CB Holdings: the would-be stalking horse wins the Yonge Street assembly

The title instruments record the order in which the land was put together. The house at 18 Cameron Avenue in North York was transferred to Claude Bitton in November 2014; 4656 Yonge Street went to CB 4656 Ontario Inc. in January 2015; 4632–4648 Yonge Street went to CB 4632 Ontario Inc. in August 2017, per the list of registrations the vesting order deletes from title (Revised Approval and Vesting Order, July 22, 2026, Sched. C, items 1, 5, 20). On the four properties stand a two-storey building of leased offices and shops, a commercial building with a single retail tenant, and two houses, each let whole to a residential tenant. Michelle Moyal is the sole director and officer of both numbered companies and the estate trustee for the estate of the late Claude Bitton, which owns 18 Cameron. The receiver's first report sums the land up in one sentence: "The Real Property is an assembled parcel intended for development," per the First Report of the Receiver, July 16, 2026, paras. 2–4.

Under a commitment letter of November 14, 2023, amended on December 4, Canada ICI Capital Corporation lent the three owners $26,828,687, funded by Home Trust Company and secured by, among other things, a first mortgage over the land in the same principal amount (First Report of the Receiver, July 16, 2026, para. 5). The lender's statement gives a maturity date of January 1, 2025 and a rate of 9.95%, and lists, beside the principal, $3,664,100.36 in interest accrued from March 1, 2025 to July 14, 2026 and $253,148.09 in late interest (Mortgage Information Statement as at July 15, 2026, First Report, App. IV). The receiver puts the debt at approximately $30,629,193.75 as of July 15, 2026, with a per diem of $7,313.57, per the First Report of the Receiver, July 16, 2026, para. 47.

Canada ICI applied under s. 243(1) of the Bankruptcy and Insolvency Act and s. 101 of the Courts of Justice Act on an affidavit sworn July 8, 2025. Justice Myers of the Commercial List appointed BDO Canada Limited receiver of the four properties and the personal property on them on January 9, 2026, having also read an aide memoire of the applicant dated November 21, 2025, per the Order (Appointing Receiver), Jan. 9, 2026, recitals and para. 2. BDO's time records cover the months between in one entry that mentions "applications and adjournments" and "settlement discussions," per the Affidavit of Peter Naumis, July 10, 2026, Exh. A (Motion Record p. 99).

A buyer already in the room

CentreCourt Realty Corp. was there before the receiver was. The owners had been trying to sell the land to CentreCourt informally since about August 2025, the receiver says, with Colliers helping "in an informal capacity"; CentreCourt could not satisfy itself on "certain tenant matters," and no agreement of purchase and sale was ever signed, per the First Report of the Receiver, July 16, 2026, paras. 23–24.

On its appointment BDO called CentreCourt again, "to further canvass their interest and to potentially become a stalking horse bidder," and CentreCourt said it would be interested, but the receiver told CentreCourt it "would be unable to support the proposed stalking horse bid's valuation or substantial break fee"; numerous follow-up discussions failed to produce a bid it could support, and "discussions between CentreCourt and the Receiver came to an end," per the First Report of the Receiver, July 16, 2026, paras. 25–26.

BDO then took listing proposals from CBRE Limited Real Estate Brokerage, Cushman & Wakefield ULC Brokerage and Colliers, and, in consultation with Canada ICI and Home Trust, signed Colliers on March 11, 2026. Marketing began on March 26, with an MLS listing, a digital campaign, signs, cold calls and tours. Colliers reported interest "to be strong," with 39 confidentiality agreements signed and every signatory given the data room. Six offers arrived on the May 7 offer date. The receiver had Colliers tell all but the two lowest bidders that their offers were competitive and ask for final and best offers by May 22, per the First Report of the Receiver, July 16, 2026, paras. 27–32. The summaries of the listing proposals, the first-round offers and the resubmissions are sealed, with the unredacted agreement, until the sale closes or the court orders otherwise (Order (Distribution and Ancillary Relief), July 22, 2026, para. 7).

Five days, then an abatement

The report records that Home Trust was supportive of CentreCourt's resubmission and, in the same sentence, that "considering CentreCourt completed substantially all of their due diligence prior to the Receiver's appointment, there was no interest in accepting an offer from CentreCourt with a lengthy due diligence period," per the First Report of the Receiver, July 16, 2026, para. 33. The receiver had Colliers counter with every condition struck except court approval, and on June 2 Colliers delivered the receiver's signed counteroffer. CentreCourt would not go firm but agreed to a shorter conditional period, per the First Report of the Receiver, July 16, 2026, paras. 34–35.

The asset purchase agreement is dated June 5, 2026 on its face, with "2nd" struck through and "5th" initialled in; the report says the receiver and CentreCourt signed it on June 7. A clause written into section 7 gave CentreCourt five days after execution "to arrange a meeting and to satisfy itself in its sole, absolute and unfettered discretion with the outcome of discussions with the subtenant under the Fix Auto Lease," per the Asset Purchase Agreement, June 5, 2026, p. 1 and s. 7 (First Report, App. III) and the First Report of the Receiver, July 16, 2026, para. 35. The lease in question is a 2018 lease of 4656 Yonge from CB 4656 Ontario Inc. to Fix Auto Canada Inc., extended in October 2023; a notice of sublease from Fix Auto to The Toronto-Dominion Bank has been on title since May 2021 (Asset Purchase Agreement, June 5, 2026, Scheds. B and D (First Report, App. III)).

On June 11 CentreCourt asked to extend the condition to June 22. "The Receiver questioned CentreCourt's intentions and continued requests for extensions to the conditional period," the report says. Colliers relayed those concerns, and on June 12 CentreCourt agreed to waive the condition but "qualified their offer with a price abatement as a result," per the First Report of the Receiver, July 16, 2026, para. 36. The waiver and amendment signed that day rewrites the price clause in section 4, with the deleted and inserted words both blacked out in the public copy, waives the due-diligence condition, and records the parties' agreement that the vendor answers for realty tax arrears, with the amount needed to bring the taxes into good standing "directed to the City of Toronto out of the balance of the Purchase Price due on Closing," per the Waiver and Amendment of Agreement of Purchase and Sale, June 12, 2026, paras. 2–4 (First Report, App. III).