Insights
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Filing brief
Hazelton Development: Firm Capital credit-bids for the Highlight of Mississauga
Four years after a CCAA plan promised to finish a 14-storey Mississauga condominium, the monitor has signed a subscription agreement under which plan sponsor Firm Capital Mortgage Fund Inc. would take all of Hazelton Development Corporation's shares for a credit bid of about $73.5 million and $802,000 in cash for professional fees, through a reverse vesting order that would disclaim the remaining pre-sale contracts and leave every other claim with a ResidualCo.
Case update
Hedge Road: Ducimus sets the floor at $23.3 million
A month after Justice Dunphy called the creditor-led CCAA over the Lake Simcoe subdivision "in substance" a receivership, BDO asks the court to approve a sale process led by a $23.3 million stalking horse from Ducimus Capital, a first-ranking participant in the secured loan, structured as a partial reverse vesting order that would leave 13 pre-construction home purchase agreements behind. Lien claimants have until October 26 to prove priority.
Case update
Jefferson Properties: the lender buys the lawsuits
On September 17 Justice J. Dietrich approved two assignments that move the Richmond Hill Grace receivership's litigation to its senior lender — an arbitration against the buyers of twelve stacked units who did not take occupancy, at a sealed price, and two construction suits against roofing and cladding trades for $3,345,099.48 — each paid by forgiving debt under the Receiver's Borrowing Charge, which stood at $9,803,020 in principal on September 9.
2011836 Ontario Corp. and Jefferson Properties Limited Partnership
Case update
Sirona Pharma: after the lender and the charges, the rest goes into court
After the interim lender took $2,725,250.84 of Conex's $3.7 million, Sirona's monitor asks to pay $935,420.62 in professional charges and $30,000 to three employees, refuse the former CRO's further claims, and pay the last $20,696.46 to $135,275.84 into court for four claimants to contest.
Outcome brief
Teal Jones: Domtar's contracts go with the licence after all
On September 10 Justice Weatherill declined to grant the reverse vesting order for Teal-Jones's Surrey mill and TFL 46 while six 2004 fibre supply contracts with Domtar and TimberWest were bound for ResidualCo. A tenth amendment to the $115,250,000 share purchase agreement moved them to the retained side, and on September 18 he granted the RVO to Gillfor Manufacturing and the linked approval and vesting order for the $8.0 million Sumas, Washington planer mill.
Outcome brief
TerraBona 7115 Yonge: a dollar listing, seven offers, and no discharge yet
On September 22, 2026 Justice Dietrich approved msi Spergel's sale of a 0.95-acre Markham development site at Yonge and Steeles to 2158046 Ontario Inc. at a sealed price, against $39,167,304.23 owed to Empirical Capital Corp. — and declined, for now, to discharge the receiver or approve its $41,000 fee accrual.
Case update
The Manderley: brokers asked to return commissions on failed sales
AlixPartners' Second Report asks the court on October 1 for a priority claims procedure with a November 5 bar date, authority to begin paying down roughly $30.6 million owed to the UOB lenders once reserves are set, and an order that three brokerages repay $111,674.10 in commission advances on seven suites whose sales never closed, a demand one of them disputes.
Nova Ridge (Manderley) Limited Partnership and Nova Ridge (Manderley) GP Corp.
Precedent note
Why a reverse vesting order
On September 15 Justice Myers approved a reverse vesting order while asking whether its reasons were good ones. Across fifteen proceedings this year, the reasons filed come down to permits and licences that take weeks to a year to replace, tax losses and transfer tax, contracts needing consent, a Crown deemed trust, and buyers who would buy no other way.
1682 Victoria Park Avenue Inc., 1228 Mansfield Development GP Inc., 9399-6767 Québec Inc., 1201-1215 Phillips Square Phase II Development GP Inc., and 9368-9008 Québec Inc., together with four related limited partnerships corresponding to the Mansfield Condos and the three Phillips Square phases, Dundarave Beachside GP Ltd., Dundarave Beachside Limited Partnership and 2490 Marine Drive Ltd. +12 more
Filing brief
Aate Westmount: a receiver's partial exit after four sales
Four Montreal rental properties sold, $6,183,473 paid to Peakhill Capital and principal still owing on every one of them — AlixPartners asks the Superior Court of Québec on September 28 to end the receivership for the sold buildings and release it, while a Westmount condominium unit carrying about $2.6 million of Peakhill principal stays in receivership.
Les Bien-Fonds Aate Westmount Inc./Aate Westmount Holdings Inc. and Encarnacion Obana
Outcome brief
AG Dundas: the court declines a late redemption and approves the 1024 sale
On September 21, 2026, Justice Dietrich refused the guarantor and the debtors more time to redeem Morrison Financial's mortgage on 1024 Dundas Street East with a conditional $9 million commitment, applying Rose-Isli, and approved the receiver's sale of the property to 1024 Dundas Street Limited, the price sealed.
Case update
Allen-Vanguard: a reverse vesting order to keep the registration
PwC, as receiver, asks Justice Black on September 25 to approve a reverse vesting sale of the Ottawa counter-IED maker to Allen Vanguard International Limited, because a Controlled Goods registration cannot be assigned and a new one can take a year; the lenders, owed more than US$80.3 million, take the cash and up to five years of a 15% revenue share, and no distribution to unsecured creditors is expected.
Case update
Bennette Chase: a second sale process, and a bigger charge
Justice Marion approved a thirty-day process for the closed Calgary Esso on September 18: bids close at 5:00 p.m. on October 19 with a ten per cent deposit, no condition but court approval, and the receiver free to waive any requirement it sets. A second order raised the Receiver's Charge to $500,000 against $248,467 of unpaid professional fees and sealed the supplement holding the first process's offers.
Case update
Canacol: the disclaimer won in Calgary waits in Bogotá
Three months after an Alberta court let Canacol disclaim its Colombian gas contracts, the orders are unrecognized in Colombia, six counterparties seek leave to appeal, and the last US$30 million of DIP money is conditioned on both; the company returns to court September 25 for a Fifth ARIO, a stay to November 30 and power to post uncapped cash security for Colombia's hydrocarbons agency.
Filing brief
Globo Chaussures: sales 28% under forecast, and a fourth and last extension
The company behind the Globo family shoe chain, under a notice of intention since April 13, is asking for a fourth and last extension, to October 9. Sales ran 28% under forecast for six weeks — mainly, it says, because of difficulty obtaining merchandise after the filing — and cash fell to $177,000.
Case update
Island Fishermen's: WhiteCap comes off the creditor list, and the plant goes to a vote
The monitor has taken the broker WhiteCap, listed in August at US$14.1 million, off the Lamèque co-operative's creditor list under a 2018 title clause, refused two partners' insolvency-triggered share claims, and put a monitor-run sale of the plant to the members' vote on September 28.
Filing brief
Pathfinder Energy: a sealed sale to Ohm, and whose 2025 TIER true-up it is
GlassRatner asks the court on September 28 to approve a sealed-price sale of Pathfinder's gas-fired peaking plants to Ohm Technology Compute, leaving RBC, owed $10,817,207.12, with a shortfall, while the receiver and Alberta's environment ministry dispute who answers for three plants' 2025 TIER true-up.
Case update
Pride Group: the Sweet Home recipients write back
The three recipients of Sweet Home money who had not answered the Monitor have now replied, Mann's Truck Sales saying it "acted solely as an intermediary" for about US$3 million; the Holiday Inn sale still has no closing date, and the Monitor asks to keep its proceeds frozen to December 31.
Filing brief
Starke Capital: Plaza 14's condo corporation asks to be paid ahead of ATB
Plaza 14's condominium corporation says its $239,717.62 caveat on the commercial unit would have ranked first had ATB foreclosed, and a receivership should not change that; BDO, whose counsel ranks ATB's mortgage first, asks on October 2 to distribute $485,665 subject to the ruling, and to be discharged.
Case update
Synaptive: 48 applications on hold, and a second group denied
As the Attorney General seeks leave to appeal the July 7 ruling that Synaptive's ResidualCo is a former employer under WEPPA, the 48 employees it covers, owed $903,417.03, say their applications are being held unprocessed, and a second group has been denied because a later reverse vesting order moved their wages elsewhere.
Filing brief
Tisdale Convenience Store: the vesting order before the market test
BDO asks the court to approve a $1.2 million stalking-horse sale of a closed Tisdale, Sask. gas station, car wash, store and café, and to grant the vesting order at the same hearing, so the sale closes without a return to court if 45 days bring no bid above $1,225,000; BDC was owed $1,677,809.15.
Case update
Trevali: sixty cents on the dollar, and a claim against the broker
Four years into the CCAA, the monitor asks the Supreme Court of British Columbia for CAD 8.1 million more for unsecured creditors — 60% in all on CAD 23,191,608 of accepted claims — approval of a US$5.7 million settlement with Appian, and a stay to March 31, 2027, while the estate sues Trevali's former insurance broker over the Perkoa flood.
Outcome brief
Vandal Doughnuts: the shops were gone before the NOI
A Halifax company named for a doughnut business it had already closed filed a notice of intention on August 12; its proposal trustee told the court and creditors on September 8 that it could no longer pay post-filing expenses and had found no DIP lender, and on September 12 it was deemed bankrupt owing $4,224,755.26 — $755,664.23 of that to the CRA, and $532,435.93 of that a priority claim for unremitted source deductions.
Outcome brief
Woodbine Mall: Romspen takes the mall, and the rides keep their permits
Romspen, owed $499.5 million, turned its three-year receivership of Woodbine Mall into a CCAA and took the owners' shares by reverse vesting order, keeping the ride licences and paying cash mainly for about $17.5 million of property taxes. CRA's HST trust claim went to a numbered company the monitor had yet to assign into bankruptcy.
Woodbine Mall Holdings Inc. and Fantasy Fair and Kids Village Inc.
Filing brief
Xela: no bids for the shares, so the receiver asks to leave holding them
Seven years in, a share sale drew no bids, and Xela's receiver asks to be discharged with indefinite charges over Xela's shares and over its president's property for $719,370.45 of unpaid costs, leave to destroy imaged data it never reviewed, and approval of $1,997,896.70 in fees.
Filing brief
495 Richmond Road: a receiver for a partially demolished conversion
Addenda Capital committed $30,947,000 in 2019 against a seven-storey Ottawa office building; its inspector reported that by July 16, 2026 the interior had been taken out for a residential conversion, and on September 17 Justice Dietrich appointed Goldhar & Associates receiver over a debt demanded at $25,798,415.18.