Did SID Developments Go Bankrupt?
News reports about SID Developments and Robert (Robby) Clark often say the companies went bankrupt or sought bankruptcy protection. This page sets out what was filed, under which statute, and where the proceeding stands, from the court record.
The short answer
No. The SID property companies did not go bankrupt. On January 23, 2024 they applied for protection under the Companies' Creditors Arrangement Act, a court-supervised restructuring. Some news reports describe the proceeding as "bankruptcy protection". The statute is the CCAA, and the proceeding is still open.
The filing, from the record
| Question | What the record shows |
|---|---|
| What did the companies file? | An application under the Companies' Creditors Arrangement Act, on January 23, 2024. A CCAA proceeding is a court-supervised restructuring, not a bankruptcy. The Initial Order made that day stayed proceedings against the companies.Endorsement of Justice Kimmel (Jan 23, 2024) |
| Who started it? | The companies themselves applied. The court recorded that they had been trying since August 2023, with a professional financial advisor, "to obtain a comprehensive refinancing solution for their funded indebtedness".Endorsement of Justice Kimmel (Jan 23, 2024), para 8 |
| What did the Monitor say at the start? | That the DIP financing "will allow the Applicants to refinance or restructure, which is a superior result to a multi-year liquidation".First Report of the Monitor (Jan 29, 2024), s.5.4 |
| Who is the Monitor? | An insolvency firm appointed by the court: KSV Restructuring Inc. from January 2024, and AlixPartners Restructuring, Inc. from June 1, 2026. A Monitor's reports are filed with the court. They are not decisions of the court.Endorsement of Justice Kimmel (Jan 23, 2024); Ancillary Matters Order (Jul 30, 2026), para 3 and footnote 1 |
| Is the proceeding over? | No. On July 30, 2026 the court ordered that the stay of proceedings be "extended until and including January 31, 2027".Ancillary Matters Order (Jul 30, 2026), para 3 |
| What happened to the homes? | 333 properties, about 82% of the portfolio, went to secured lenders by credit bid, in exchange for their mortgage claims plus a cash allocation. The remaining properties were listed for sale.Thirteenth Report of the Monitor (Jul 21, 2025), s.3.1 paras 6 to 7 |
| What happens to creditors' claims? | On July 30, 2026 the court made a Claims Procedure Order setting out how creditors file claims. The Monitor projects "approximately $800,000 not included in the Mortgaged Property Proceeds available for distribution to creditors".Claims Procedure Order (Jul 30, 2026); Fifteenth Report of the Monitor (Jul 21, 2026), s.6.0 para 5 |
| Has a court found wrongdoing by the companies or Mr. Clark? | No court has found that Mr. Clark or the companies misappropriated funds. The Monitor's Fourth Report of June 11, 2024 was unaudited, was not tested in court, and no approval of it was sought.Fourth Report of the Monitor, redacted (Jun 11, 2024), s.3.0 para 3; Endorsement of Justice Osborne (Jun 24, 2024), para 13; Endorsement of Justice Osborne (Jun 25, 2024), paras 2 and 8 |
CCAA and Chapter 11 · Timeline · The proceeding, side by side · Why control passed to the Monitor · Questions and answers
What cuts the other way
- $144 million was the debt figure at filing: about $90.1 million of mortgages and $54.2 million of promissory notes. Third Report of the Monitor (Apr 2024), s.2.0
- The Monitor expects principal claims on the promissory notes and mortgage deficiencies "to exceed $50 million", against the roughly $800,000 projected for those creditors. Fifteenth Report of the Monitor (Jul 21, 2026), s.6.0 para 5 and s.6.3 para 3(c)