SIREG Condominium &
Investor Recovery Initiative

You are the registered owner of real property, which is the strongest position in this situation. Your ownership of the unit does not disappear even if SIREG or related companies become insolvent — but you must act to protect it: confirm the management arrangement, pay municipal and common-expense arrears before they become liens, and carry your own insurance.

Generally yes, if you hold title. Review your Property Management Agreement for termination and notice terms, send a written Notice of Management Termination citing default on distributions, and then notify the tenant in writing to pay you directly. Consult your own legal counsel first, and confirm your obligations under the Residential Tenancies Act, 2006.

The unit owner — not the tenant — pays common expenses and funds the corporation's reserve. In older buildings that were converted from rentals, major repairs (roofs, elevators, parking) can trigger special assessments. Unpaid common expenses can become a lien on your unit. Order a status certificate from the condominium corporation to see the current financial position.

Board control is decided by the owners. Once owners organize, they can request corporation records, requisition meetings, and — in serious cases — apply to the courts. Concentrated control over condominium boards, vendor selection and property-management procurement raises related-party conflict concerns that require forensic review.

Property held on title for the benefit of investors is generally not part of the debtor's estate, and secured creditors (such as your mortgage lender) keep their priority. That is exactly why preserving and registering each investor's interest in the physical assets early matters so much.

Possibly, but it is not straightforward. Your mortgage (payout penalties), the condominium corporation (status certificate, common expenses, reserve fund, liens), any tenant under the Residential Tenancies Act (a sale does not automatically end a tenancy), and your management agreement all affect it. Do not list or sign anything before checking your documents and speaking with counsel.

In most cases, yes. If you hold title and you take back management, you become the landlord under Ontario's Residential Tenancies Act. That means you (or someone you appoint) are responsible for collecting the rent, responding to repair requests, issuing proper notices, and following the rules on rent increases and evictions. It sounds intimidating, but it is manageable — and you are not expected to do it forever.

You have two realistic paths: manage it yourself until you sell the unit, or hire a property management company — ideally one the coalition can help connect you with — to handle the day-to-day. A manager's fee will usually be a little more than you were paying before, but remember the alternative: right now you may be paying a mortgage and receiving nothing. Even after a management fee, you keep the rent, you keep the asset, and you stop the bleeding. The goal is to stop the loss — not to make a profit overnight.

Very likely, yes — at least in the short term. If the rent that was promised to you was never actually covering the mortgage, taxes and utilities, then once you take control you may find the numbers are tight, and you may have to put some money in yourself to keep the unit in good standing.

Here is the important part, in plain terms: money you put toward the mortgage is not money lost — it builds equity (the portion of the unit you actually own). Money toward taxes and utilities protects the property from liens and keeps it sellable. That is very different from the last while, where money went out and nothing came back.

Think of it this way: paying a little each month to protect a real asset is far better than losing the whole thing — and the stress that comes with it. And if the numbers do not work for you at all, that is exactly what the group — and any property manager we can help arrange — are for: to look at the unit honestly and decide whether to hold, restructure, or sell.

Generally, yes — it is wise. Your lender should know that you have taken over management and are collecting the rent directly. Your mortgage terms may require it, and it keeps your file accurate. Lenders often ask for proof of landlord insurance and a copy of the lease.

The owner is always responsible for property taxes, even if the tenant pays them day to day. Water and electricity depend on the lease — in many units the tenant pays utilities directly, but the account should be in the owner's name so you control it. Keep taxes and water current: unpaid amounts can become a lien on your unit.

Find your municipality's tax & water contact →

You follow the same process as any Ontario landlord: issue the correct notices and, if needed, apply to the Landlord and Tenant Board. It takes time and can be frustrating, but it is a defined legal process — not a dead end. This is one of the main reasons owners choose to hire a property manager.

Yes. If you are renting out the unit, you should have landlord insurance — not just a standard homeowner policy. It covers liability, damage, and loss of rental income. Tell your insurer that you are now the landlord and that the unit is tenanted.

Once you have terminated the management agreement in writing, SIREG has no authority to act for you. Put both your termination and your instruction to the tenant (pay rent directly to you) in writing, and keep copies. If SIREG interferes after that, document everything and tell counsel.

A vacant unit still costs money — taxes, common expenses and insurance continue — and it is vulnerable to damage or vandalism. Either get a tenant in place or have a manager look after it, keep the insurance active, and check on it regularly. If the vacancy is straining your cash flow, call your mortgage lender and ask them to hold your principal payments on the strength of the situation — a temporary interest-only period can cut your monthly payment roughly in half while you find a tenant.

You have two immediate, practical options, and they can be used together.

1. Bridge the shortfall with available credit. If you have room on a personal line of credit or a credit card, using it temporarily to cover the gap is a stop-gap. The cost is nominal relative to losing a unit, and drawing on credit you already have does not by itself hurt your credit score in the interim.

2. Ask your lender for interest-only relief. Call the bank, explain plainly that SIREG has stopped operating and you are taking over the unit, and ask specifically for a temporary suspension of principal payments (an interest-only period). On a typical mortgage this can cut your monthly payment roughly in half, because you are only covering interest.

Act early. Lenders are far more willing to work with an owner who calls before a payment is missed than one already in arrears. If you have more than one affected unit, tell the lender — relief can often be structured across all of them.

A joint-venture interest is a contractual and equitable interest in a project or land — it is not registered title to a specific unit. That difference changes the remedy: rather than asserting ownership of a unit, JV partners typically pursue tracing of funds, constructive trust, breach of contract and breach of fiduciary duty against the party that received the money.

Often not. Depending on your documents, you may be able to register a caution or notice on title to protect your interest, but this requires legal advice and should be done urgently. The coalition is compiling JV agreements so counsel can assess this property by property.

Joint-venture funds that were pooled and not held in trust are usually treated as unsecured claims in an insolvency. That is why tracing arguments and trust claims matter so much, and why preserving the documentary record now — before records are lost — is critical.

No one can promise a recovery. It depends on what assets remain, whether funds can be traced, the priority of other creditors, and the strength of the documents. A consolidated, well-evidenced claim materially improves the group's leverage — but recovery is not guaranteed.

Some JV investors were told of an exit or sale after a period of occupancy (commonly described as about two years), or of a buy-back. Those promises are being documented property by property. If you have anything in writing — or even details of who said what, when — upload it or record it in the portal.

The signed joint-venture / subscription agreement and any schedules, offering memoranda and marketing materials, wire confirmations and payment records, mortgage documents, correspondence with SIREG or Todd Slater, and any written promise of guaranteed returns, an exit or a buy-back.

Construction liens from unpaid trades can be registered against the property and, if left unpaid, can lead to enforcement proceedings and even a power of sale. In serious cases a court can appoint a receiver to take control of the project. The immediate priorities are identifying the liens, confirming what work was actually paid for, and preserving your interest in the land.

If funds were collected for a project that was never built or rezoned, the focus becomes forensic: tracing where the money went and whether it can be followed into land or other assets. Where investor money was used to acquire or improve land, counsel may advance a constructive trust claim over that land, so the property is treated as held for the investors' benefit rather than the promoter's.

Where a corporation diverted profits or acted in a manner that is oppressive to investors, Ontario's Business Corporations Act (OBCA) provides an oppression remedy that allows a court to make a broad range of orders. This is typically supported by a forensic accounting review of related-party transactions, management fees and vendor procurement.

Do not send new money to SIREG or related entities. If you have pre-authorized debits or automatic payments, consider stopping them. If you are unsure whether a payment is still required under a separate agreement, ask counsel before changing it.

Realistically, litigation of this kind can take months to years. However, preservation steps — caveats, certificates of pending litigation and freezing orders — can be pursued much earlier, and that is the group's first priority while the broader claim proceeds.

Most investors will never set foot in a courtroom. You may be asked to provide documents and answer questions. If your evidence is central, you could be asked to give a statement or attend an examination for discovery — counsel will prepare you if that happens.

In some cases, yes — particularly where there is self-dealing, oppression or a breach of fiduciary duty. Whether a personal claim is available against any individual depends on the facts and requires legal analysis; that is part of what counsel will assess.

That is the central risk. Once a lender enforces and completes a sale, equity can be wiped out. That is exactly why the group's first priority is preservation — caveats, CPLs and freezing orders — before enforcement happens.

Upload whatever you have — emails, wire confirmations, bank statements, text messages, even a copy of a cheque. Bank records alone often prove what you paid and when. The group can also formally request records from the other side once counsel is engaged.

A condominium title holder is on legal title to a specific unit and generally has the strongest, most direct proprietary claim to that real property, plus rights through the condominium corporation. A Joint Venture (JV) interest is a contractual and equitable interest in a project or land, not necessarily registered title. That distinction changes the remedy: title holders can often assert ownership and mortgage rights, while JV partners typically pursue tracing, constructive trust, breach of contract and fiduciary claims. The coalition's counsel will map each investor's documents to the correct theory of recovery.

An insolvency filing is possible and would trigger a stay of most civil proceedings. Critically, property held in trust or on title for the benefit of investors is generally not part of the debtor's estate, and secured creditors retain their priority. The immediate priority is to identify, register and preserve each investor's interest in the physical assets before any filing, so the estate and any trustee cannot treat investor property as free assets. Early preservation and caveats/lien registrations materially change the outcome.

Individual claims are expensive, slow and easily outlasted. A consolidated class action or joinder action pools evidence, shares costs, presents one coherent narrative of the alleged conduct, and prevents inconsistent rulings across investors. It also creates real settlement leverage and forensic efficiency, since documents, expert reports and discoveries are funded once and used by all members.

The coalition intends to use a transparent, majority-approved cost-sharing model. A retainer and a litigation budget will be presented to all verified members before any funds are collected, with written engagement terms, disbursement authority and reporting. No member will be asked to fund anything until the scope, counsel and budget are approved and documented.

The forensic work examines alleged misrepresentations in offering and marketing materials, the use and commingling of investor capital, undisclosed related-party transactions and whether funds were applied as represented. These are allegations under investigation, not established findings. Where the evidence supports it, matters may be referred to securities regulators and, if warranted, law enforcement.

Immediate steps include confirming who is lawfully entitled to collect rents, redirecting or intercepting rents where legally permissible, preventing unauthorized dispositions or encumbrances, and engaging with municipalities and utilities to avoid liens, shutoffs or tax sales. The coalition's aim is to coordinate a property-by-property preservation protocol so no unit is lost to arrears or neglect while any legal action proceeds.

Municipal tax & water contacts →

No one can promise a recovery, and anyone who does should be treated with caution. Outcomes depend on factors we cannot control: what assets remain, whether they are encumbered, the solvency of the defendants, whether other creditors rank ahead of us, the strength of the documentary evidence, and the time and cost of the proceedings. What we can do is materially improve the odds — preserve and register our interests in the physical assets before they are dissipated, pool evidence into one coherent case, share the cost of experienced counsel and forensic accountants, and pursue every available avenue, including claims against third parties and any available insurance or compensation funds. Our position is that a coordinated, well-evidenced action is far stronger than isolated claims, but we will not tell you recovery is guaranteed.

You will not need to understand court procedure — counsel will handle that. In broad outline: (1) you register and upload your documents; (2) counsel reviews the evidence and confirms the claim theory; (3) a statement of claim or class action is issued; (4) there is a discovery phase in which you may be asked to list relevant documents (an affidavit of documents) and possibly answer written questions or attend an examination; (5) there are mediation and settlement discussions; and (6) the matter either settles or goes to trial. What is asked of you is modest and within your control: provide your documents, keep records, respond to counsel, and approve costs. You are not expected to be a lawyer.

Both models exist, and the right answer depends on you. Shared counsel would act for the group or class as a whole, and for the common claims you may not need a separate lawyer. But if your circumstances differ materially from the group — different documents, a different property, a potential conflict, or you simply want independent advice about your own settlement — you should obtain your own counsel. You always have the right to independent legal advice, and no one will pressure you to give it up.

Possibly, but it is not straightforward, and you should not list or sign anything before checking your documents and, ideally, counsel. If you hold registered title, you can generally sell — subject to your mortgage (payout penalties), the condominium corporation (status certificate, common expenses, reserve fund, any liens), any tenant under the Residential Tenancies Act (a sale does not automatically end a tenancy, and the buyer may inherit it), and your property management agreement. If you hold a joint-venture interest rather than title, you cannot simply sell "your unit"; you may only be able to assign your interest, subject to the joint-venture agreement. See the operational FAQ in the investor portal for the step-by-step process.

Led by a steering committee of affected investors formed on September 23, 2026, the coalition advocates for investor interests and tracks key developments as they unfold.Marcin MigdalCommittee memberMarc DetesanCommittee memberJTJimmy ThomasCommittee memberKamal GurungCommittee memberChand GirotteeCommittee memberCommittee members are fellow investors acting in a personal capacity. They are not lawyers or financial advisers, serving on the committee is not a legal, financial or fiduciary role, and legal advice comes only from counsel. Please treat any communication about this matter that does not come through this website or the member portal as unverified. If you would like to help, please use the Contact us form.