Ontario · Receivership (court-appointed)
Application record returnable July 8, 2025
Application / notice of application · 2 July 2025
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 filing14 verified
- applicantROMSPEN INVESTMENT CORPORATION
- courtSUPERIOR COURT OF JUSTICE (COMMERCIAL LIST)
- court file noCV-25-00737773-00CL
- provinceONTARIO
- statutory basisSECTION 243(1) OF THE BANKRUPTCY AND INSOLVENCY ACT, R.S.C. 1985, c. B-3, AS AMENDED AND SECTION 101 OF THE COURTS OF JUSTICE ACT, R.S.O. 1990, c. C.43, AS AMENDED
- commencement date25 February 2025
- appointeeRosen Goldberg Inc.
- appointee roleReceiver
- secured creditorsnote: QPC commenced its own mortgage enforcement proceeding against 267 Ontario (Statement of Claim issued February 18, 2025) seeking possession and foreclosure; QPC has consented to Romspen's receivership application and is holding its own proceeding in abeyance. · page: 26 · debtor: 2678518 Ontario Inc. (267 Ontario) · creditor: Quid Pro Capital Inc. ("QPC") · currency: CAD · security: First mortgage registered September 4, 2019 as Instrument No. SN600932, LRO #59, in the principal amount of $2,650,000 (registered principal, not a stated outstanding balance), priority ahead of the Romspen 267 Third Mortgage
- secured creditorsnote: Named as a defendant in QPC's mortgage enforcement proceeding against 267 Ontario. · page: 26 · debtor: 2678518 Ontario Inc. (267 Ontario) · creditor: Celestial Property Development (East Mall) Inc. · currency: CAD · security: Second mortgage registered September 4, 2019 as Instrument No. SN600934, LRO #59, in the principal amount of $2,650,000 (registered principal, not a stated outstanding balance), subordinate to QPC First Mortgage and ahead of Romspen 267 Third Mortgage
- secured creditorsnote: Loan (principal $5,460,000) made jointly to Europa, 267 Ontario, Milborne Suites Inc. and 1518491 Ontario Inc. as Borrowers, cross-collateralized with mortgages on multiple properties; guaranteed personally by Hunter Charles Milborne and Andrzej Kepinski (Guarantee and Postponement of Claim, plus personal GSAs) - related-party/personal guarantors, not companies. Amount is per Romspen payout statement as of June 15, 2025 (interest accruing at per diem $1,873.69; legal fees component only current to May 31, 2025). Earlier dated balances: $5,605,414.87 as of April 24, 2024 demand; $5,632,500.48 as of November 19, 2024 demand (both exclusive of legal costs). Same underlying Loan also secured against 267 Ontario (see separate entry). · page: 35 · as of: 2025-06-15 · amount: 5701413.29 · debtor: Europa 2022 Inc. · creditor: Romspen Investment Corporation · currency: CAD · security: First mortgage registered as Instrument No. SN737230, LRO #59, dated August 4, 2022 in the amount of $5,460,000 (original registered/facility amount) over the Europa Real Properties, plus General Assignment of Rents and General Security Agreement dated August 3/4, 2022; PPSA registration
- secured creditorsnote: Per municipal tax certificate for the 267 Real Property. · page: 35 · as of: 2025-05-21 · amount: 79961.9 · debtor: 2678518 Ontario Inc. (267 Ontario) · creditor: Municipality (City of Niagara Falls) - property tax authority · currency: CAD · security: Statutory municipal property tax arrears/lien against the 267 Real Property
- secured creditorsnote: Per municipal tax certificate for the Europa Real Property. · page: 35 · as of: 2025-05-05 · amount: 42070.05 · debtor: Europa 2022 Inc. · creditor: Municipality (City of Niagara Falls) - property tax authority · currency: CAD · security: Statutory municipal property tax arrears/lien against the Europa Real Property
- secured creditorsnote: Same underlying Loan/balance as the Europa entry (cross-collateralized joint Borrowers); guaranteed personally by Milborne and Kepinski. QPC (first mortgagee) has consented to Romspen's receivership application over 267 Ontario. · page: 35 · as of: 2025-06-15 · amount: 5701413.29 · debtor: 2678518 Ontario Inc. (267 Ontario) · creditor: Romspen Investment Corporation · currency: CAD · security: Third mortgage registered as Instrument No. SN737180, LRO #59, dated August 3, 2022 in the amount of $5,460,000 (original registered/facility amount) over the 267 Real Properties, subordinate to QPC First Mortgage and CPD Second Mortgage, plus General Assignment of Rents and General Security Agreement dated August 3, 2022; PPSA registration