Ontario · CCAA
Third Report of the Monitor dated November 2, 2026
Court officer report · 2 November 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 filing9 verified
- financial positionnote: Residual Co. has no assets other than the $66,216.00 'Proceeds' held in trust to pay Monitor/counsel fees (per Third Report). The Debtor retains the Unsold Units, related parking/storage units, and an interest in $12,243.49 held in escrow by Owens Wright LLP. Priority Payables of approx. $344,231.63 comprised $207,004.96 of apparent construction-lien statutory holdback deficiency and $137,226.67 of professional fees secured by the Administration Charge; the Third Report states only the Monitor's and its counsel's fees remained as Priority Payables at closing (accrued and estimated fees $343,766.00 as at October 9, 2026, reduced after removing bankruptcy-related estimates, leaving $66,216.00 payable on closing). Priority charge: Administration Charge capped at $100,000 (Initial Order), increased to $500,000 (ARIO), ranking fourth behind the WFCU, Firm Capital and Westmount charges. · page: 175 · basis: No balance sheet is stated. Per the Monitor's Third Report, the Monitor relied on unaudited financial information and books and records prepared by the Applicant. The Subscription Agreement states a Purchase Price of approximately $58,951,159.94, comprising the Priority Mortgage Indebtedness Amount (approx. $32,834,910.31), the Purchaser Mortgage Indebtedness Amount (approx. $25,772,018.00) and Priority Payables (approx. $344,231.63), as of the date of the Second Report (September 10, 2026). · scope: Debtor 1682 Victoria Park Avenue Inc. (65 of 147 townhouses unsold); Residual Co. (1001740770 Ontario Inc.) is the subject of the proceedings after closing on October 9, 2026. · currency: CAD
- secured creditorsnote: Unaffected Secured Creditor (exempt from stay); forbearance agreement for 90 days from the Initial Order. Individual payout balance not stated on these pages. Charge assumed by the Debtor under the Transaction. Monitor's counsel opined the charge is valid. · page: 186 · debtor: 1682 Victoria Park Avenue Inc. · creditor: Windsor Family Credit Union Limited (WFCU) · currency: CAD · security: First-ranking mortgage charge on the Unsold Units (Instrument No. AT6105081, registered June 13, 2022) and a secured interest in personal property (PPSA registration). Part of the Priority Mortgage Indebtedness Amount, which the Subscription Agreement states in aggregate as approximately $32,834,910.31 (Windsor, Firm Capital and Westmount combined).
- secured creditorsnote: Amount per payout statement provided by Firm Capital to the Monitor. The Monitor's report calls it the 'second mortgage' but counsel's opinion describes a 'third ranking' charge (inconsistent in the source). Unaffected Secured Creditor; forbearance agreement; charge assumed by the Debtor under the Transaction. · page: 186 · as of: 2026-09-10 · amount: 8550697.52 · debtor: 1682 Victoria Park Avenue Inc. · creditor: Firm Capital Mortgage Fund Inc. · currency: CAD · security: Mortgage on the Unsold Units registered July 30, 2025 as Instrument No. AT6870139, principal amount $15,000,000 (registered principal, not the balance); PPSA registration; secured interest in personal property.
- secured creditorsnote: Balance not stated. The Monitor anticipates likely no recovery under the Transaction; does not oppose the Transaction. Monitor did not opine on validity of the charge. · page: 187 · debtor: 1682 Victoria Park Avenue Inc. · creditor: Yonge-Abell Mortgage Partners Limited · currency: CAD · security: Fifth-ranking mortgage on the Unsold Units, registered principal $17,000,000 (registered principal, not a balance).
- secured creditorsnote: Amount per payout statement provided by the Applicant to the Monitor as of September 9, 2026. The Subscription Agreement describes the Purchaser Mortgage Indebtedness Amount as approx. $25,772,018.00 as of the Second Report date; the payout-statement figure is used as the exact dated balance. Satisfied by credit bid under the Transaction. The applicant is related to Plazacorp Investments Limited (fee guarantor) and its principal is Anthony Heller, sole shareholder, officer and director of Residual Co. · page: 187 · as of: 2026-09-09 · amount: 25780435 · debtor: 1682 Victoria Park Avenue Inc. · creditor: Findev Lending Inc. (Applicant/Purchaser) · currency: CAD · security: Fourth-ranking mortgage on the Unsold Units, registered principal $4,000,000 (registered principal, not the balance). The underlying charge was amended in 2020 to a principal of $10,000,000 and transferred to Findev Lending Inc.; the Notice of Agreement Amending Charge/Mortgage recites $3,500,000 principal plus $1,522,042.61 interest, totalling $5,022,042.61 outstanding as of September 30, 2020.
- secured creditorsnote: Exposure is the Tarion bond, face value $2,940,000 (a bond face value, not a stated debt balance). Part of the Priority Mortgage Indebtedness Amount (approx. $32,834,910.31 in aggregate with Windsor and Firm Capital). Unaffected Secured Creditor; supportive of the process. Charge assumed by the Debtor under the Transaction. · page: 187 · debtor: 1682 Victoria Park Avenue Inc. · creditor: Westmount Guarantee Services Inc. · currency: CAD · security: Mortgage on the Unsold Units registered October 21, 2020 as Instrument No. AT5550826, registered principal $27,000,000 (registration ceiling, not a balance), securing the Debtor's indemnity of Westmount for its bond in favour of Tarion Warranty Corporation; PPSA registration; secured interest in personal property; security in $12,243.49 held in escrow by Owens Wright LLP.
- secured creditorsnote: Figure is the maximum amount the Monitor considers secured and in priority to the Purchaser mortgage (a ceiling: 'could not exceed'), representing the deficiency in the statutory holdback per lien claimant's counsel. Monitor has not reviewed the lien's validity or quantum; the lien is a permitted encumbrance and assumed liability of the Debtor after closing. Disputed/unverified status. · page: 189 · amount: 53114.23 · debtor: 1682 Victoria Park Avenue Inc. · creditor: Global Alliance Home Improvement Products Inc. · currency: CAD · security: Construction lien registered on title to certain Unsold Units in the amount of $82,823 (registered lien amount).
- secured creditorsnote: Figure is the maximum amount the Monitor considers secured and in priority to the Purchaser mortgage (a ceiling: 'could not exceed'), representing the deficiency in the statutory holdback per lien claimant's counsel. Monitor has not reviewed the lien's validity or quantum; the lien is a permitted encumbrance and assumed liability of the Debtor after closing. Disputed/unverified status. · page: 189 · amount: 153890.73 · debtor: 1682 Victoria Park Avenue Inc. · creditor: Broadway Hardwood Flooring Limited · currency: CAD · security: Construction lien registered on title to certain Unsold Units in the amount of $236,575 (registered lien amount).
- unsecured creditorsnote: Statutory/deemed-trust-type claim (unremitted HST). The Court noted that CRA's priority in respect of unremitted HST would be reversed in a bankruptcy of Residual Co.; the Monitor says no funds will be available for unsecured creditors. CRA did not respond to the Monitor's counsel on the Transaction. Amount stated 'approximately' and undated in the report. · page: 189 · basis: Monitor's understanding: approximately $5,524,569.88 owing in connection with HST arrears; unsecured claim against the Debtor as a result of the Initial Order and the CCAA. · amount: 5524569.88 · debtor: 1682 Victoria Park Avenue Inc. · creditor: Canada Revenue Agency (HST arrears) · currency: CAD