Findev Inc. Initiates CCAA Proceedings for 1682 Victoria Park Avenue

On July 17, 2026, 1682 Victoria Park Avenue Inc. was granted protection under the Companies' Creditors Arrangement Act by the Ontario Superior Court of Justice. This motion allows them a stay of proceedings until July 24, 2026, with potential extensions. Findev Lending Inc., a subsidiary of Findev Inc., is the creditor involved. The outstanding loans stand at approximately $18.5 million, with a credit loss reserve of $8.7 million.

Findev is analyzing the CCAA impact on their financials, preparing to update second quarter materials accordingly. In parallel, Helmsbridge Holdings is offering financing to support 1682 Victoria Park amidst these proceedings, with Findev agreeing to subordinate its security interests.

The court-supervised Helmsbridge Financing aims to safeguard the project and bolster Findev's prospects for recovery.