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Update, Tuesday Oct 20: SIREG companies to be bankrupt, head office access back in court Oct 26

October 20, 2026 · Condominium Owners Network

At a glance

• SIREG bankruptcies. The court heard the trustee's motion to end the proposal period for 16 SIREG companies, so they become bankrupt. No one opposed it. The judge asked for the order to be sent to her. The signed order is still awaited.
• SIREG Management has stopped operating. Its condo management licence was revoked on October 19. It has no funding for staff or operations after today, October 20.
• Keys and records. The trustee plans to return condo keys and move SIREG's books and records out of the Burlington head office in the next one to two weeks. The motion over access to that building returns to court on Monday, October 26.
• The administrator told the court what he has done since October 15. He has not received any condo records from SIREG Management and does not have owners' email addresses.
• Next dates: Thursday, October 22 (administrator motion for the opposed condo corporations) and Monday, October 26 at 10:00 a.m. (head office building).

1. The SIREG companies become bankrupt

What⁠​‌‌​​​‌‌​‌‌​‌‌‌‌​‌‌​‌‌‌​​‌‌​​‌​​​‌‌​‌‌‌‌​‌‌​‌‌‌‌​‌‌‌​‌‌‌​‌‌​‌‌‌​​‌‌​​‌​‌​‌‌‌​​‌​​‌‌‌​​‌‌​‌‌​‌‌‌​​‌‌​​‌​‌​‌‌‌​‌​​​‌‌‌​‌‌‌​‌‌​‌‌‌‌​‌‌‌​​‌​​‌‌​‌​‌‌​​‌​‌‌‌​​‌‌​​​‌‌​‌‌​‌‌‌‌​‌‌​‌‌​‌​‌‌‌‌‌​​​‌‌​​​‌‌​‌‌​‌‌‌‌​‌‌‌​‌​‌​‌‌‌​​‌​​‌‌‌​‌​​​​‌​‌‌​‌​‌‌​‌​​​​‌‌​​‌​‌​‌‌​​​​‌​‌‌‌​​‌​​‌‌​‌​​‌​‌‌​‌‌‌​​‌‌​​‌‌‌​​‌​‌‌​‌​‌‌​‌‌‌‌​‌‌​​​‌‌​‌‌‌​‌​​​​‌​‌‌​‌​​‌‌​​‌​​​‌‌​​​​​‌‌‌‌‌​​​​‌‌​​‌​​​‌‌​​​​​​‌‌​​‌​​​‌‌​‌‌​​​‌​‌‌​‌​​‌‌​​​‌​​‌‌​​​​​​‌​‌‌​‌​​‌‌​​‌​​​‌‌​​​​⁠ happened. AlixPartners, the proposal trustee, asked the court to end the period in which SIREG companies could file a proposal to their creditors. Under the Bankruptcy and Insolvency Act, ending that period means each company is treated as having made an assignment in bankruptcy. The motion covers 16 companies, including SIREG Management Inc., SIREG Holdings Inc., The Simple Investor Real Estate Group Inc., 1000001856 Ontario Inc. and 1000366987 Ontario Corporation, and the SIREG companies that own buildings on Balmoral, Cartier, Kensington and Parkhill.

No one opposed the order. The lender on the Burlington head office building did not oppose it either, but said the company that owns that building should have been included in the bankruptcies too. Justice Steele asked for the order to be sent to her, and we expect her to sign it. We will confirm once the signed order is posted.

Two⁠​‌‌​​​‌‌​‌‌​‌‌‌‌​‌‌​‌‌‌​​‌‌​​‌​​​‌‌​‌‌‌‌​‌‌​‌‌‌‌​‌‌‌​‌‌‌​‌‌​‌‌‌​​‌‌​​‌​‌​‌‌‌​​‌​​‌‌‌​​‌‌​‌‌​‌‌‌​​‌‌​​‌​‌​‌‌‌​‌​​​‌‌‌​‌‌‌​‌‌​‌‌‌‌​‌‌‌​​‌​​‌‌​‌​‌‌​​‌​‌‌‌​​‌‌​​​‌‌​‌‌​‌‌‌‌​‌‌​‌‌​‌​‌‌‌‌‌​​​‌‌​​​‌‌​‌‌​‌‌‌‌​‌‌‌​‌​‌​‌‌‌​​‌​​‌‌‌​‌​​​​‌​‌‌​‌​‌‌​‌​​​​‌‌​​‌​‌​‌‌​​​​‌​‌‌‌​​‌​​‌‌​‌​​‌​‌‌​‌‌‌​​‌‌​​‌‌‌​​‌​‌‌​‌​‌‌​‌‌‌‌​‌‌​​​‌‌​‌‌‌​‌​​​​‌​‌‌​‌​​‌‌​​‌​​​‌‌​​​​​‌‌‌‌‌​​​​‌‌​​‌​​​‌‌​​​​​​‌‌​​‌​​​‌‌​‌‌​​​‌​‌‌​‌​​‌‌​​​‌​​‌‌​​​​​​‌​‌‌​‌​​‌‌​​‌​​​‌‌​​​​⁠ SIREG companies are not included: SIREG 1075 Sutton Drive Inc. (owner of the Burlington head office) and SIREG 3438 Sinnicks Inc.

The trustee also asked to run the 16 bankruptcies together for administration only: one court file, one combined notice, joint creditor meetings with votes counted separately for each company, and one bank account. The trustee's report says this is not a merger of the companies. Each company stays a separate legal entity, keeps separate records of its assets and creditor claims, and no company becomes liable for another's debts.

The trustee told the court the bankruptcies cover companies whose properties are now effectively in the lenders' hands, and the companies that paid the group's costs and employed its staff, which are out of money. It also said no workable proposal is possible. The group has no source of funding to keep operating, the lenders have already been allowed to enforce on their properties, and SIREG Management has lost its licence.

What⁠​‌‌​​​‌‌​‌‌​‌‌‌‌​‌‌​‌‌‌​​‌‌​​‌​​​‌‌​‌‌‌‌​‌‌​‌‌‌‌​‌‌‌​‌‌‌​‌‌​‌‌‌​​‌‌​​‌​‌​‌‌‌​​‌​​‌‌‌​​‌‌​‌‌​‌‌‌​​‌‌​​‌​‌​‌‌‌​‌​​​‌‌‌​‌‌‌​‌‌​‌‌‌‌​‌‌‌​​‌​​‌‌​‌​‌‌​​‌​‌‌‌​​‌‌​​​‌‌​‌‌​‌‌‌‌​‌‌​‌‌​‌​‌‌‌‌‌​​​‌‌​​​‌‌​‌‌​‌‌‌‌​‌‌‌​‌​‌​‌‌‌​​‌​​‌‌‌​‌​​​​‌​‌‌​‌​‌‌​‌​​​​‌‌​​‌​‌​‌‌​​​​‌​‌‌‌​​‌​​‌‌​‌​​‌​‌‌​‌‌‌​​‌‌​​‌‌‌​​‌​‌‌​‌​‌‌​‌‌‌‌​‌‌​​​‌‌​‌‌‌​‌​​​​‌​‌‌​‌​​‌‌​​‌​​​‌‌​​​​​‌‌‌‌‌​​​​‌‌​​‌​​​‌‌​​​​​​‌‌​​‌​​​‌‌​‌‌​​​‌​‌‌​‌​​‌‌​​​‌​​‌‌​​​​​​‌​‌‌​‌​​‌‌​​‌​​​‌‌​​​​⁠ this means for owners.

• If a SIREG company owes you money, for example unpaid guaranteed rent under your property management agreement, you are an unsecured creditor in that company's bankruptcy. Claims in a bankruptcy are made to the trustee using a proof of claim (the federal Form 31).
• Make sure your claim names the right company. Because the bankruptcies are run together for administration only, each company's creditors are still dealt with separately.
• As of today we have not seen a proof of claim package or a claims deadline on the trustee's case website. Watch for the trustee's notice to creditors. We will post it when it appears.
• Bankruptcy does not mean you will be paid in full. The trustee has said the group's resources are very limited.

2. SIREG Management has stopped operating

What happened. The trustee's report filed for today's hearing says:

• the Condominium Management Regulatory Authority of Ontario (CMRAO) suspended SIREG Management's condo management licence on September 29 and revoked it on October 19;
• SIREG Management, SIREG Holdings and The Simple Investor Real Estate Group have no funding for operations or employment beyond October 20;
• after today, only limited transition work is expected, mainly returning available condo keys to owners and keeping and transferring books and records.

What this means for owners.

• There is no SIREG office or staff to call for condo or unit management after today.
• Do not send common expense payments to SIREG Management. The administrator is opening new bank accounts for the corporations under his order. Wait for his office to send the new payment details, and confirm them directly with his office before you pay.
• If you rent out your unit and SIREG Management managed it, SIREG has already told owners to take over management themselves or hire a new manager.

3. Keys, records and the Burlington head office

What⁠​‌‌​​​‌‌​‌‌​‌‌‌‌​‌‌​‌‌‌​​‌‌​​‌​​​‌‌​‌‌‌‌​‌‌​‌‌‌‌​‌‌‌​‌‌‌​‌‌​‌‌‌​​‌‌​​‌​‌​‌‌‌​​‌​​‌‌‌​​‌‌​‌‌​‌‌‌​​‌‌​​‌​‌​‌‌‌​‌​​​‌‌‌​‌‌‌​‌‌​‌‌‌‌​‌‌‌​​‌​​‌‌​‌​‌‌​​‌​‌‌‌​​‌‌​​​‌‌​‌‌​‌‌‌‌​‌‌​‌‌​‌​‌‌‌‌‌​​​‌‌​​​‌‌​‌‌​‌‌‌‌​‌‌‌​‌​‌​‌‌‌​​‌​​‌‌‌​‌​​​​‌​‌‌​‌​‌‌​‌​​​​‌‌​​‌​‌​‌‌​​​​‌​‌‌‌​​‌​​‌‌​‌​​‌​‌‌​‌‌‌​​‌‌​​‌‌‌​​‌​‌‌​‌​‌‌​‌‌‌‌​‌‌​​​‌‌​‌‌‌​‌​​​​‌​‌‌​‌​​‌‌​​‌​​​‌‌​​​​​‌‌‌‌‌​​​​‌‌​​‌​​​‌‌​​​​​​‌‌​​‌​​​‌‌​‌‌​​​‌​‌‌​‌​​‌‌​​​‌​​‌‌​​​​​​‌​‌‌​‌​​‌‌​​‌​​​‌‌​​​​⁠ happened. SIREG Management's head office is at 1075 Sutton Drive in Burlington. The building is owned by SIREG 1075 Sutton Drive Inc. The trustee plans to remove SIREG's property from the building, mainly books and records and a server, and to return condo keys to owners from there. The trustee expects this to take one to two weeks.

1000018790 Ontario Ltd. ("790 Ontario"), the mortgage lender on the building, brought a motion to lift the stay of proceedings so it can enforce its mortgage, including getting vacant possession of the building. The trustee's report describes a first and a second mortgage. 790 Ontario says it now holds both.

The trustee asked for time to respond. It told the court an appraisal shows the building is worth more than the mortgage debt, so there is no urgency. Counsel on the trustee's side told the court they need access to the building because many condo owners will be coming there to pick up keys, and books and records have to come out, and that this will take about a week.

790⁠​‌‌​​​‌‌​‌‌​‌‌‌‌​‌‌​‌‌‌​​‌‌​​‌​​​‌‌​‌‌‌‌​‌‌​‌‌‌‌​‌‌‌​‌‌‌​‌‌​‌‌‌​​‌‌​​‌​‌​‌‌‌​​‌​​‌‌‌​​‌‌​‌‌​‌‌‌​​‌‌​​‌​‌​‌‌‌​‌​​​‌‌‌​‌‌‌​‌‌​‌‌‌‌​‌‌‌​​‌​​‌‌​‌​‌‌​​‌​‌‌‌​​‌‌​​​‌‌​‌‌​‌‌‌‌​‌‌​‌‌​‌​‌‌‌‌‌​​​‌‌​​​‌‌​‌‌​‌‌‌‌​‌‌‌​‌​‌​‌‌‌​​‌​​‌‌‌​‌​​​​‌​‌‌​‌​‌‌​‌​​​​‌‌​​‌​‌​‌‌​​​​‌​‌‌‌​​‌​​‌‌​‌​​‌​‌‌​‌‌‌​​‌‌​​‌‌‌​​‌​‌‌​‌​‌‌​‌‌‌‌​‌‌​​​‌‌​‌‌‌​‌​​​​‌​‌‌​‌​​‌‌​​‌​​​‌‌​​​​​‌‌‌‌‌​​​​‌‌​​‌​​​‌‌​​​​​​‌‌​​‌​​​‌‌​‌‌​​​‌​‌‌​‌​​‌‌​​​‌​​‌‌​​​​​​‌​‌‌​‌​​‌‌​​‌​​​‌‌​​​​⁠ Ontario said it is willing to give the trustee access to remove books and records, and would have discussed letting them stay if rent and the building's costs were paid. The main open issue is whether the SIREG side has to pay occupation rent and costs while it uses the building.

The court adjourned the motion to Monday, October 26 at 10:00 a.m. for 90 minutes. Responding materials are due Thursday, October 22 and reply materials Friday, October 23. 790 Ontario reserved its right to claim the costs of the ongoing occupation, including realty taxes, utilities and insurance. The judge encouraged the parties to keep talking and said the issue might be settled before the hearing.

What this means for owners.

• Timing for getting your keys and your building's records back depends partly on access to this building. The October 26 hearing, or a deal before then, matters for every building, not just one.
• Keys are expected to be handed out from the Burlington building. Watch for the trustee's instructions on when and how to pick them up.
• Keep a list of what you are missing (keys, fobs, leases, tenant deposits, building records). When the trustee announces how keys will be returned, you will need to show you own the unit.

4. The administrator's update to the court

What⁠​‌‌​​​‌‌​‌‌​‌‌‌‌​‌‌​‌‌‌​​‌‌​​‌​​​‌‌​‌‌‌‌​‌‌​‌‌‌‌​‌‌‌​‌‌‌​‌‌​‌‌‌​​‌‌​​‌​‌​‌‌‌​​‌​​‌‌‌​​‌‌​‌‌​‌‌‌​​‌‌​​‌​‌​‌‌‌​‌​​​‌‌‌​‌‌‌​‌‌​‌‌‌‌​‌‌‌​​‌​​‌‌​‌​‌‌​​‌​‌‌‌​​‌‌​​​‌‌​‌‌​‌‌‌‌​‌‌​‌‌​‌​‌‌‌‌‌​​​‌‌​​​‌‌​‌‌​‌‌‌‌​‌‌‌​‌​‌​‌‌‌​​‌​​‌‌‌​‌​​​​‌​‌‌​‌​‌‌​‌​​​​‌‌​​‌​‌​‌‌​​​​‌​‌‌‌​​‌​​‌‌​‌​​‌​‌‌​‌‌‌​​‌‌​​‌‌‌​​‌​‌‌​‌​‌‌​‌‌‌‌​‌‌​​​‌‌​‌‌‌​‌​​​​‌​‌‌​‌​​‌‌​​‌​​​‌‌​​​​​‌‌‌‌‌​​​​‌‌​​‌​​​‌‌​​​​​​‌‌​​‌​​​‌‌​‌‌​​​‌​‌‌​‌​​‌‌​​​‌​​‌‌​​​​​​‌​‌‌​‌​​‌‌​​‌​​​‌‌​​​​⁠ happened. Brian Antman, the court-appointed administrator for the condo corporations covered by the October 15 order, filed an aide-memoire. He was not asking for any order today. Counsel told the court that some of the points in it had been clarified between the lawyers that morning, and no one raised it further. His update says:

• Property managers. He has interviewed condo management companies and expects to send out requests for proposal shortly, to get professional management in place quickly through a competitive process.
• Bank accounts. He is setting up new bank accounts for each corporation. He understands the corporations' money was mixed together in one or more accounts in SIREG Management's name, not kept in separate accounts for each corporation. He has not been able to confirm this yet.
• No records. He has not received any of the corporations' records from SIREG Management, even though he asked for them. Without owners' email addresses, he has not been able to send owners the October 15 order and endorsement.
• Possible trust money. Based on the limited documents he has, he believes SIREG Management or a related company may hold money that belongs in trust to one or more corporations under section 115 of the Condominium Act. As an example, the audited statements of Middlesex Standard Condominium Corporation No. 353 for the year ended July 31, 2025 show $128,385 owed to that corporation's reserve fund by SIREG Management and not held in the reserve fund as the Act requires. He did not give figures for other corporations.
• Insurance. He got a copy of the insurance binder for that corporation's policy, which expires October 22, 2026, so he can renew it before it expires.

What this means for owners.

• Insurance. Insurance is the most urgent risk. Please send your corporation's insurance documents to owners@condoownersnetwork.com. Include the corporation number, the building address, and the insurance binder or certificate, plus the policy details if you have them.
• Reserve funds. Money owed to a corporation's reserve fund may be treated differently from ordinary debts if it is trust money. The administrator is looking into this. The $128,385 figure is one example from one corporation. Your corporation's audited financial statements may show a similar amount.

5. Thursday, October 22: the opposed corporations

What happened. The motion to appoint the administrator for the condo corporations where some owners opposed it returns on Thursday, October 22. The timing for filing materials was not set today. Counsel for the trustee offered to check with the lawyers involved and let the judge know. The judge asked that materials not arrive late the night before.

What⁠​‌‌​​​‌‌​‌‌​‌‌‌‌​‌‌​‌‌‌​​‌‌​​‌​​​‌‌​‌‌‌‌​‌‌​‌‌‌‌​‌‌‌​‌‌‌​‌‌​‌‌‌​​‌‌​​‌​‌​‌‌‌​​‌​​‌‌‌​​‌‌​‌‌​‌‌‌​​‌‌​​‌​‌​‌‌‌​‌​​​‌‌‌​‌‌‌​‌‌​‌‌‌‌​‌‌‌​​‌​​‌‌​‌​‌‌​​‌​‌‌‌​​‌‌​​​‌‌​‌‌​‌‌‌‌​‌‌​‌‌​‌​‌‌‌‌‌​​​‌‌​​​‌‌​‌‌​‌‌‌‌​‌‌‌​‌​‌​‌‌‌​​‌​​‌‌‌​‌​​​​‌​‌‌​‌​‌‌​‌​​​​‌‌​​‌​‌​‌‌​​​​‌​‌‌‌​​‌​​‌‌​‌​​‌​‌‌​‌‌‌​​‌‌​​‌‌‌​​‌​‌‌​‌​‌‌​‌‌‌‌​‌‌​​​‌‌​‌‌‌​‌​​​​‌​‌‌​‌​​‌‌​​‌​​​‌‌​​​​​‌‌‌‌‌​​​​‌‌​​‌​​​‌‌​​​​​​‌‌​​‌​​​‌‌​‌‌​​​‌​‌‌​‌​​‌‌​​​‌​​‌‌​​​​​​‌​‌‌​‌​​‌‌​​‌​​​‌‌​​​​⁠ this means for owners.

• If your corporation was not covered by the October 15 order, this is the hearing that decides whether the administrator will be appointed for it.
• Owners in the 26 corporations already covered can still file materials before October 22 if they want the October 15 order changed or set aside. The judge called October 22 a fixed comeback date.
• See our October 15 decision update for the list of covered corporations.

A separate receivership

A separate receivership over other SIREG-related properties was dealt with on consent or unopposed, with some wording still being worked out. Under the proposed order, rents for those properties, including rents that were paid to SIREG Management, go to the receiver.

What you can do now

• Verify your ownership with us. The administrator does not have owner contact details. Find your building on our owner verification page and complete the form so that we may pass on your details, with your consent, to the administrator through his lawyers at Levitt Di Lella Duggan & Chaplick LLP.
• Do not pay common expenses to SIREG. Wait for the administrator's new account details.
• Send us your corporation's insurance documents at owners@condoownersnetwork.com: the corporation number, the building address, and the insurance binder or certificate, plus the policy details if you have them.
• Watch for the trustee's notice to creditors and proof of claim package on the trustee's case website.
• Gather your documents: your purchase and property management agreements, records of unpaid rent, leases, keys and fob details, and any insurance or financial papers for your corporation.
• Mark the dates: Thursday, October 22 and Monday, October 26 at 10:00 a.m.

Documents

• First Report of the Proposal Trustee, October 19, 2026 (PDF)
• Motion Record of the Proposal Trustee, October 19, 2026 (PDF)
• Factum of the Proposal Trustee, October 19, 2026 (PDF)
• Motion Record of 1000018790 Ontario Ltd., October 19, 2026 (PDF)
• Aide-memoire of 1000018790 Ontario Ltd., October 19, 2026 (PDF)
• Aide-memoire of the Administrator, October 20, 2026 (PDF)
• Order appointing the administrator, October 15, 2026 (PDF)

We will post the signed bankruptcy order when it is available.

This⁠​‌‌​​​‌‌​‌‌​‌‌‌‌​‌‌​‌‌‌​​‌‌​​‌​​​‌‌​‌‌‌‌​‌‌​‌‌‌‌​‌‌‌​‌‌‌​‌‌​‌‌‌​​‌‌​​‌​‌​‌‌‌​​‌​​‌‌‌​​‌‌​‌‌​‌‌‌​​‌‌​​‌​‌​‌‌‌​‌​​​‌‌‌​‌‌‌​‌‌​‌‌‌‌​‌‌‌​​‌​​‌‌​‌​‌‌​​‌​‌‌‌​​‌‌​​​‌‌​‌‌​‌‌‌‌​‌‌​‌‌​‌​‌‌‌‌‌​​​‌‌​​​‌‌​‌‌​‌‌‌‌​‌‌‌​‌​‌​‌‌‌​​‌​​‌‌‌​‌​​​​‌​‌‌​‌​‌‌​‌​​​​‌‌​​‌​‌​‌‌​​​​‌​‌‌‌​​‌​​‌‌​‌​​‌​‌‌​‌‌‌​​‌‌​​‌‌‌​​‌​‌‌​‌​‌‌​‌‌‌‌​‌‌​​​‌‌​‌‌‌​‌​​​​‌​‌‌​‌​​‌‌​​‌​​​‌‌​​​​​‌‌‌‌‌​​​​‌‌​​‌​​​‌‌​​​​​​‌‌​​‌​​​‌‌​‌‌​​​‌​‌‌​‌​​‌‌​​​‌​​‌‌​​​​​​‌​‌‌​‌​​‌‌​​‌​​​‌‌​​​​⁠ is general information only, not legal advice. Questions? Email owners@condoownersnetwork.com.