← All updates

SIREG insolvency filing: what it means for owners

October 9, 2026 · Condominium Owners Network

Dear Owners,

A court document filed on October 7 by the SIREG companies and AlixPartners, their court-appointed Proposal Trustee, changes the picture for every SIREG-managed condominium. This note sets out what it says and what we need to protect. It is information for owners, not legal advice.

The Filing

• 18 companies in the SIREG group, including SIREG Management Inc., have filed a Notice of Intention to Make a Proposal, an insolvency filing under the Bankruptcy and Insolvency Act. They now say a restructuring or sale is not possible, the business will be wound down, and they expect to run out of money in the last week of October.
• The boards of all 43 condominium corporations managed by SIREG resigned on or about September 17, and SIREG Management’s condominium management licence was suspended on September 29. On their account, our corporations have no board and no licensed manager.
• They have asked for a court hearing on October 14, 15 or 16. They want orders to call owner meetings to elect new boards, hand tenancies back to unit owners, and use available funds, including rent receipts, to pay wind-down costs.

What this means for Owners

1. A voice at the hearing: Decisions about our buildings should not be made without owners being heard.
2. The corporation’s money: Common expense and reserve fund money belongs to each condominium corporation, not to SIREG. It should be identified, kept separate and not spent on the wind-down.
3. Rent and deposits: Rent collected on our units and tenants’ last month’s rent deposits should be accounted for when tenancies are handed back.
4. A fair election: That means proper notice, an accurate owner list, an independent chair, and clear rules on who votes the units SIREG companies still own.
5. Insurance and records: Building insurance must not lapse, and the corporation’s records, bank information and keys must be turned over.
6. Unpaid suppliers: SIREG Management’s own creditor list shows about $5 million owed to utilities, contractors and other suppliers. These are not owners’ personal debts, but each building needs to know which bills relate to it so that services continue and the corporation is not asked to pay twice.

Where LDDC fits

LDDC is the law firm working with owners on an application for a court-appointed administrator. The filing changes that work but does not replace it. The Proposal Trustee acts in the insolvency of the SIREG companies, not for owners or our corporations, so owners still need independent counsel. We expect LDDC’s role to shift toward speaking for owners at the hearing, seeking fair terms for the elections, and asking for a short-term administrator if one is needed to cover the gap until a board is elected.

Where Firm Capital fits

Firm Capital is a mortgage lender to SIREG-related companies. As far as we know, its mortgages are on properties and units those companies still own, not on units owned by individual investors. It is asking the court for permission to enforce, and the filing says it claims about $600,000 of October rents. Two things follow. It may end up controlling, and voting, SIREG-owned units in some buildings. It is also competing for the same limited cash. It does share our interest in the buildings being properly managed and insured.

Next Steps

We are working with LDDC now to review our options and reframe our approach. This is urgent, because the hearing is proposed for next week. In the meantime:

We will update you again once we have additional information.

Condo Owners Network