2502511 ONTARIO CORP.

 

Receivership – Case Updates

On 19 January 2024, on motion by Peel Condominium Corporation No. 49 (in such capacity, the “Plaintiff“) in the proceeding underway in Court File No. CV-23-00706755-0000 (the “Proceeding“) in the Superior Court of Justice at Toronto, Ontario (the “Court“), the Honourable Justice Brownstone made an order (the “Receivership Order“) providing for, among other things, the appointment of Baigel Corp. as receiver (in such capacity, the “Receiver“), without security, of certain of the assets, properties, and undertakings (the “250 Property“) of 2502511 Ontario Corp. (sometimes doing business as Land Corp) (the “Debtor“), pursuant to section 101 of the Courts of Justice Act, R.S.O. 1990, c. C.43, as amended. A copy of the Receivership Order is posted below.

The 250 Property consists of the cash, cash equivalents, investments of any kind, receivables, and monetary receipts of the Debtor, or used in relation to a business carried on by the Debtor, including all proceeds thereof.

The Receiver notes that in the Endorsement of Justice Brownstone, dated 22 January 2024, the Court confirmed that the Mareva injunction in the Proceeding granted by Justice Koehnen on 7 December 2023, and extended by Justice Shin Doi on 18 December 2023, is extended until further order of the Court.

On March 6, 2024, Justice Brownstone issued an endorsement adjourning the hearing to consider, among other thing, the terms of sale of real property owned by Bruno Zaffino (“B Zaffino“), a defendant in the Proceeding and the sole owner, officer and director of the Debtor.

On March 13, 2024, Justice Brownstone issued an endorsement providing for, among other things, the expansion of the Receiver’s powers to include the authority to investigate the Debtor’s business and financial affairs. On March 18, 2024, Justice Brownstone made an order (the “Receivership Variance Order“) to confirm the Receiver’s expansion of powers to investigate.

Periodic updates and documents will be posted to this website in accordance with the Court’s E-Service Protocol.

Inquiries

Inquiries and other requests may be directed to the Receiver’s office by contacting:

Michael N. W. Baigel, FCA (UK), FIPA, CIRP, LIT
Tel: +1 (416) 224-4350
Email: baigel@baigel.ca

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