Ontario Court Appoints Receiver Over 421-425 Jane Street Property

On August 14, 2026, the Ontario Superior Court of Justice (Commercial List) appointed BDO Canada Limited as receiver over the assets, undertakings and properties of 2493135 Ontario Inc. (the “Debtor”), including its real property municipally known as 421-425 Jane Street in Toronto. First National Financial LP and First National Financial GP Corporation (together, “First National”) brought the application for the appointment of the receiver.

The Debtor’s primary asset is a mixed-use, two-storey building consisting of 11 residential apartment units and three ground-floor commercial units, containing approximately 2,872 square feet of commercial space. The Debtor had been indebted to First National under a credit facility secured by a charge over the property and related security. The Debtor failed to make payments beginning in early 2025 and, as of June 22, 2026, owed First National approximately $4.55 million, exclusive of accruing interest, costs and expenses. First National subsequently demanded repayment and issued notices of intention to enforce security.

In granting the receivership order, the court found that the appointment of a receiver was just and convenient, noting the Debtor’s failure to make payments, its interference with First National’s enforcement efforts and the need for a court-supervised process to protect the interests of First National and other stakeholders.

Aird & Berlis represented First National in connection with the receivership proceedings with a team including Josh Suttner, Samantha Hans and Jaclyn Tarola (Restructuring & Insolvency).