Ontario · Receivership (court-appointed)

Affidavit of Carlton Chang dated July 7, 2025

Affidavit · 7 July 2025

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 filing1 verified

secured creditorsnote: Discharge/payout statement dated June 26, 2025; principal $2,000,000 advanced Sept 1, 2019, plus accrued interest at 13% per annum compounded annually (Sept 1, 2019 - June 30, 2025) of $2,082,533.49, plus legal costs (approx. as at June 25, 2025) of $38,986.00; prose in affidavit describes this as 'over $4 million'; email correspondence (Ex. 4) confirms mortgage is in default with significant arrears; email also states first mortgagee (QPC) has consented to receivership and Romspen is third mortgagee, with an unwritten 'understanding' that the first mortgagee will not enforce its mortgage · page: 7 · as of: 2025-06-30 · amount: 4121519.49 · debtor: 2678518 Ontario Inc. · creditor: Celestial Property Development (East Mall) Inc. · currency: CAD · security: Second mortgage over 4274 Bridge Street and 4249 Park Street, Niagara Falls, ON