Managing your rental
What the reported insolvency filings by SIREG companies mean for unit owners: the stay, the trustee, proving what you are owed and ending your agreement.
By the Tenant.ca teamUpdated 5 min read
On October 2, 2026, The Globe and Mail reported that at least 14 companies associated with SIREG had made insolvency filings, most of them companies that own individual buildings, according to Office of the Superintendent of Bankruptcy records. It reported that AlixPartners Restructuring Inc. is the insolvency trustee and that Adam Zalev of Reflect Advisors is acting as chief restructuring officer.
News reports describe the filings in different words. The notice you received from the trustee says which company it concerns and which kind of proceeding it is. That notice, not a news story or this page, is what your lawyer needs.
This page is general information, not legal advice. It reflects public sources checked on October 3, 2026.
Under the Bankruptcy and Insolvency Act, a company can file a notice of intention to make a proposal. It then has 30 days to put a proposal to its creditors, and a court can extend that in steps of up to 45 days, to a maximum of five more months. While that runs, creditors' actions against the company are stayed. If no proposal is filed in time, or the creditors reject it, the company is deemed bankrupt.
In a bankruptcy, a licensed insolvency trustee takes control of the company's property and distributes what can be recovered among creditors in the order the Act sets out.
The difference matters to you because a proposal is an attempt to keep operating and pay creditors part of what they are owed, while a bankruptcy winds the company up.
The Globe and Mail reported that insolvency notices sent to condominium owners warn that, under the Act, they cannot break their property-management agreement with SIREG and begin collecting rent on their own, though they can apply to a court to be released from it.
Section 65.1 of the Act says nobody may end an agreement with a company that has filed a notice of intention or a proposal by reason only that the company is insolvent or has filed. Where the agreement is a lease, unpaid rent from before the filing is not a ground either.
Other grounds are not taken away. If your agreement lets you end it on notice or for another reason, you can still give that notice, and a court can lift the restriction where it would cause significant financial hardship. Which ground you have depends on the document you signed, so have an Ontario lawyer confirm it before you give notice. Owners in the same building often share one.
Until your notice has taken effect, the cautious course is not to collect rent from the occupant yourself or direct them to a new manager. CBC News reported tenants being approached at their doors by people they did not know. Acting early can put both you and your tenant in a worse position.
Rent that was collected and not passed on to you, or payments promised and not made, make you a creditor of the company that owes them. Creditors establish what they are owed by filing a proof of claim with the trustee, with documents that support the amount.
Read every notice from the trustee for its deadlines, including the date of any meeting of creditors. A claim that is not filed in time can miss a distribution, and a claim without support can be disallowed.
A licensed insolvency trustee is licensed by the Office of the Superintendent of Bankruptcy and acts as an officer of the court. In a proposal the trustee monitors the company and reports to creditors and the court; in a bankruptcy the trustee administers the estate. A chief restructuring officer manages the company itself.
Neither one is your lawyer. Questions about the filing, the claims process and deadlines go to the trustee. Questions about your own rights, your agreement and your tenant go to a lawyer you retain.
You own your unit. Neither a management agreement nor a lease to the company transfers title. Your mortgage, your common expenses, your insurance and your property tax stay your obligations whether or not rent arrives, so check each of them directly.
When your agreement has ended or a court has released you, a new manager can take over. The owner guide sets out the records to gather and the questions to ask before you choose one.
