Ontario · Receivership (court-appointed)
Third Report of the receiver dated January 13, 2025
Court officer report · 13 January 2025
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What we verified from this filing14 verified · 1 withheld
- secured creditorsnote: The $3,285,000 is the stated principal amount of the charge, not a stated outstanding balance. Prior to the date of the Receivership Order the charge was held by Vector Financial Services Limited and was transferred to AI. Under the APS it is one of the 'Assumed Mortgages' the Purchaser elected to assume. · page: 49 · debtor: Mapleview Developments Ltd. (registered owner of the Real Property) · creditor: Aggregated Investments Inc. (transferee of the Transferred Vector Charge, formerly held by Vector Financial Services Limited) · currency: CAD · security: First-priority charge on PIN 58091-4802 (included in the Real Property) in the principal amount of $3,285,000 (the 'Transferred Vector Charge')
- secured creditorsnote: Approximately $99 million as at the date of the Receivership Order (March 21, 2024), of which approximately $75 million is in respect of second-ranking mortgages under which AI is the beneficiary; interest and costs continue to accrue in respect of each mortgage. Portland claims a 100% interest in the third-ranking mortgage and disputes its ranking relative to the AI Mortgage (see separate Portland entry, whose amount is within this aggregate). · page: 49 · as of: 2024-03-21 · amount: 99000000 · debtor: Mapleview Developments Ltd., Pace Mapleview Ltd. and 2552741 Ontario Inc. (the Debtors) · creditor: MarshallZehr Group Inc. · currency: CAD · security: Second, third and fourth-ranking mortgage charges registered on title to certain of the Real Property (the 'MarshallZehr Mortgages'); Aggregated Investments Inc. ('AI'), through MarshallZehr as bare trustee, is the sole beneficial owner of the second-ranking AI Mortgage
- secured creditorsnote: Stated as approximately $50.3 million, together with interest and costs as they continue to accrue (the 'KingSett Indebtedness'), as at July 26, 2024. Osler, as independent legal counsel, provided an opinion that KingSett created valid security interests or charges against the Property (p. 56). Figure is stated in the Second Report of the Receiver dated July 26, 2024, attached as Appendix B to this Third Report. · page: 49 · as of: 2024-07-26 · amount: 50300000 · debtor: Mapleview Developments Ltd., Pace Mapleview Ltd. and 2552741 Ontario Inc. (the Debtors) · creditor: KingSett Mortgage Corporation · currency: CAD · security: Various mortgages registered on title to the Real Property; first-priority charge on the Real Property aside from the property subject to the Transferred Vector Charge
- secured creditorsnote: Surety exposure, not a stated loan balance: Westmount made surety facilities available in respect of pre-sale Deposit Monies; its exposure of approximately $6,380,000 (the 'Westmount Indebtedness') represents Deposit Monies previously released to Mapleview. Stated 'as at the date of this Report' in the Second Report dated July 26, 2024 (Appendix B). The Deposit Monies are excluded from the receivership Property. · page: 50 · as of: 2024-07-26 · amount: 6380000 · debtor: Mapleview Developments Ltd. · creditor: Westmount Guarantee Insurance Company · currency: CAD · security: Security charge subordinate to KingSett and MarshallZehr (not registered on title to certain portions of the Real Property, including that subject to the Transferred Vector Charge), except a first-ranking charge on the Deposit Monies held in trust at Devry Smith Frank LLP
- unsecured creditorsnote: Approximately $7.3 million of HST collected and not remitted; deemed-trust class (quasi-governmental). Elsewhere described as 'approximately $7.3 million of potential HST claims' (p. 55); the proposed bankruptcy of the Debtors relates in part to these claims. The Priority Payables definition in the APS excludes HST owing by the Debtors. · page: 50 · basis: Receiver's understanding — HST collected on the sales of 266 closed townhomes and not remitted to CRA · amount: 7300000 · debtor: Mapleview Developments Ltd. · creditor: Canada Revenue Agency · currency: CAD
- unsecured creditorsnote: Approximately $57.3 million owing for unsecured amounts, part of the Debtors' other pre-filing obligations totalling approximately $91.7 million. MarshallZehr also holds secured mortgage claims in a distinct capacity (see secured entries). · page: 50 · as of: 2024-03-21 · basis: Debtors' books and records as at the date of the Receivership Order · amount: 57300000 · debtor: Mapleview Developments Ltd., Pace Mapleview Ltd. and 2552741 Ontario Inc. (the Debtors) · creditor: MarshallZehr Group Inc. · currency: CAD
- unsecured creditorsnote: Approximately $34.4 million; the document names no individual creditors within this aggregate. Part of pre-filing obligations totalling approximately $91.7 million. 21 construction liens are registered on title to the Real Property (p. 56), and a portion of amounts owing to lien claimants may have priority over the mortgagees' secured claims (Holdback Claims, to be covered by a Holdback Reserve). · page: 50 · as of: 2024-03-21 · basis: Debtors' books and records as at the date of the Receivership Order · amount: 34400000 · debtor: Mapleview Developments Ltd., Pace Mapleview Ltd. and 2552741 Ontario Inc. (the Debtors) · creditor: Other creditors, including construction contractors and other vendors (aggregate as reported) · currency: CAD
- secured creditorsnote: Disputed: Portland advised it is the sole investor in, and has a 100% interest in, the third-ranking mortgage; the Purchaser disputes Portland's position on ranking. The Purchaser will include $2,300,000 (the 'Portland Reserve') in the Priority Payables Reserve pending resolution. This mortgage is among the MarshallZehr Mortgages included in the approximately $99 million aggregate — not additive. · page: 58 · as of: 2024-07-09 · amount: 2212498.35 · debtor: Mapleview Developments Ltd., Pace Mapleview Ltd. and 2552741 Ontario Inc. (the Debtors) · creditor: Portland Private Income Fund and Portland Investment Counsel Inc. ('Portland') · currency: CAD · security: Third-ranking mortgage on the Real Property (the 'Portland Mortgage'); Portland asserts it should rank ahead of the second-ranking AI Mortgage
- closing confirmedscope: substantially all of the Property · outcome: completed · effective: 2024-08-23 · purchaser: Dunsire Homes Inc. · date basis: stated · approval order date: 2024-08-16
- fee scheduleengagements: form: prose · rows: · money: approximate: false · period: kind: unstated · approval: state: unstated · averages: rate: 535.17 · quote: $535.17 for the Receiver · scope: Receiver · currency: · invoices: · firm text: KSV Restructuring Inc. · firm quote: KSV Restructuring Inc. · context quote: KSV Restructuring Inc. ('KSV') was appointed receiver and manager (the 'Receiver'); form: prose · rows: · money: approximate: false · period: kind: unstated · approval: state: unstated · averages: rate: 742.24 · quote: $742.24 for Osler · scope: Osler · currency: · invoices: · firm text: Osler · firm quote: Osler · context unverified: true
- purchaserDunsire Homes Inc.
- recovery outcomeentries: basis: unstated · quote: For the purchasers of freehold townhomes who do not get the benefit of the Westmount surety policy, if the motion is granted by the Court, the Receiver notes that there will be no funds available in the Debtors' estate to reimburse homebuyer deposits. · pct of: unstated · outcome: nil · class key: unsecured · stated by: receiver · class label: Purchasers of freehold townhomes (homebuyers without Westmount surety policy) · interim final: unstated · conditional on: if the motion is granted by the Court · claims qualifier: unstated · table missing:
- sale outcometext: The Transaction closed on August 23, 2024. · scope: whole_business · status: closed
- stalking horseDunsire Homes Inc.
1 extracted value is withheld: either a trap-shaped field where models produce confident wrong numbers, or an identity value whose quotation could not be found in the document. Withheld values are shown to no one.