Law360 Canada ( April 13, 2026, 9:38 AM EDT) -- Appeal by appellants from an order approving three sale transactions recommended by the court appointed receiver of 720434 N.B. Inc. (720). The Caisse, holding first mortgages over all nine rental properties owned by 720, obtained the receivership order and a court approved Sale and Investment Solicitation Process (SISP). Eight properties were also encumbered by second mortgages held by the appellants. After 720 defaulted on its obligations, the receiver launched the SISP with strict bid requirements, a firm deadline, and the ability to reject non‑compliant or conditional bids. The receiver conducted an extensive marketing process, reaching 273 potential bidders and receiving 21 bids by the deadline. The appellants, although aware of and participating in the process, did not submit a collective bid and provided no proof of financing for the contemplated McKnight Plan. When Collard Properties Inc. intended to be the financing vehicle for the plan, entered Companies’ Creditors Arrangement Act protection, the appellants attempted to revive the plan through a new entity (Banox) and a Peakhill financing commitment letter. This revised proposal was served on the receiver only days before the approval hearing and after the receiver had accepted three compliant bids he viewed as the best executable offers. The appellants argued on appeal that the revised McKnight plan was financially superior because it paid out the Caisse in full, discharged the second mortgages, and provided five per cent recovery to unsecured creditors, and further argued that the motion judge misapplied the Soundair test by prioritizing the integrity of the process over maximizing creditor recovery. The receiver and successful bidders contended the revised proposal was late, conditional, speculative, inadequately financed, and not a substantially higher bid....