·  Background:

• 2184698 Ontario Inc. (Debtor) owns a property, including an autobody shop and an approved development for an Esso gas station.
• Rathcliffe Properties Inc. (Plaintiff) loaned the Debtor $2.9 million secured by a first mortgage. The Debtor defaulted on the mortgage on August 1, 2023, and failed to secure refinancing.
• A Receiver was appointed in March 2024 to take control of the property and start a sale process, including listing the property for $4.5 million and receiving eleven offers.

·  Debtor's Motion:

• The Debtor sought to stop the sale, alleging that the Receiver breached its duties under the Bankruptcy and Insolvency Act, claiming the sale undervalued the property.

·  Court Findings:

• The Receiver acted properly and in good faith, and no breach of the Act occurred.
• The listing price was supported by independent appraisals, and the Debtor’s motion was deemed premature, as the sale process had not concluded.

·  Order:

• The Debtor's motion was dismissed.
• Costs of $10,000 were awarded to the Receiver and $7,500 to the Lender.
• The Receiver may continue the sale process immediately, and the Debtor is restricted from filing further motions without court approval.