Annapolis Management: the Film Board building, and $487,500 waiting on CRA

In the solicitation brochure CBRE prepared for the receiver, the building at 1572 Barrington Street in downtown Halifax is "Once home to the NFB's storytellers, now home to elevated stays." The brochure says the building went up in 1891 and was the onetime home of the Nickel Theatre, "Halifax's first permanent movie house, which opened in 1907 and operated for over 80 years," and describes the six-storey building as anchored now by the Cameo Hotel & Suites, "Halifax's first fully automated, self-service boutique hotel," with 21 units on the upper floors and vacant commercial space on the ground and lower levels, per the Third Report of the Receiver, Oct. 16, 2026, App. "A".

The building belongs to Annapolis Management Inc., which the receiver describes as "an extra-provincial corporation, being a US entity registered in Nova Scotia," and it is one of the last two of five Halifax properties that Grant Thornton Limited took over as receiver on July 18, 2025. On October 16, 2026 the receiver filed its Third Report and a motion asking the Supreme Court of Nova Scotia to approve the building's sale to Brandon Ghosn and Joe Ghosn, or their corporate assignee, at a price the receiver has put in a confidential supplement it asks the court to keep confidential. The same motion carries a second request, about a residence at 545 Young Avenue sold in November 2025: direction on whether $487,500 the receiver held back from that sale may be paid to CIBC without a certificate from the Canada Revenue Agency, per the Third Report of the Receiver, Oct. 16, 2026, paras. 1, 3–4, 9, 21, 27, 33.

Five buildings and an owner's records

The companies' business, according to the Third Report, "involved acquiring and renovating historic properties in Atlantic Canada." When the receivership began, the receiver took control of five properties, three of them with commercial or residential tenants and three mid-renovation, with the work stopped before the insolvency. Secured debt at that date totalled approximately $35.6 million. The report says the companies' owner, Mr. Caryi, died before the insolvency proceedings, that the companies had no employees, and that their books and records "were fundamentally incomplete, as the Receiver understands much of the information was held by Mr. Caryi personally, written or otherwise," per the Third Report of the Receiver, Oct. 16, 2026, paras. 33–36. The receiver's April 15, 2026 letter to CRA dates Steven Caryi's death to December 2023 and says the receiver is advised Annapolis was incorporated in Florida in 2008, per the Third Report of the Receiver, Oct. 16, 2026, App. "I".

On January 20, 2025, Annapolis and 4551650 Nova Scotia Limited filed notices of intention to make a proposal under s. 50.4(1) of the BIA with several other entities under common control, with Deloitte Restructuring Inc. as proposal trustee; Deloitte later became trustee in bankruptcy of both companies, per the Third Report of the Receiver, Oct. 16, 2026, para. 7. Deloitte ran a court-approved sales process. By the receiver's account in its First Report, it became clear when that process ended that the companies were balance sheet insolvent; the lenders supported only two of the offers it produced, for the Tramway building and Granville Hall, owned by two of the other companies in the proposal proceedings; and the receivership was started so the lenders could exercise their security once the proposal proceedings concluded and the companies were deemed bankrupt, per the First Report of the Receiver, Sept. 22, 2025, paras. 14, 16, 29.

Justice John Keith made the receivership order on July 18, 2025, under s. 43(9) of the Judicature Act, Rule 73 of the Nova Scotia Civil Procedure Rules and s. 243(1) of the BIA, in a proceeding brought by League Savings and Mortgage Company, Atlantic Central, Assumption Mutual Life Insurance Company and Douro Capital Limited, per the Third Report of the Receiver, Oct. 16, 2026, cover page and para. 1. The First Report lists the five properties and the senior secured creditor on each: the Halifax Club at 1682 Hollis Street (Assumption Mutual), the Sonic Building at 1674 Hollis Street (Douro Capital), Freemasons Hall at 1533 Barrington Street (Atlantic Central), the National Film Board building at 1572 Barrington Street (League Savings & Mortgage) and the residence at 545 Young Avenue (CIBC), per the First Report of the Receiver, Sept. 22, 2025, para. 9.

Three have been sold: the Halifax Club went to 778938 Ontario Limited under a sale approval and vesting order of September 29, 2025, and closed on October 9. The court approved the Sonic Building and residence sales on November 6, 2025; the residence closed on November 13 and the Sonic Building on November 21, and the receiver made an interim distribution to secured creditors on November 28, per the First Report of the Receiver, Sept. 22, 2025, para. 3, the Second Report of the Receiver, Oct. 28, 2025, para. 10 and the Third Report of the Receiver, Oct. 16, 2026, paras. 2, 10.

CBRE, and the case for the sale

What remained were the two Barrington Street buildings, which the receiver says "were subject to significant deferred maintenance, particularly Freemason Hall which was mid-renovation prior to AMI's insolvency." Repairs it approved since its Second Report included cooling and heating systems, plumbing, façade work and "critical sprinkler systems." It understands the secured creditors are unwilling to fund capital improvements beyond ordinary and emergency repairs, and does not consider it commercially reasonable to seek that funding, "as the return on capital is uncertain," per the Third Report of the Receiver, Oct. 16, 2026, para. 10(e).

The report says the two buildings "were not publicly marketed for an extended period" while the receiver went back to earlier bidders and other interested parties, weighed renovating or holding the buildings, and costed a sales process of its own, including "the possibility of certain creditors acting as a stalking horse and pursuing a credit bid, to create a floor price for the associated property," a strategy it says was "discussed extensively" with the secured creditors since its Second Report. It settled on a commercial realtor as "the most effective means of canvassing the market while limiting professional fees," and after seeking three proposals, in March 2026 engaged CBRE Limited Real Estate Brokerage as exclusive agent. CBRE prepared a solicitation letter and a confidential information memorandum for each building, arranged a Phase 1 environmental site assessment and an "as is, where is" appraisal of both, and approached "over 150 qualified parties directly to solicit an offer," per the Third Report of the Receiver, Oct. 16, 2026, paras. 11–13.

The Film Board agreement of purchase and sale is dated as of July 30, 2026, and the receiver executed it on July 31, "in consultation with LSM as secured creditor," per the Third Report of the Receiver, Oct. 16, 2026, para. 14 and App. "C", p. 1 and signature page. The agreement calls for a refundable $100,000 deposit and a further $50,000 once the purchaser waives its conditions, at which point both become non-refundable; the report says deposits of $150,000 were retained after the purchaser waived its financing condition on September 22, 2026, and are forfeited to the receiver as liquidated damages if the purchaser defaults and the receiver terminates. Under the agreement the building and its chattels are bought "as is, where is"; the lease with the sole tenant, Cameo Suites, is unaffected; and CBRE's commission is to be paid by the receiver from the price. The sale is conditional solely on court approval and is to close within five days of it, per the Third Report of the Receiver, Oct. 16, 2026, paras. 16–17 and App. "C", s. 2.3.