Ontario · Receivership (court-appointed)
Motion Record of the Receiver dated September 11, 2026
Application / notice of application · 11 September 2026
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What we verified from this filing4 verified
- secured creditorsnote: No balance stated; senior priority lender relative to the mortgage participation with Empirical; supports completion of the sale Transaction · page: 6 · debtor: Terrabona 7115 Yonge Ltd. · creditor: Home Trust Company · currency: CAD · security: Priority lender under mortgage participation agreement with Empirical; has carriage of enforcement proceedings unless Empirical cures default
- secured creditorsnote: Per statement issued by City of Markham; per-property breakdown: 7115 Yonge St $140,533.16; 8 Grandview Ave $18,747.28; 10 Grandview Ave $21,176.71; 12 Grandview Ave $18,436.29; 14 Grandview Ave $18,709.93 · page: 7 · as of: 2026-06-05 · amount: 217603.37 · debtor: Terrabona 7115 Yonge Ltd. · creditor: City of Markham · currency: CAD · security: Priority charge to existing mortgages for outstanding property tax arrears (statutory municipal tax lien) on the Properties (7115 Yonge Street and 8-14 Grandview Avenue)
- secured creditorsnote: Receiver's Charge and Receiver's Borrowings Charge rank ahead of other security per Appointment Order; Receiver borrowed $40,000.00 principal plus interest from Empirical (the 'Borrowings') secured by the Receiver's Borrowing Charge, evidenced by a Receiver's Certificate issued to Empirical · page: 9 · debtor: Terrabona 7115 Yonge Ltd. · creditor: msi Spergel Inc. (as Receiver) · currency: CAD · security: Court Order registered as Instrument No. YR3879491 (Receiver's Charge/registration on title); also Receiver's Borrowings Charge per Appointment Order (borrowing limit $750,000.00)
- secured creditorsnote: Payout statement (Statement of Balance Owing) dated August 24, 2026; balance is a running total including interest and legal fees; per diem accruing thereafter at $10,949.95; loan principal ($31,000,000.00) separately stated as original advance; Empirical is junior lender/administrator under a mortgage participation agreement, with Home Trust as priority lender having carriage of enforcement on default · page: 32 · as of: 2026-08-24 · amount: 39167304.23 · debtor: Terrabona 7115 Yonge Ltd. · creditor: Empirical Capital Corp. · currency: CAD · security: First mortgage/charge (Instrument No. YR3501976), registered principal amount $31,000,000.00, plus Notice of Assignment of Rents (YR3501977) and Notices of Restriction-Land (YR3501985, YR3731860)