Insights
The archive, newest first — posts 701–719 of 719. The 8 most recent are on the front. ← The newest analysis
Case update
ONxpress: the claims officer the order forgot to protect
When Deutsche Bahn and Aecon wound up their GO Expansion operating company, a live human rights complaint went with it. The court's answer was to appoint a former HRTO adjudicator as claims officer so the complaint could still be heard by someone qualified to hear it. Drafted under time pressure, the order left out the protections such an officer normally gets — and his engagement letter, signed afterwards, requires them.
Case update
RHH Rental Properties: $110 million of investor loans, by the judge's math
Of about $110 million RHH Rental Properties borrowed from retail investors, Justice Mitchell's count leaves about $15.2 million unaccounted for. He approved the sale of RHH's 25% stake in a Stratford apartment owner at a sealed price, and adjourned the trustee's request for a first-ranking fee charge of up to $1 million to May 26.
Outcome brief
Map Art: $600,000 of road maps, and no liquidator would take them
A Pickering company that had published road maps across Canada since the 1990s carried $600,000 of inventory on its books. Its statement of affairs values that inventory at nil, and the trustee reports that of the several liquidators approached before the bankruptcy, none was willing to buy or even remove it. There are no secured creditors, which is why the unsecured ones may actually be paid something.
Case update
Stornoway: Renard, from diamond mine to demolition tender
Two and a half years and eleven stay extensions after Stornoway filed, the monitor now runs the company, operations have permanently ceased, and four dismantling contractors have bid on tearing the mine down. Before any of them can start, Quebec has to approve the release of an insurance guarantee — the money that pays to restore the site is security the province is holding.
Outcome brief
KalGene: the asset was a licence, and the NRC took it back
A Montreal biotech spent nineteen years developing an Alzheimer's drug candidate on technology licensed from the National Research Council. Development substantially stopped in late 2022. In January 2025 the NRC terminated the licence. The statement of affairs shows $22.6 million of liabilities, all unsecured, against roughly $38,000 of assets — and no distribution is expected.
Filing brief
Old Lakeshore Road: 310 units that were never built
Five addresses on Burlington's waterfront, assembled across two PINs, earmarked for a 310-unit condominium. Nothing was built. TD is owed more than $18.2 million against undeveloped land, and when it applied to appoint a receiver nobody opposed — including the guarantors, one of whom told the court it supported the appointment.
Core FSC Lakeshore Limited Partnership and Core FSC Lakeshore GP Inc.
Case update
Jefferson Properties: six units vested in a day, and a fight about who is driving the costs
On one day in May a receiver obtained six approval and vesting orders — two freehold townhouses and four stacked units, sold individually. On the same day, the same judge declined to schedule a self-represented respondent's motion to investigate the receiver, and ordered him to pay $600 for the attendance. A motion to declare him a vexatious litigant is set for August.
2011836 Ontario Corp. and Jefferson Properties Limited Partnership
Filing brief
Kelsey's and Montana's: two profitable restaurants filed anyway
Two franchised restaurants in adjacent units of the same Kingston mall, sharing an owner and a hundred employees, filed notices of intention on the same day. Their fifteen-week cash flow forecasts both project a net inflow. What they cannot pay out of that margin is the HST they collected and did not remit.
Filing brief
BIC Fund: $12 million owed, $57,000 left
A church denomination's deposit fund took money from several hundred people — congregants, ministries and the denomination itself — and lent it to member churches. On April 2 its treasurer of nearly thirty years told the denomination's board that he had put most of the fund's assets into a private company he controlled, and that he had kept crediting depositors 4% interest on statements when there were no returns to pay it.
Filing brief
Northorizon: two breakout rooms, and the bison equipment came out of the sale
A receiver came to court in Sault Ste. Marie for an approval and vesting order after nine months of marketing. The debtor, unrepresented since his lawyer retired, wanted an adjournment and was making comments about chattels that nobody in the hearing could follow. The judge sent everyone into a breakout room. Then, when he said he did not understand, sent them back in again.
Case update
Korite: the last $751,872 goes to the farmer, not the bank
An ammolite miner was sold in four days in September 2024. Twenty months later the receivership is still open, because one of its two quarries went with the business and the other did not. Alberta's environment regulator refused the receiver's cheque, insisted the work be done, and then declined to sign the agreement that finally resolves it. The money goes to the landowner, who will backfill the pit and reseed it.
Filing brief
Synaptive: out of CCAA in June, into receivership by April
A Toronto medical device company emerged from a CCAA reverse vesting transaction on June 26, 2025. Ten months later a receiver was appointed on consent. Every Canadian director and employee has now gone, and the receiver has re-engaged some of them as contractors to keep the patents renewed. The proposed buyer is a group of former managers, funding the sale process that will sell the company to them.
Case update
Victoria Strong: the landlord who asked for a receiver
On December 9, 2024, Victoria Strong Manufacturing ceased operations at the Mississauga unit it leased and left its equipment behind. The landlord held it amid competing claims until Grant Thornton was appointed receiver in February 2026; on April 24 the receiver sought approval of two auction sales, a seal on their prices and its discharge.
Outcome brief
Croft Aggregates: the court approves a gravel pit's sale to True North
On April 10, 2026, Justice Clackson approved BDO's sale of Croft Aggregates' pit east of Regina, with its stockpiles and equipment, to True North Aggregate & Recycling. The price is in a confidential supplement sealed until closing.
Outcome brief
CBJ Developments: a credit bid, then two lawsuits in the company's name
The first mortgagee, 1180554 Ontario, took three parcels near Stayner by credit bid in November 2024, for $18.3 million of its debt, after the first buyer forfeited $1 million in deposits. The discharge order then waited eight months on two actions started in CBJ Developments' name during the receivership.
CBJ Developments Inc., CBJ - Clearview Garden Estates Inc., and CBJ - Bridle Park II Inc.
Outcome brief
Second Cup: the brand outside Canada goes to the shareholder that filed
The Toronto company holding the Second Cup Café brand outside Canada entered CCAA on the application of Arbat Capital, its 40% shareholder and largest creditor. Arbat lent the DIP, outbid one rival as stalking horse and closed its reverse vesting deal on March 2, 2026, at a price it asked the court to seal.
Filing brief
Calibrex: $1 a property, nine offers, and the mortgagee's credit bid
Grant Thornton listed the Niagara Falls properties of Calibrex affiliates and companies connected to Hunter Milborne, 16 parcels in all, for $1 each. Nine offers came in and the mortgagee's en bloc credit bid won, at a sealed price; on February 18 the receiver asks to have the sale approved and itself discharged at one hearing.
Case update
40 and 44 West Drive: fourteen offers, one buyer and a tenant who has not left
BDC lent $14.5 million against two Brampton industrial buildings; by its account the borrower was in default every month after April 2024. Grant Thornton has agreed to sell both, together, at a price it asks the court to seal, and on February 17 asks for approval and for leave to issue writs of possession, enforceable from March 1, against occupants who stay.
Outcome brief
Mitel: 2.9% of the revenue, 100% of the guarantee
Mitel Networks Corporation was one leased office in Ottawa, 323 employees and a guarantee of the group's entire US$1.31 billion of funded debt; its CCAA Part IV recognition proceeding ran 106 days and ended on a three-page certificate from FTI.