1680 Brimley: the receiver wants the $24 million back

The land is 4.42 acres and it is empty, except for an excavation and the shoring system holding it open. What was to go on it is a project of four mixed-use residential towers — approximately 1,591 residential dwelling units, 29,602 square feet of retail and an 8,681 square foot childcare facility, per First Report of the Receiver, June 30, 2026, para. 14.

TDB Restructuring Limited was appointed receiver on September 10, 2025. Its first report, delivered June 30, 2026, is the account of what it found.

The loan

UBC Solutions Incorporated advanced a land loan facility of $70,000,000 under a credit agreement dated September 29, 2023. A demand debenture of the same date has the nominee covenanting to pay on demand up to a maximum principal of $80,000,000, per First Report, June 30, 2026, paras. 16–17.

The security is a first mortgage and charge of $80,000,000 registered against title, first-ranking security over the debtors' assets, and a general assignment of rents and leases, per First Report, June 30, 2026, para. 18.

The defaults, as set out in the lender's affidavit, were failing to repay the loan at maturity, failing to make required payments, permitting construction liens to be registered against title, and others, per First Report, June 30, 2026, para. 19.

What the site needed on day one

The first thing in the report that stops a reader is the insurance.

On appointment the receiver checked whether coverage was in force. It was advised that no active insurance policy existed in respect of the Real Property, per First Report, June 30, 2026, para. 31.

Given the excavation and the shoring system, the receiver arranged replacement coverage on an expedited basis, and has maintained it since — the first policy expiring March 19, 2026 and renewed for a further six months to September 19, 2026, per First Report, June 30, 2026, paras. 32–33.

The rest of the site work reads like a list of things nobody else was doing. A qualified general contractor was retained to secure the property, locks on the front gate changed, unauthorised access restricted, security camera monitoring arranged. Tarra Engineering & Structural Consultants Inc. — the firm that had monitored the shoring before the receivership — was retained to continue, with regular inspections and periodic reports; the receiver understands from those reports that the shoring system remains stable and continues to operate as intended, per First Report, June 30, 2026, paras. 27–29.

Weekly monitoring and testing of the shoring, snow removal, utilities, environmental and geotechnical coordination, and — a detail that shows how long a stalled site stays live — steps to preserve and eventually assert appeal rights in relation to a proposed Official Plan Amendment affecting the property, per First Report, June 30, 2026, para. 37(i), (j), (k), (l), (s).

The books and records that have not arrived

On September 11, 2025 — the day after appointment — the receiver sent an information request for creditor listings, banking and tax account information, insurance and service provider details, and the debtors' books and records.

A partial response came on September 30, described as helpful but limited in scope and not including the complete books and records. A further request went out October 15. On November 3 the debtors provided additional information, but the receiver was not provided with access to or copies of the books and records, per First Report, June 30, 2026, paras. 22–25.

Nine months later the receiver still requires access, including to records held on the debtors' electronic servers, to complete its investigation and discharge its duties, per First Report, June 30, 2026, para. 26.

Hence one of the orders it now seeks: authority to retain an independent third-party IT consultant to image the debtors' servers, and a direction that the debtors provide access and permit the imaging, per First Report, June 30, 2026, para. 10(k)(iii).