9146-4503 Québec: a $6 million refinancing and a November 18 deadline

On October 8, 2026, MNP Ltée, receiver since May 1 of the two buildings owned by 9146-4503 Québec Inc., was informed that the company had obtained an offer of $6,000,000 in financing from EQUI Société d'investissement hypothécaire S.A. and a second lender, together EQ Finance as the receiver calls them. In a report dated October 30, the receiver recommends that the Superior Court grant the company's amended application "for authorization of financing, hypothecary registration, payment of creditors, and cancellation of the interim receivership orders" [translation] on the terms it seeks, per the Receiver's Report, Oct. 30, 2026, title, preamble and paras. 22, 24, 29. The report names the second lender Gestion horizon capital inc.; the court's November 2 judgment on the application names it Horizon Capital Holdings Inc., per the Judgment, Nov. 2, 2026, paras. 5, 12.

The buildings are at 186 Place Sutton in Beaconsfield and 1435 rue Roberval in Saint-Bruno-de-Montarville, which the report lists at realizable values of $4,246,700 and $1,758,900 "according to the municipal valuation" [translation]. According to the application, the report says, the financing would let the company pay in full the debts secured by the buildings, including BMO's claim and the municipal and school taxes owed, as well as the amounts secured by the receivership's administration and interim financing charges. The receiver lists BMO's claim at $4,854,032 as of November 17, 2026, and the claims of the City of Beaconsfield and the City of Saint-Bruno-de-Montarville at $344,137 and $175,436 as of June 1; with two smaller priority claims, the secured and priority claims it lists total $5,385,707, subject to verification, per the Receiver's Report, Oct. 30, 2026, paras. 6–7, 25.

The report says that if the application is granted and BMO and the two cities are paid within the stipulated refinancing deadline, "no later than November 18, 2026, at 5 p.m." [translation], the buildings will cease to be subject to the receivership order and the receiver will be released as to them. The report has the receiver paying the creditors out of the funds it holds and those to be remitted to it under the refinancing and, once its remaining obligations are met, asking to be discharged, per the Receiver's Report, Oct. 30, 2026, paras. 26–28.

The receiver says it asked the company, its counsel and the notary acting on the transaction for more information on the refinancing's terms, "in order, among other things, to ensure that the sums required were available to pay all of the secured claims and that the transaction had a satisfactory certainty of closing" [translation]. Its conclusions add: "This financing is in the interest of the secured creditors" [translation], per the Receiver's Report, Oct. 30, 2026, paras. 23, 31. The application, and the refinancing documents produced in support of it as its Exhibit R-4, are not among the four filings in the record. The report gives no hearing date, and no order on the application is in the record.

The company was incorporated in 2004, and its principal activity, according to the enterprise register, is the operation of non-residential buildings, per the Receiver's Report, Oct. 30, 2026, para. 1. BMO's motion describes both buildings as commercial and says the company has a sole director, officer and shareholder; according to a rent roll the company prepared, which the court sealed, the Beaconsfield building's premises are or will be leased to approximately 19 tenants and Saint-Bruno's to approximately two, per BMO's Motion, Apr. 21, 2026, paras. 9, 11–12 and the Receivership Order, May 1, 2026, para. 41.

Justice Patrick Ouellet of the Superior Court, Commercial Division, in Montréal (No. 500-11-067128-260) granted BMO's motion under s. 243 of the Bankruptcy and Insolvency Act on May 1, 2026. The order appoints MNP Ltée receiver of the buildings, their rents and the related movable property and, unless the court orders otherwise, bars any enforcement measure against them, including one by a municipality, a city or a school board for unpaid taxes. It authorizes the receiver to borrow up to $500,000 from BMO, secured by a $600,000 interim financing charge, and creates an administration charge of up to $100,000; both rank ahead of every other charge, security or hypothec, per the Receivership Order, May 1, 2026, paras. 6, 9, 11, 19, 27–31.

The sale, held back and then launched

The order took note of the receiver's confirmation that it would not list the property for sale or solicit buyers for 30 days, per the Receivership Order, May 1, 2026, para. 11.4(b). On August 3 the receiver and CBRE signed a brokerage contract to market the buildings. "Given the Debtor's representations at that time that it was pursuing its efforts to find financing and that a refinancing was imminent," the report says, "the sale process was delayed for some time after the brokerage contracts were signed and was launched on September 22, 2026" [translation], per the Receiver's Report, Oct. 30, 2026, paras. 16–17.

CBRE's first mass email that day reached 5,525 recipients for Beaconsfield and 5,602 for Saint-Bruno, by its activity report. On October 5 the receiver received an offer for each building; the amounts offered were below the listing prices, and the offers were not retained. New offers for each building came in on October 14, one for Beaconsfield and three for Saint-Bruno by CBRE's count. When it reported, the receiver had not yet taken a position on them; their acceptance deadline is November 4, 2026, per the Receiver's Report, Oct. 30, 2026, paras. 19–21.