Receivership of the Ontario Land Banking Investment Program
(formerly operated by Trans Global Partners Limited)
By Order dated March 6, 2025, as amended on October 23, 2025, in proceedings with Court File No. CV-25-00736577-00CL (the "Receivership Proceedings"), the Ontario Superior Court of Justice (Commercial List) (the "Court") appointed KSV Restructuring Inc. as receiver and manager (in such capacity, the "Receiver") of all of the assets, undertakings and properties of the following entities related to the Land Banking Investment Program (as defined below):
- Clearview Garden Estates Inc.
- Talbot Crossing Inc.
- Niagara Estates of Chippawa II Inc.
- London Valley Inc.
- London Valley II Inc.
- London Valley III Inc.
- London Valley IV Inc.
- London Valley V Inc.
- Fort Erie Hills Inc.
- 2533430 Ontario Inc.
- CGE Capital Management Inc.
- TGP-Talbot Crossing Inc.
- NEC II Capital Management Inc.
- LV Capital Management Inc.
- LV II Capital Management Inc.
- LV III Capital Management Inc.
- LV IV Capital Management Inc.
- LV V Capital Management Inc.
- Fort Erie Hills Capital Management Inc.
- Halton Park Inc.
- Niagara Falls Park Inc.
- TSI-HP International Canada Inc.
- TSI International-Grandtag A2A Niagara IV Inc.
The above-listed entities are special purpose companies that operated a land banking investment program through which they solicited investments from investors and acquired undeveloped and generally vacant real properties across Canada for investment purposes (the “Land Banking Investment Program”). Over 1,000 investors from various regions, including Japan, Hong Kong, Taiwan, Malaysia, China and Singapore, invested in these projects through the entities listed above.
The Amended and Restated Receivership Order dated October 23, 2025 can be accessed here: Amended and Restated Receivership Order.
On October 23, 2025, the Court also granted a Claims Process and Interest Holdings Identification Order, which established a formal claims process to be administered by the Receiver in these Receivership Proceedings. The Claims Process and Interest Holdings Identification Order can be accessed here: Claims Process and Interest Holdings Identification Order.
On October 23, 2025, the Court also granted a Representative Counsel Appointment Order appointing Gowling WLG (Canada) LLP as representative counsel (in such capacity, “Representative Counsel”) for all investors who have beneficially invested in real estate properties through the Land Banking Investment Program, and who hold claims in respect of the above-noted entities related to the Land Banking Investment Program, other than investors that elect to opt-out of such representation (the “Investors”).
This website has been established to provide general information to Investors and other stakeholders regarding the Receivership Proceedings.
The Representative Counsel Appointment Order dated October 23, 2025 can be accessed here: Representative Counsel Appointment Order.
Capitalized but undefined terms contained on this website are defined in the above Orders, as applicable.
Where can I find information on these Receivership Proceedings?
Stakeholders may access material information about the Receivership Proceedings on the Receiver's website at https://www.ksvadvisory.com/experience/case/clearviewgarden or this website.
What Is a Receivership?
What are these Receivership Proceedings?
What was the June Transaction?
What happened between the Former Operators and First Global?
Why were these Receivership Proceedings commenced?
What are the Receiver’s activities?
What real estate properties are related to these Receivership Proceedings?
What is “Representative Counsel”?
Who is Representative Counsel and what is its role?
How do I contact Representative Counsel?
Can I opt-out of Representative Counsel’s representation and if so, how?
What is the Claims Process?
How does the Claims Process work?
What is the Claims Bar Date?
How do I submit documents within the Claims Process?
What if I need help participating in the Claims Process?
When will I get paid and how much?
Where can I find information on these Receivership Proceedings?
Stakeholders may access material information about the Receivership Proceedings on the Receiver's website at https://www.ksvadvisory.com/experience/case/clearviewgarden or this website.
What Is a Receivership?
A receivership is a court-supervised legal process in which a court-appointed officer, known as a receiver, takes possession and control of the assets of the party subject to the receivership. A receiver is appointed by the court on application by a creditor or other stakeholder. A receiver primary role is to protect, manage and realize upon those assets for the benefit of stakeholders, including creditors, Investors and other affected parties.
A receiver is an officer of the Court, not an agent or representative of any individual stakeholder. A receiver owes duties to the Court and to all stakeholders collectively, and performs its mandate in an independent and impartial manner with the benefit of Court oversight and increased transparency for stakeholders.
Where appropriate and with Court approval, a receiver may market and sell assets and distribute proceeds to claimants in accordance with applicable Court orders and legal priorities.
What are these Receivership Proceedings?
These Receivership Proceedings relate to the Land Banking Investment Program and were commenced in March 2025 on an application brought by a group of Investors.
In June 2024, Trans Global Partners Limited and its principals / affiliates, Randy Hoffner and Pauline Hoffner (together, the “Former Operators”) sold their ownership and control of the Land Banking Investment Program to a group of successor entities (the “June Transaction”).
Following the sale, concerns emerged regarding the management and operation of the Land Banking Investment Program, leading to the appointment of the Receiver and Representative Counsel.
What was the June Transaction?
The June Transaction occurred in or around June 2024. Under the June Transaction, the Former Operators sold their interests in and control over the Land Banking Investment Program to two entities: First Global Financial Corp. (“First Global”) and 2630306 Ontario Inc., operating as Paybank Financial (“Paybank Financial”).
The stated purpose and effect of the June Transaction was to transfer control over the majority of the Land Banking Investment Program from the Former Operators to First Global Financial Corp., while Paybank Financial acquired limited ownership of the program’s broader corporate structure.
Representative Counsel is not able to opine on the various transactions and agreements which comprise the June Transaction, or the validity of them.
What happened between the Former Operators and First Global?
As part of the June Transaction, First Global issued promissory notes as partial payment for its acquisition of the Land Banking Investment Program.
Following the June Transaction, the Former Operators alleged that First Global failed to perform its payment obligations under those promissory notes.
As a result, in October 2024, the Former Operators commenced legal proceedings in the Ontario Superior Court of Justice against, among others, First Global, Elena Salvatore, Vincent Salvatore, and Tiberis Capital Corp. seeking repayment of the debts allegedly owing under the promissory notes (Court File No. CV-24-00087580-0000).
Why were these Receivership Proceedings commenced?
These Receivership Proceedings commenced in March 2025 following an application brought by a group of Japanese investors who were significant Investors in the Land Banking Investment Program.
These Investors alleged, among other things, that certain real properties which were intended to be held by the various special purpose entities forming part of the Land Banking Investment Program were being improperly dealt with by the Former Operators and others, without notice to or consent from the Investors to their detriment.
The Japanese investors, represented by Bennett Jones LLP, sought the Court-appointment of the Receiver to take control of the relevant companies and properties, preserve the assets and investigate the circumstances surrounding the management of the Land Banking Investment Program.
What are the Receiver’s activities?
The Receiver is carrying out a range of activities for the benefit of the stakeholders and Investors in the Land Banking Investment Program.
Among other things, the Receiver has engaged realtors, conducted sale processes and entered into agreements of purchase and sale with third party purchasers to sell various real properties held within the Land Banking Investment Program. The proceeds from these sales are being held in trust by the Receiver pending a determination of the Investors’ respective entitlements through the Claims Process (as described in greater detail below).
In addition, the Receiver is undertaking recovery efforts in respect of certain properties and/or the proceeds derived from their disposition, with a view to maximizing recoveries for the benefit of the Investors and other stakeholders of the Land Banking Investment Program.
To date, and without limitation, such recovery efforts have included litigation initiated by the Receiver on behalf of certain of the Respondents against Ben Pilehver (the director of Paybank Financial), Randy Hoffner, and others. Such litigation is outlined in detail on the Receiver’s website at https://www.ksvadvisory.com/experience/case/clearviewgarden, including in the Receiver’s Reports.
What real estate properties are related to these Receivership Proceedings?
The following real estate properties are related to these Receivership Proceedings:
| Nominee Titleholder | Municipal Address | Legal Description | Status of Property |
|---|---|---|---|
| Clearview Garden Estates Inc. | 6237 27/28 Side Road Nottawasaga, Clearview, Ontario | PIN 58239-0013 (LT) PT LT 27 CON 3 NOTTAWASAGA AS IN RO289265, EXCEPT 51R27930; S/T RO130023 PIN 58239-0014 (LT) PT LT 27 CON 3 NOTTAWASAGA PT 1, 51R27930; CLEARVIEW PIN 58239-0015 (LT) PT LT 27 CON 3 NOTTAWASAGA PT 2, 51R27930; CLEARVIEW | Sold prior to Receivership Proceedings. |
| London Valley IV Inc. | 6211 Colonel Talbot Road, London, Ontario | PIN 08211-0150 (LT) PART LOT 57 WTR AS IN 753369 SAVE & EXCEPT PART 2 PLAN 33R-16279 AND PARTS 1 AND 2 ON EXPROPRIATION PLAN ER1469148, WESTMINSTER; CITY OF LONDON | Sold prior to Receivership Proceedings. |
| Fort Erie Hills Inc. | 87 Crooks Street & 0 Thompson Road ES, Fort Erie, Ontario | PIN 64233-0064 (LT) BLK R W/S CROOKS ST PL 525 VILLAGE OF BRIDGEBURG; LT 84 W/S CROOKS ST PL 525 VILLAGE OF BRIDGEBURG; PT BLK S W/S CROOKS ST PL 525 VILLAGE OF BRIDGEBURG; PT LT 8 CON 2 NIAGARA RIVER BERTIE AS IN RO461513; FORT ERIE | Sold prior to Receivership Proceedings. |
Niagara Estates of Chippawa II Inc. |
5559 Sodom Road, Niagara Falls, Ontario |
PIN 64254-0015 (LT) |
Sold prior to Receivership Proceedings. |
4001 Weaver Road, Niagara Falls, Ontario |
64254-0298 (LT) PT LT 17 CON 2 WILLOUGHBY BEING PART 2 ON 59R14354; NIAGARA FALLS |
Sold by the Receiver. |
|
0 Weaver Road, Niagara Falls, Ontario |
64254-0021 (LT) PT LT 17 CON 2 WILLOUGHBY AS IN BB69082; NIAGARA FALLS |
Sold by the Receiver. |
|
| 2533430 Ontario Inc. | 6188 Colonel Talbot Road, London, Ontario | PIN 08207-0216 (LT) PART LOT 57, EAST OF THE NORTH BRANCH OF THE TALBOT ROAD, PART 1 PLAN 33R20792 EXCEPT PART 1 EXPROPRATION PLAN ER1469093, WESTMINSTER; CITY OF LONDON | Subject to Receivership Proceedings. |
| 2533430 Ontario Inc. | Unavailable | PIN 08207-0222 (LT) PART LOT 57, EAST OF THE NORTH BRANCH OF TALBOT ROAD AS IN WU41565, SAVE & EXCEPT 87195, 88711, 101207 & PART 1 PLAN 33R20792 AND PARTS 1 AND 2 ON EXPROPRIATION PLAN ER1469124; S/T EASEMENT OVER PART 1 PLAN ER1463513 AS IN ER1463513. “DESCRIPTION IN WU41565 MAY NOT BE ACCEPTABLE IN THE FUTURE” WESTMINSTER; CITY OF LONDON | Sold by the Receiver. |
| Halton Park Inc. | 0 25 Highway E/S, Halton Hills, Ontario | PIN 25022-0014 (LT) PT LTS 7 & 8, CON 3 ESQ, AS IN 335221, EXCEPT 574487 & 679752; S/T EW15614 HALTON HILLS/ESQUESING | Sold prior to Receivership Proceedings. |
| Niagara Falls Park Inc. | 5021 Garner Road, Niagara Falls, Ontario | PIN 64265-0031 (LT) PT TWP LT 118 STAMFORD; PT TWP LT 121 STAMFORD AS IN RO90923 LYING NW OF HYDRO; NIAGARA FALLS; TOGETHER WITH AN EASEMENT AS IN ST55416 PIN 64265-0034 (LT) PT TWP LT 118 STAMFORD; PT TWP LT 121 STAMFORD; PT RDAL BTN LT 121 & 135 STAMFORD AS IN RO90923 LYING SE OF HYDRO; NIAGARA FALLS; TOGETHER WITH AN EASEMENT AS IN ST55416 | Sold prior to Receivership Proceedings. |
| London Valley Inc. | 5318 Colonel Talbot Road, London, Ontario | PIN 08207-0183 (LT) PART LOT 63 ETR AS IN WU28828; EXCEPT WU30493, WU45704, WU49601, WU80146, 299895, 106748, 88711, CM168 & PLAN ER1060831; SUBJECT TO 340398, WU45704; “DESCRIPTION IN 398299 MAY NOT BE ACCEPTABLE IN THE FUTURE” LONDON/WESTMINSTER | Sold by the Receiver. |
| London Valley II Inc. | 6172 Colonel Talbot Road, London, Ontario | PIN 08207-0207 (LT) PART LOTS 58 & 57 ETR AS IN 422573; EXCEPT PART 1, 33R8976 AND PART 1 EXPROPRIATION PLAN ER1469082; “DESCRIPTION IN 422573 MAY NOT BE ACCEPTABLE IN THE FUTURE” LONDON/WESTMINSTER “DESCRIPTION REVISED 2012/01/16, RE: EXCEPTION” | Sold by the Receiver. |
| London Valley V Inc. | Wonderland Road. S, London, Ontario | PIN 08207-0153 (LT) PART LOTS 58 & 59 ETR WESTMINSTER DESIGNATED PARTS 8 & 9, 33R2972; AND PT LT 59, ETR WESTMINSTER AS IN 559255; SAVE & EXCEPT PART 1, PLAN ER864297; CITY OF LONDON | Sold by the Receiver. |
| Talbot Crossing Inc. | 5980 Colonel Talbot Road, London, Ontario | PIN 08207-0053 (LT) PART LOT 58 & 59 ETR DESIGNATED PART 1, 33R9477; SUBJECT TO 871357 LONDON/WESTMINSTER | Sold by the Receiver. |
What is “Representative Counsel”?
Generally, Representative Counsel is a court-appointed law firm acting on behalf of a group of similarly situated stakeholders in a legal proceeding. The group of stakeholders is often large, disparate, vulnerable and/or unascertained. The purpose of such an appointment is to facilitate streamlined and efficient communication, coordination and representation among those stakeholders.
Who is Representative Counsel and what is its role?
Pursuant to a Court Order dated October 23, 2025, Gowling WLG (Canada) LLP was appointed as Representative Counsel for all Investors who have beneficially invested in real estate properties through the Land Banking Investment Program, and who hold claims in respect of the above-noted entities related to the Land Banking Investment Program, other than investors that elect to opt-out of such representation.
Gowling WLG (Canada) LLP is a global law firm with offices across Canada, in Beijing, Guangzhou, Shanghai and other jurisdictions around the world. The Receiver was supportive of the motion to appoint Representative Counsel and is working cooperatively with Representative Counsel on the Claims Process and other matters.
Representative Counsel’s mandate includes:
- representing the collective interests of the Investors in connection with these Receivership Proceedings;
- locating and notifying investors of these Receivership Proceedings;
- working collaboratively with the Receiver to maximize value for all investors;
- advising Investors on the status of the proceedings and the Claims Process, and assisting them with preparing and submitting their claims within the Claims Process; and
- such other actions reasonably necessary or desirable to fulfill its mandate.
A copy of the Notice to Investors with a copy of the Representative Counsel Appointment Order appended can be downloaded here: Notice to Investors.
How do I contact Representative Counsel?
You can direct all questions or comments to Representative Counsel by e-mail at ontariolandbankingcounsel@gowlingwlg.com.
Can I opt-out of Representative Counsel’s representation and if so, how?
Yes. Investors may choose to opt out of representation by the Representative Counsel.
If you wish to opt out, you must complete the Opt-Out Notice available on this website. The form can be downloaded directly from this page and must be submitted to the Representative Counsel no later than December 8, 2025, at 4:00 p.m. (Toronto time) by e-mail at ontariolandbankingcounsel@gowlingwlg.com.
Access the Opt-Out Notice here: Opt-Out Notice
Investors who do not submit an Opt-Out Notice by the deadline will automatically remain represented by the Representative Counsel.
What is the Claims Process?
The Receivership Proceedings are subject to a court-supervised claims process pursuant to a Claims Process and Interest Holdings Identification Order dated October 23, 2025 (the "Claims Process").
The Claims Process is the court-approved procedure through which investors, creditors and other potential claimants identify and, where required, prove their claims against the Respondents in these Receivership Proceedings.
The purpose of the Claims Process is to ensure a fair, transparent and organized determination of all claims, so that the Receiver can verify, reconcile and ultimately distribute available proceeds to proven claimants in accordance with legal priorities and further orders of the Court.
How does the Claims Process work?
The Claims Process is divided into two categories of claims: "Interest Holder Claims" and other "Claims".
An "Interest Holder Claim" is a claim by any person that is derived from their beneficial ownership or other interest in any Property held by or through the Respondents.
Based on the interests of all known Interest Holders, as recorded in the books and records of the Respondents, the Receiver prepared Interest Holder Notices which it has provided to Representative Counsel. Representative Counsel is now in the process of delivering these Interest Holder Notices to all known Interest Holders.
If an Interest Holder agrees with the information set out in their Interest Holder Notice, no further action is required. The Interest Holder's holdings will be deemed correct and confirmed.
However, if an Interest Holder believes the information in their Interest Holder Notice is inaccurate, they may submit an Amendment Request to the Receiver no later than 5:00 p.m. (Toronto time) on March 31, 2026 (i.e., the Claims Bar Date).
The Receiver will review each Amendment Request and may:
- accept it in whole or in part;
- revise the investor's holdings information; or
- disallow the Amendment Request in whole or in part.
If the Receiver revises or disallows an Amendment Request, the Interest Holder will receive a Notice of Revision or Disallowance from the Receiver. The Interest Holder then has 14 calendar days from the date of receipt of that notice to submit a Notice of Interest Holder Holdings Information Dispute if they wish to challenge the Receiver's determination.
If no dispute is submitted within this 14-day period, the Receiver's determination will be final and binding, and the Interest Holder's holdings information will be deemed correct as revised or disallowed.
The second type of claim relates to all other "Claims".
A Claims Package will be sent by the Receiver to: (i) all Known Claimants; and (ii) to any person who requests a copy. The Claims Package also allows a person to submit a claim for other types of claims that may exist against the Respondents.
If the Receiver does not have contact information for, or is otherwise unaware of the identity of, an Interest Holder, that person is considered an Unknown Interest Holder. An Unknown Interest Holder may submit an Interest Holder Claim through this secondary process using a Claims Package. All other persons may also submit claims under this category.
Each Claims Package will contain:
- A Proof of Claim form, which must be completed and delivered to the Receiver and its counsel by March 31, 2026 (i.e., the Claims Bar Date) to assert a Claim;
- A Notice to Claimants and Unknown Interest Holders; and
- An Instruction Letter explaining how to complete and return the Proof of Claim.
The types of claims that may be submitted under this process include the following:
- Pre-Receivership Claims, which relate to any debt, obligation or liability of a Respondent that arose before the commencement of the Receivership Proceedings.
- Post-Receivership Claims, which arise after the Receiver's appointment and before the Claims Bar Date, and relate to actions or conduct of any of the Respondents or their related parties during the Receivership Proceedings.
- Equity Claims, which arise from a person's ownership of, or investment in, the Respondents, and as defined in section 2 of the Bankruptcy and Insolvency Act (Canada).
At this stage, Claimants will not be permitted to make a claim in respect of any Excluded Claim. Excluded Claims include:
- Any claim relating to the Charges;
- Any intercompany claims between the Respondents;
- Any claim made by the Receiver or any of the Respondents themselves; and
- Any Interest Holder Claim, except for those made by Unknown Interest Holders.
Stakeholders may download the Claims Package here: Claims Package.
Similar to Interest Holder Claims, the Receiver may revise or disallow, in whole or in part, any Claim submitted by a Claimant in a Proof of Claim. In such a case, the Receiver will issue a Notice of Revision or Disallowance to the Claimant, together with a form of Notice of Dispute. The Claimant will then have 14 calendar days from the date of receipt of that notice to deliver a completed Notice of Dispute if they wish to challenge the Receiver's determination.
If no Notice of Dispute is submitted within this 14-day period, the Receiver's determination will be final and binding.
What is the Claims Bar Date?
The "Claims Bar Date" is the deadline by which Claimants must file any Proof of Claim or Amendment Request by delivering same to the Receiver and its counsel. The Claims Bar Date is 5:00 p.m. (Toronto time) on March 31, 2026. The Claims Bar Date was extended from January 30, 2026 by an Order of the Court dated December 9, 2025.
How do I submit documents within the Claims Process?
All completed forms and supporting documents must be sent to the Receiver and Receiver's counsel preferably by e-mail, or otherwise by prepaid registered mail, courier or personal delivery, addressed to:
KSV RESTRUCTURING INC.
Court-appointed Receiver
220 Bay St., Suite 1300
Toronto, ON M5J 2W4
E- mail: ontariolandbankingreceivership@ksvadvisory.com
With a copy to:
AIRD & BERLIS LLP
Barristers and Solicitors
181 Bay Street, Suite 1800
Toronto, ON M5J 2T9
E-mail: ontariolandbankingreceivership@airdberlis.com
What if I need help participating in the Claims Process?
If you need help or have any questions about the Claims Process, please contact Representative Counsel. You can reach us by e-mail at ontariolandbankingcounsel@gowlingwlg.com, and we will assist you with understanding and completing the required steps in the process.
When will I get paid and how much?
After the Receiver has completed the Claims Process, it will bring a motion before the Court seeking approval of a distribution. The timing and amount of any payments will depend on several factors, including:
- the total number of valid claims;
- the total disputed claims which may need to be resolved prior to any distribution;
- the total proceeds available for distribution, and
- each claimant’s entitlement based on their respective investment or claim type.
No distributions will be made until the Court has approved the Receiver’s proposed distributions and/or distribution methodology.