insured, redirecting mail, drafting and sending statutory notices to creditors and letters to tenants, soliciting and reviewing broker proposals, negotiating the Listing Agreement with CBRE, establishing the case website, and drafting this First Report.
- receipts cumulativeamount: 1042298 · currency: CAD
- recovery outcomeentries: basis: estimated · quote: Accordingly, the Receiver seeks the Court's authorization to distribute $300,000 from the Termination Proceeds to Portage as a partial repayment of the Portage Indebtedness. · pct of: unstated · outcome: distribution · class key: secured · stated by: receiver · amount low: 300000 · cumulative: false · amount high: 300000 · class label: Portage · creditor name: Portage · interim final: interim · conditional on: approval of an interim distribution to Portage · claims qualifier: unstated · stated on: 2026-02-25 · table missing:
- sale advisorCBRE
- sale outcometext: The Receiver recommends that the Court issue an order approving the Sale Process, including the retention of CBRE · scope: parcel · status: process_approved