RBC Secures Receivership Order Over Multiple Debtors and London Real Property

On August 25, 2026, the Ontario Superior Court of Justice appointed Grant Thornton Limited as receiver over the assets, undertakings and properties of 12823772 Canada Inc., 12823896 Canada Inc., 14227280 Canada Inc., 2794693 Ontario Inc. and Nile Renovation and Construction Ltd. (collectively, the “Debtors”), including the real property located at 288-292 Dundas Street in London, Ontario. The receivership proceedings were commenced by Royal Bank of Canada (“RBC”), to which the Debtors owed more than $2.1 million in principal and interest, plus costs and accruing interest.

The court found that the Debtors had defaulted on their obligations to RBC and that demands for repayment had not been honoured. Two of the Debtors, 2794693 Ontario Inc. and Nile Renovation and Construction Ltd., had also become bankrupt. The court determined that the Debtors’ proposed refinancing and asset sale efforts did not provide sufficient certainty that the outstanding obligations would be addressed and concluded that appointing a receiver was just and convenient to protect the Debtors’ estate and RBC’s interests as a secured creditor.

Aird & Berlis is representing RBC in connection with the receivership proceedings, with a team including Jeremy Nemers and Cristian Delfino (Financial Services).