Ontario · Bankruptcy
RHH Rental Properties Ltd Trustee's Preliminary Report to Creditors (Final)
Court officer report · 7 July 2025
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What we verified from this filing25 verified
- appointeeBDO Canada Limited
- appointee roletrustee
- commencement date18 June 2025
- courtONTARIO SUPERIOR COURT OF JUSTICE IN BANKRUPTCY AND INSOLVENCY
- court file no35-3236991
- provinceOntario
- financial positionnote: As-at date not separately stated in the excerpted pages; SOA figures are presumed as at or near the Date of Bankruptcy (June 18, 2025). Total liabilities figure also differs from the $62,202,937 aggregate per proofs of claim filed to date (13 secured, 182 unsecured claims). · page: 7 · basis: Statement of Affairs (SOA); assets stated at Estimated Realizable Value (book value of 'Other Property' was $94,775,406, realizable $26,172,290); liabilities are the SOA-reported total of secured ($2,039,637), preferred ($0) and unsecured ($94,357,888) claims · scope: RHH Rental Properties Ltd. (entity-level, not consolidated with related entities Sherwood Forest Square Ltd. or SF Square GP Corp., which are subject to separate insolvency proceedings) · currency: CAD · total assets: 26271783 · total liabilities: 96397525
- secured creditorsnote: Judgment of $3 million obtained against RHP AND against director Scott O. Reid personally (personal guarantee/co-judgment); Equiton is also listed among the 13 PPSA Registered Parties whose basis and enforceability are unconfirmed. · page: 7 · amount: 3000000 · debtor: RHH Rental Properties Ltd. · creditor: Equiton Real Estate Development Fund Limited Partnership · currency: CAD · security: Judgment obtained and secured; also a PPSA Registered Party (blanket all-property registrant)
- secured creditorsnote: One of 13 PPSA Registered Parties; Trustee has not yet received a claim from this party and has not confirmed basis, consideration or enforceability of security. · page: 7 · debtor: RHH Rental Properties Ltd. · creditor: MCAP Financial Corporation · currency: CAD · security: PPSA registration (blanket all-property registrant, per Trustee's PPSA search)
- secured creditorsnote: One of 13 PPSA Registered Parties; basis, consideration and enforceability unconfirmed. · page: 7 · debtor: RHH Rental Properties Ltd. · creditor: Canadian Imperial Bank of Commerce · currency: CAD · security: PPSA registration (blanket all-property registrant, per Trustee's PPSA search)
- secured creditorsnote: One of 13 PPSA Registered Parties; basis, consideration and enforceability unconfirmed. · page: 7 · debtor: RHH Rental Properties Ltd. · creditor: Computershare Trust Company of Canada · currency: CAD · security: PPSA registration (blanket all-property registrant, per Trustee's PPSA search)
- secured creditorsnote: One of 13 PPSA Registered Parties; basis, consideration and enforceability unconfirmed. · page: 7 · debtor: RHH Rental Properties Ltd. · creditor: Kingsett Mortgage Corporation · currency: CAD · security: PPSA registration (blanket all-property registrant, per Trustee's PPSA search)
- secured creditorsnote: One of 13 PPSA Registered Parties; basis, consideration and enforceability unconfirmed. · page: 7 · debtor: RHH Rental Properties Ltd. · creditor: GM Financial Canada Leasing Ltd. · currency: CAD · security: PPSA registration; likely PMSI/leasing security over vehicles
- unsecured creditorsnote: Table shows a dash ('-') for both SOA and proof-of-claim columns, indicating nil preferred claims reported/filed to date. · page: 7 · as of: Statement of Affairs · basis: Per Statement of Affairs (SOA) and per Proof of Claim summary · amount: 0 · debtor: RHH Rental Properties Ltd. · creditor: Preferred claims (BIA preferred creditors) · currency: CAD
- unsecured creditorsnote: Document does not itemise individual unsecured creditors on these pages. 182 proofs of claim were filed totalling $59,381,123, a different (lower) figure than the SOA-reported amount. · page: 7 · as of: Statement of Affairs · basis: Per Statement of Affairs (SOA) · amount: 94357888 · debtor: RHH Rental Properties Ltd. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- secured creditorsnote: Trustee, in its capacity as Square Trustee, is aware of 15 such creditors; other creditors of RHP may also hold security/guarantees in related entities. Basis, consideration and enforceability still being investigated; no individual names or amounts given. · page: 8 · debtor: RHH Rental Properties Ltd. · creditor: Contingent Creditors (creditors of RHP granted security over assets of Square LP by Square GP) · currency: CAD · security: Security interests/guarantees granted over assets of Square LP by its general partner Square GP
- secured creditorsnote: Deemed trust class claim; approximate $0.9 million per Company's books and records, subject to CRA audit verification. Outranks ordinary security per BIA. · page: 8 · amount: 900000 · debtor: RHH Rental Properties Ltd. · creditor: Canada Revenue Agency · currency: CAD · security: Statutory deemed trust super-priority (unremitted source deductions)
- secured creditorsnote: One of 13 PPSA Registered Parties; basis, consideration and enforceability unconfirmed. · page: 8 · debtor: RHH Rental Properties Ltd. · creditor: 2599894 Ontario Inc. · currency: CAD · security: PPSA registration (blanket all-property registrant, per Trustee's PPSA search)
- secured creditorsnote: One of 13 PPSA Registered Parties; basis, consideration and enforceability unconfirmed. · page: 8 · debtor: RHH Rental Properties Ltd. · creditor: 1000931276 Ontario Inc. · currency: CAD · security: PPSA registration (blanket all-property registrant, per Trustee's PPSA search)
- secured creditorsnote: One of 13 PPSA Registered Parties against RHP; basis, consideration and enforceability unconfirmed. NB: ADJ is also, separately, the sole secured PPSA creditor of related entity Horizen Developments GP Corp./LP with a principal outstanding of ~$2.8 million (page 6) - that debt is against Horizen, not RHP. · page: 8 · debtor: RHH Rental Properties Ltd. · creditor: ADJ Holdings Inc. · currency: CAD · security: PPSA registration (blanket all-property registrant, per Trustee's PPSA search)
- secured creditorsnote: One of 13 PPSA Registered Parties against RHP; basis, consideration and enforceability unconfirmed. NB: Libro is also, separately, a secured PPSA creditor of related entity Vaughan St. GP/LP with a principal outstanding of ~$3.1 million (page 6) - that debt is against Vaughan St., not RHP. · page: 8 · debtor: RHH Rental Properties Ltd. · creditor: LIBRO Credit Union Limited · currency: CAD · security: PPSA registration (blanket all-property registrant, per Trustee's PPSA search)
- secured creditorsnote: One of 13 PPSA Registered Parties; basis, consideration and enforceability unconfirmed. · page: 8 · debtor: RHH Rental Properties Ltd. · creditor: Versabank · currency: CAD · security: PPSA registration (blanket all-property registrant, per Trustee's PPSA search)
- secured creditorsnote: Individuals; one of 13 PPSA Registered Parties; basis, consideration and enforceability unconfirmed. · page: 8 · debtor: RHH Rental Properties Ltd. · creditor: Derek Konkle and Erin Kim Konkle · currency: CAD · security: PPSA registration (blanket all-property registrant, per Trustee's PPSA search)
- secured creditorsnote: One of 13 PPSA Registered Parties; basis, consideration and enforceability unconfirmed. · page: 8 · debtor: RHH Rental Properties Ltd. · creditor: Konkle Electric Limited · currency: CAD · security: PPSA registration (blanket all-property registrant, per Trustee's PPSA search)
- recovery outcomeentries: basis: unstated · quote: As at the date of this report, the Trustee is unable to form a position as to what, if any, of the PPSA Registered Parties will have a valid secured claim against the estate. · pct of: unstated · outcome: undetermined · class key: secured · stated by: trustee · class label: PPSA Registered Parties · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: Notwithstanding, given the estimated realizations in the estate, it is believed that a distribution to the unsecured creditors will occur, however, the Trustee is unable to estimate the quantum of the distribution. · pct of: unstated · outcome: undetermined · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · conditional on: Any distribution will depend on any additional priority or security interests identified, the proven claims of unsecured creditors, and/or the ultimate realizations in the estate. · claims qualifier: unstated · table missing: