Receiver appointed over Hamilton and Oshawa properties

On January 22, 2026, the Ontario Superior Court of Justice (Commercial List) appointed Bricks Damiani Inc. as receiver and manager, without security, over the assets and properties of 15 Simcoe Street North Oshawa Ltd., 38 Simcoe Street South Oshawa Ltd., and 2219137 Ontario Limited, following an application by Equitable Bank under section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act.

The debtor companies are each landlords whose principal business is ownership and operation of real property. The receivership covers three income-producing real estate assets located in downtown Oshawa and Hamilton. The Oshawa assets are municipally known as 13–15 Simcoe Street North and 38 Simcoe Street South, while 2219137 Ontario Limited owns 117 King Street East in Hamilton.

The proceedings arise from defaults under mortgage financing provided by Equitable Bank, which holds specific mortgages, assignments of rents, and registered general security agreements against each debtor and property. The loans were unpaid when due and remained outstanding despite multiple grace periods and standstill arrangements. As at December 3, 2025, Equitable Bank was owed approximately $1.5 million by 15 Simcoe Street North Oshawa Ltd., approximately $2.3 million by 38 Simcoe Street South Oshawa Ltd., and approximately $2.1 million by 2219137 Ontario Limited. Each property is also subject to additional registered charges in favour of Olympia Trust Company and other mortgagees, as well as construction lien and trade-related claims in certain cases.

In his endorsement, Justice Dunphy emphasized urgency, noting that none of the properties was insured at the time of the hearing and that at least one asset had serious known repair issues, including fire code violations. He rejected a request by the companies for an adjournment that would have deferred enforcement until March 31, 2026, holding that Equitable Bank was entitled to proceed immediately to enforce its security.

The receivership order grants the receiver broad operational and sale powers, including authority to collect rents, arrange insurance, undertake repairs, market vacant units, and sell assets. The receiver’s stated plan is to preserve and stabilize the properties, take control of receipts and disbursements, complete necessary maintenance and compliance work, and market the assets for sale.

Bricks Damiani is the receiver. Counsel is Blaney McMurtry for Equitable Bank and FIJ Law for Olympia Trust Company.