​​​​​​On May 2, 2025, the Ontario Superior Court of Justice issued orders (the “Appointment Orders") pursuant to section 243(1) of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, as amended (the "BIA") and section 101 of the Courts of Justice Act, R.S.O. 1990, c. C.43, as amended, appointing Deloitte Restructuring Inc. as the receiver (in such capacity, the “Receiver") without security, of all of the assets, undertakings and properties of each of GC King Bond Limited Partnership (“King Bond LP"), and GC King Bond GP Inc. (“King Bond GP", and together with King Bond LP, the "Debtors") acquired for, or used in relation to, a business carried on by the Debtors, including all proceeds thereof, including, in particular the lands municipally known as 301, 311, 319, 329, 339, 349 King Road and 115, 119 Bond Crescent, Richmond Hill, Ontario. ​

On May 14, 2026, at 10:00 am, the Ontario Superior Court of Justice (Commercial List) will hear a motion brought by the Receiver seeking, amongst other things, the granting of the Approval and Vesting Order. The relief sought pursuant to the Approval and Vesting Order includes (i) approval of the Transaction, (ii) the assignment of the Assumed UPAs to the Purchaser, and (iii) the termination of the Unassumed UPAs. For additional information on the proposed Approval and Vesting Order, parties should review the Receiver's Second Report (dated May 7, 2026), which is available on the Receiver's website at: “Second Receiver's Report - May 7, 2026" or at the link below. Capitalized terms used but not defined here have the meanings given to them in the Second Report.

Zoom details to attend the hearing are as follows: https://ca01web.zoom.us/j/67927063702?pwd=c1Z2eFN3NXB1N0xOK0lYSWtCL2ZBZz09#success

If you have any questions regarding this matter, please contact Deloitte Restructuring Inc. at the following address:

Deloitte Restructuring Inc.
8 Adelaide Street W Suite 200,
Toronto, ON, M5H 0A9 
 
Attention: Arpana Pandit

Telephone:  416-202-2299
Fax: 416-601-6690
Email:  gckingbond@deloitte.ca