177 Cross Argus Development Inc., the owner of a 2.5-acre property at 177 Cross Avenue in Oakville, Ontario, has filed a Notice of Intention to Make a Proposal under the Bankruptcy and Insolvency Act on October 2, 2025, after its third mortgagees—Aarti Real Estate Enterprises Inc. and Mayuri Ventures Inc.—commenced enforcement proceedings. The filing aims to create stability while the company advances zoning and planning approvals for its mixed-use condominium redevelopment project, with the goal of maximizing value for creditors and stakeholders.

The company lists total debts of approximately $67.6 million, including a vendor-take-back (VTB) mortgage held by 915643 Ontario Inc. (owed nearly $40 million) in first and second priority, followed by the Aarti/Mayuri third mortgage (owed a collective $6.4 million), and dozens of other unsecured claims to consultants and trade creditors connected to planning and pre-development work.

The company intends to use the creditor protection process to advance its zoning application, stabilize the capital structure, and pursue refinancing or a sale once the property’s development potential is clarified.

Albert Gelman Inc. has been appointed Proposal Trustee. Book Erskine LLP acts for the debtor; Capstone Legal for the Proposal Trustee; Sun & Partners Professional Corporation for the VTB mortgagee (915643 Ontario Inc.); and Scalzi Caplan LLP for the third mortgagees (Aarti Real Estate Enterprises Inc. and Mayuri Ventures Inc.).