Ontario · Receivership (court-appointed)
First Report to Court dated June 12, 2026
Court officer report · 12 June 2026
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What we verified from this filing9 verified
- report date12 June 2026
- report noFirst Report
- cash on handamount: 538000 · currency: CAD
- secured creditorsnote: Approximate figure stated by Receiver ('totalled approximately $9.86 million'), inclusive of interest accrued to Dec 1, 2025, plus interest and fees continuing to accrue thereafter; Receiver has not obtained a legal opinion confirming validity/enforceability of secured claims · page: 6 · as of: 2025-12-01 · amount: 9860000 · debtor: Westcan Cedar Grove Villages Inc. · creditor: IMC Limited Partnership (Institutional Mortgage Capital Canada Inc.) · currency: CAD · security: First Mortgage (registered Nov 12, 2020, principal $7,500,000) and Second Mortgage (registered May 22, 2020, principal $2,250,000), together the 'IMC Debt'
- secured creditorsnote: $470,000 is the registered principal amount, not a stated current balance; Receiver has not obtained a legal opinion confirming validity/enforceability of secured claims · page: 6 · debtor: Westcan Cedar Grove Villages Inc. · creditor: Olympia Trust Company · currency: CAD · security: Third-ranking mortgage registered on or about March 10, 2021, registered principal amount $470,000
- secured creditorsnote: Amount based on Debtor's books and records; Receiver has not obtained a legal opinion confirming validity/enforceability of secured claims · page: 6 · amount: 186884 · debtor: Westcan Cedar Grove Villages Inc. · creditor: De Lage Landen Financial Services Canada Inc. (DLL) · currency: CAD · security: Financing statement registered on or about January 11, 2023, secured by certain inventory, equipment, accounts, motor vehicles and other assets; collateral comprised of two modular home trailers located at the Real Property
- unsecured creditorsnote: Approximate aggregate figure ('approximately $2.17 million'); document names only one component individually (CRA, approximately $600,000 for unremitted sales taxes, listed as separate entry); no other individual unsecured creditors named · page: 6 · as of: date of the Receivership Order · basis: Debtor's books and records, as reported by the Receiver · amount: 2170000 · debtor: Westcan Cedar Grove Villages Inc. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Deemed trust class - unremitted sales taxes; this amount is included within the $2.17 million aggregate unsecured creditor figure reported separately · page: 6 · as of: date of the Receivership Order · basis: Debtor's books and records, as reported by the Receiver · amount: 600000 · debtor: Westcan Cedar Grove Villages Inc. · creditor: Canada Revenue Agency · currency: CAD
- operational summaryThe Receiver's activities included corresponding with counsel and IMC, reviewing application materials, corresponding with the Debtor regarding refinancing and information requests, reviewing operational information, opening a receivership bank account, soliciting and negotiating with realtors, preparing a data room, sending statutory notices, attending to operational matters including tenants, utilities and vendors, collecting rents, making disbursements for payroll, utilities, repairs and maintenance, preparing a thirteen-week cash flow forecast, convening a townhall meeting with residents, and dealing with the property manager on day-to-day issues.