Ontario · Bankruptcy
First Report of the Trustee dated April 6, 2022
Court officer report · 6 April 2022
AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
What we verified from this filing8 verified
- appointeeKSV Restructuring Inc.
- appointee roleLicensed Insolvency Trustee
- commencement date20 May 2021
- courtSUPERIOR COURT OF JUSTICE (COMMERCIAL LIST)
- court file no31-2743224
- provinceOntario
- unsecured creditorsnote: Amounts paid to UTMI in respect of this claim will ultimately be paid to UCI as secured creditor of UTMI (Intercompany Charge); described as the main unsecured creditor of UMI · page: 7 · basis: According to UMI's books and records · amount: 7700000 · debtor: Urbancorp Management Inc. · creditor: Urbancorp Toronto Management Inc. · currency: CAD
- secured creditorsnote: Proof of claim filed amount inclusive of interest of $605,084.62 (principal claimed approximately $2,207,546.43); disputed by Trustee - validity and quantum contested; Trustee unable to reconcile claimed principal with supported advances totaling $1,786,150.62 (before interest); prose reference elsewhere describes claim as '$2.8 million secured claim'; related party - spouse of Urbancorp's principal Alan Saskin; security registered ~3.5 years after NOI Proceedings commenced and after substantially all funds advanced · page: 14 · as of: 2021-06-18 · amount: 2812631.05 · debtor: Urbancorp Management Inc. · creditor: Doreen Saskin · currency: CAD · security: General Security Agreement dated September 11, 2019; registered September 13, 2019