Insights
The archive, newest first — posts 301–325 of 719. The 8 most recent are on the front. ← The newest analysis
Case update
Sequent AI: the credit bid that assumes the debt
No qualified bid came out of a process that reached 103 potential purchasers, so on September 22 the receiver asks the court to approve the sale of Ottawa's Stoneworks Technologies to a company controlled by Cortland Credit Lending — a purchaser that assumes roughly $34.7 million of secured debt instead of extinguishing it, and pays the receivership's costs in cash.
Sequent AI Ltd., Sequent AI Exchangeco Ltd. and Fulcrum Stoneworks Exchangeco Ltd.
Outcome brief
The Promontory: four approvals, one closing, and KV's mortgage stays
A year into the receivership of Boynton Developments (Kelowna) Ltd. and three affiliates, the court approved four sales of a half-built Kelowna townhome site and one closed — a share sale to Highland Promontory Development Limited Partnership that paid the priority claims in cash and left KV Capital's mortgage on the land. KV, owed $8,569,553 in May, is to receive about $85,000 from the estate, and the receiver says nothing will reach junior creditors.
Case update
Turna's Petroleum: the assignment that put CRA's HST behind RBC
Eighteen months after Royal Bank of Canada obtained a receiver over a Thornbury gas station, The Fuller Landau Group Inc. has moved to be discharged — the Esso at 40 Arthur Street West produced $2,434,740.00, RBC has taken $1,700,000 and stands to take $359,582.36 more, and an assignment in bankruptcy filed for the holding company on June 4, 2026 left the Canada Revenue Agency's HST no longer a priority claim in the receivership.
R & N Turna Holdings Incorporated and Turna’s Petroleum Incorporated
Case update
Yeo Towns: every trade paid through a lawyer's trust account
Two years and $13.5 million into completing a part-built 62-unit Belleville townhouse project, the receiver says it learned that the construction manager it had funded in full had been using the money for other purposes — and asks the court to keep the builder on site, pay every trade through a lawyer's trust account, and list the 37 units whose buyers rescinded.
Case update
128 Hazelton: Unit 404 finds a buyer after 841 days on the market
On September 16, Justice Steele approved, unopposed, two assignments of a 2018 agreement for Unit 404 and a two-space garage for $2.55 million, net proceeds to senior lender CEI. A day earlier the receiver reported that the assignor, a CEI principal, wanted different credits; CEI agreed to credit its own debt with the $66,544.32 the change cost the estate.
Mizrahi (128 Hazelton) Inc. and Mizrahi 128 Hazelton Retail Inc.
Outcome brief
1901467 Alberta: a $3 million sale, and a shortfall for Roynat
An industrial property on Range Road 62 in the County of Grande Prairie sold to Blackstone Drilling Fluids for $3,000,000; Roynat, owed about $2,761,866, takes $2,751,242.54 plus its $40,000 receiver's certificate, CRA's $34,815.28 GST deemed trust ranks behind the mortgage, and a related company's bankrupt estate is repaid $39,814.54 for keeping the building. Justice Neilson approved the distribution and EY's discharge on September 15, 2026.
Case update
Chacon Holding: two failed sales and a motion to end the receivership
Twenty-five months into BDO's receivership of 25 Sun Pac Boulevard in Brampton, one buyer has forfeited a $500,000 deposit, another never signed, and the lenders, now holding the first mortgage as well, move to discharge the receiver on a statement projecting a $27,263.86 shortfall.
Case update
CYMI Canada: a Finch West holdback and a Champlain settlement
A review of audit records turned up a 2020 Champlain Bridge settlement that CYMI's factum puts at $11.4 million, contingent on the outcome of the builder's suit against the Government of Canada. CYMI's $4,988,976.22 Finch West holdback is now the subject of a proposed application against Mosaic Transit Constructors, which wants more warranty security before paying.
Case update
Iovate: the directors' charge comes off without a claims process
With the MuscleTech and Hydroxycut business sold under a reverse vesting order and US$87.1 million paid to the syndicate, the monitor asks the court on September 22 to release the CAD$1,310,000 directors' charge without running a claims process, cut the administrative reserve to US$550,000 and send the rest to the lenders, who are still owed more than US$26.2 million.
Case update
Light Speed Logistics: the customers who will not pay twice
Nine months after three lenders put the Alberta refrigerated carrier into three receiverships, Grant Thornton holds about $4.36 million and asks the court on September 23 to send roughly $2.66 million of it to CIBC, owed about $28.7 million — and to make customers who cite set-offs or claims from carriers Light Speed hired, among seven owing about $8.5 million, produce their papers by October 9.
Case update
Pitter Patter Daycare: the waterfall, and the final pay that bounced
With the sale to BelleAn closed, the proposal trustee held $4,518,896.43 and on September 16 won approval to pay it out — a $300,000 administration charge, $502,181.06 to the DIP lender, $853,875.65 of CRA deemed trust and $2,482,027.22 to RBC — while reporting final-pay cheques returned NSF and a debtor no longer instructing its counsel, under an order that ends the stay that night and makes way for bankruptcy.
Case update
Suretrust: a data centre in storage and a discharge put off to September 29
Grant Thornton's motion to wind up RBC's receivership of Suretrust Systems and 11860925 Canada was adjourned on September 17 to September 29, with the respondents opposed, their lawyer at another hearing, and Data & Scientific's servers still in the storage unit they were moved to in April 2025.
Case update
Victoria Gold: the receiver's unserved claim against JDS
PwC, as receiver, sued JDS Energy & Mining, which provided EPCM services at the Eagle Gold Mine, in B.C. on June 19 and has not served the claim. JDS wants it stayed for arbitration; on October 5 the receiver is to ask Justice Conway to put that application off until service, citing Boroo's exclusivity, now running to October 20.
Filing brief
Bibi Maryam: a revived sale of 22 King Street West, and the debtor objects
TD's receiver has a signed deal for 22 King Street West in Oshawa — a five-storey office and retail building of 13 condominium units, listed at $3,959,000 — after a May 19 agreement was repriced, lapsed on July 29 and was revived on August 4; the debtor objects to any sale, and Justice Dunphy has said the October 2 approval hearing is not a venue for reopening the orders that appointed the receiver and authorized the sale.
Case update
Big Rig Trailers: the receiver settles the US lenders' trailer claims
Grant Thornton will ask the B.C. Supreme Court on September 28 to approve a September 10 settlement dividing disputed trailer proceeds among RBC, Mitsubishi HC Capital and three US lenders ($2,958,626.84 of it to RBC as of the Ninth Report) and the early end of Walmart Canada's lease of 115 trailers, 114 of which would go to Daimler, U.S. Bank and TBK.
Filing brief
Drexler Construction: a brother's holding company brings the receivership
Five years after Drexler Construction used a BIA proposal to pay out RBC, the holding company of one of the brothers who built it — which bought the firm's Mitsubishi loan in 2024 and is owed about $1.55 million — has had Grant Thornton appointed receiver over it and Down Under Pipe and Cable Locating, against $13,154,765 in liabilities on the companies' books.
Drexler Construction Limited and Down Under Pipe and Cable Locating Ltd., Drexler Construction Limited, Folmur Construction (2004) Ltd. and Down Under Pipe and Cable Locating Ltd.
Case update
LNS Properties: two price cuts and a redacted offer on Spruce Street
MNP asks the court on September 25 to approve the sale of 78 Spruce Street in Vermilion Bay, a pharmacy building listed at $199,500 in May and $164,500 by August, at a price it wants sealed, and to pay all the net proceeds to National Bank of Canada, which it says will still suffer a shortfall on LNS's guarantees of two pharmacies' loans.
Filing brief
Maritime Truss: a private receiver needs a court to sell the land
Two months after Royal Bank of Canada put Deloitte into a Truro roof-truss plant under its own security, owed approximately $3,835,000, the Supreme Court of Nova Scotia appointed the same firm receiver under s. 243 of the BIA and approved a sale of the land, fleet and truss lines with offers due November 16 and a 15% deposit.
Filing brief
Novo Plastics: the consent to receivership came due
TD Bank, owed CAD $30,562,992.33 and USD $300,436.55, has its receiver over a Markham injection and blow moulder after Justice Myers refused a 60-day adjournment on September 15 and enforced the consent the debtors signed on July 17 to buy time for a $33 million sale and leaseback of their plant.
Outcome brief
OKR: the Venture Fund goes to its two largest investors
On September 11, 2026 Justice Kuntz approved the sale of the companies that run Old Kent Road Financial Venture Fund I to a vehicle controlled by its two largest investors, for no cash and contingent notes paying 15% of future realizations up to a cap the monitor puts at $412,552.93, and released the fund's four entities from the OKR CCAA.
Case update
Shop Your Own Mortgage: twenty-eight clawback disputes reach the court
Paragraph 9 of the June 6, 2025 clawback order makes the investor who disputes the trustee's arithmetic bring the application. Sixty-five documents — twenty-eight notices of application and thirty-seven affidavits, numbered 79 to 143 — reached the record together as a result, and they are set down for five days from November 30.
Outcome brief
1682 Victoria Park: the RVO Justice Myers approved and questioned
Findev Lending takes the shares of its insolvent borrower for about $58.95 million, most of it assumed mortgages and a $25.78 million credit bid. On September 15 Justice Myers approved the reverse vesting order, and in the same reasons asked whether its three justifications were good ones, leaving $5.5 million of HST arrears, two lien claims, a post-stay writ and the unit owners' claims in a residual company.
Case update
Kidoodle: the signed order, and a preliminary C$138.5 million creditor list
The receivership order Justice J.T. Neilson pronounced on September 3 kept the clause letting AlixPartners pay the Bank of Montreal, after an independent review of the bank's loan and security documents, without further court approval. The receiver's September 11 notice, on preliminary and unaudited figures, lists C$50,907,249 owed to secured creditors and C$87,640,829 to unsecured ones.
Case update
New Century Greenhouses: four greenhouses to auction, and a seventh in Tisdale
Two of the six Redcliff greenhouses have sold and the receiver expects its equipment auction to realize nothing; on September 14 the receiver asked the court to hand the other four to McDougall Auctioneers against a sealed net minimum guarantee, with bidding to close on or about November 13. Farm Credit Canada, owed $3,068,060.70 on the six as of April 17, has meanwhile applied to put a seventh greenhouse, near Tisdale, Saskatchewan, into the same receiver's hands.
Case update
Nudestix: the old company, the Vaughan lease and the sole inspector
Nudestix Inc. sold substantially all its assets to a U.S.-based buyer in August 2025 and assigned into bankruptcy on July 22, 2026, stating $23,330 of assets against $7,206,889.25 of liabilities; on September 14 Justice Jana Steele set down a half-day motion for October 16 on which MNP Ltd., as trustee, seeks advice and directions on disclaiming a commercial lease and revoking the appointment of the estate's sole inspector.