Churchill Lands United Inc.

Churchill Lands United Inc. was the subject of a court-appointed receivership in the Ontario Superior Court of Justice (Commercial List) under court file CV-24-00718940-00CL; the proceeding is now closed. KingSett Mortgage Corporation advised it was owed $2,522,866 as of March 20, 2024 per the Pollack Affidavit, with interest, fees and costs continuing to accrue, under a $2,390,000 non-revolving demand loan made on a commitment letter dated September 15, 2021 and amended January 11, 2023 and June 16, 2023. KingSett's charge, registered July 10, 2023 in the registered amount of $3,000,000 against PIN 16265-0869 (LT) in the Town of Whitby, was the only charge on the Real Property as of November 19, 2024, and Bennett Jones opined to the Receiver that it created valid and enforceable charges, subject to standard assumptions and qualifications. The Debtor's books and records showed approximately $1,278,000 owing to unsecured creditors, none named.