Ontario · Receivership (court-appointed)
First Report of the Receiver dated July 9, 2026 (for motion returnable July 28, 2026)
Court officer report · 9 July 2026
What we verified from this filing9 verified
- commencement date16 September 2025
- courtSUPERIOR COURT OF JUSTICE
- court file noCV-25-00035404-0000
- provinceONTARIO
- secured creditorsnote: Amount per statement of indebtedness provided by TD Bank; plus accrued and accruing interest and costs; TD Bank expected to suffer a shortfall · page: 6 · as of: 2026-06-01 · amount: 1546397.64 · debtor: Winthorp Valentine Inc. · creditor: The Toronto-Dominion Bank (TD Bank) · currency: CAD · security: First-ranking mortgage/charge over the Real Property (original principal amount $2.5 million), plus assignment of rents and a general security agreement (GSA); registered on PPSA as the only financing statement (search dated Sept 16, 2025, currency Sept 15, 2025); security opinion obtained confirming validity/enforceability as first-ranking charge
- secured creditorsnote: Per tax certificate provided to Receiver; ranks as a prior-ranking claim to be paid on closing ahead of TD Bank distribution · page: 7 · as of: 2026-06-03 · amount: 46063.07 · debtor: Winthorp Valentine Inc. · creditor: City of Windsor · currency: CAD · security: Unpaid property tax arrears (statutory municipal tax lien)
- unsecured creditorsnote: Document names no individual creditors; approximate figure as reported by J. Arvinitis (executor of former director's estate); no expectation of distribution to unsecured creditors given TD Bank shortfall · page: 7 · as of: First Report date (July 9, 2026) · basis: Disclosed by J. Arvinitis to the Receiver as approximately $750,000 owed to two (2) unsecured creditors · amount: 750000 · debtor: Winthorp Valentine Inc. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- fee scheduleengagements: form: prose · rows: · money: fees: quote: The Receiver's fees encompass 193.9 hours at an average hourly rate of approximately $490.51 for a total of $95,110.50 and applicable taxes. · amount: 95110.5 · approximate: false · period: kind: unstated · approval: state: unstated · averages: rate: 490.51 · quote: an average hourly rate of approximately $490.51 · currency: · invoices: · firm text: Albert Gelman Inc. · firm quote: This first report (' First Report ') is filed by Albert Gelman Inc. (' AGI ') , in its capacity as receiver · hours total: quote: The Receiver's fees encompass 193.9 hours at an average hourly rate of approximately $490.51 for a total of $95,110.50 and applicable taxes. · value: 193.9 · context quote: in its capacity as receiver (in such capacity, the ' Receiver '); form: prose · rows: · money: fees: quote: total fees of $15,142.50 · amount: 15142.5 · total: quote: accounts totalling $17,697.38, inclusive of disbursements and applicable taxes · amount: 17697.38 · includes tax: true · includes disbursements: true · approximate: false · period: kind: unstated · approval: state: unstated · averages: rate: 618.06 · quote: an average hourly rate of $618.06 · currency: · invoices: · firm text: SZK · firm quote: SZK's fees encompass 24.5 hours at an average hourly rate of $618.06 for total fees of $15,142.50 and accounts totalling $17,697.38, inclusive of disbursements and applicable taxes. · hours total: quote: SZK's fees encompass 24.5 hours at an average hourly rate of $618.06 · value: 24.5 · context unverified: true
- recovery outcomeentries: basis: estimated · quote: It is expected that TD Bank will suffer a shortfall in respect of the TD Bank Indebtedness. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: TD Bank · creditor name: TD Bank · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: Given that TD Bank is expected to suffer a shortfall on the TD Bank Indebtedness, there is no expectation that any funds would be available for distribution to unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: receiver · class label: unsecured creditors · claims amount: 750000 · interim final: unstated · claims qualifier: estimated; basis: estimated · quote: Given that TD Bank will suffer a shortfall in respect of the TD Bank Indebtedness, there will be no distribution to any other secured or unsecured creditors of the Company. · pct of: unstated · outcome: nil · class key: unsecured · stated by: receiver · class label: any other secured or unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2026-07-09 · table missing: