Law360 Canada (September 10, 2024, 10:40 AM EDT) -- Appeal by 2557904 Ontario Inc. ("255"), stalking horse bidder in court-approved sale process in receivership of 1000093910 Ontario Inc. ("Debtor"), from motion judge’sJuly 9 order ("Order"). The Order dismissed the motion of the court-appointed receiver, KSV Restructuring Inc. ("Receiver"), for an approval and vesting order ("AVO") to transfer the purchased assets of the Debtor to 255, the successful bidder in the sales process. Instead, the Order approved the Debtor's motion seeking approval to redeem the first mortgage held by Peakhill Capital Inc. on Debtor's Vaughan industrial property ("Refinancing Transaction"), which had formed the subject matter of a cross-motion by the Debtor in response to the Receiver's AVO motion. 255 appealed on the grounds, among others, that the motion judge committed a reversible error by dismissing the Receiver's motion for an AVO. 255 provided the stalking horse bid for the court-approved sale process pursuant to an agreement it entered into with the Receiver ("Stalking Horse Agreement"). At the completion of the sale process, the Receiver selected 255 as the successful bidder. The Receiver then moved for an AVO to complete the Stalking Horse Agreement transaction. The motion judge's Order, which dismissed the Receiver's motion and terminated the Stalking Horse Agreement, adversely affected 255 as the successful bidder in a court-approved sale process. The Debtor submitted 255 did not have an automatic right to appeal the Order....