Ontario · Receivership (court-appointed)
Supplemental Report to Court (w appendices) - FINAL
Court officer report · 8 April 2025
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What we verified from this filing16 verified
- unsecured creditorsnote: Disputed/unverified claim (document describes it as 'purported', 'according to EPCM', 'reportedly', 'allegedly'); EPCM is a related party, owned and operated by Sawaran Chahal, believed to be the spouse of Chahal (principal of Chacon); EPCM continues withholding rent relying on this claimed prepayment · page: 10 · basis: Alleged claim/setoff asserted by EPCM per a purported 'EPCM Prepaid Rent Agreement' dated May 3, 2023, as reported by the Receiver · amount: 347814 · debtor: Chacon Holding Corp. · creditor: English Prestige Construction Management (EPCM) · currency: CAD
- secured creditorsnote: WeirFoulds legal opinion (confirmed, subject to usual qualifications/assumptions) that the security creates a valid, enforceable security interest; appears to be first-ranking secured lender; no outstanding balance stated in this report · page: 13 · debtor: Chacon Holding Corp. · creditor: National Bank of Canada · currency: CAD · security: Charge registered against Real Property on January 29, 2020 (Instrument No. PR3607306) and Notice of Assignment of Rents – General (Instrument No. PR3607307)
- unsecured creditorsnote: Priority Payable class (municipal property tax arrears on the Real Property); municipal statement dated January 22, 2025 reported $88,922.50 owing plus future installments; the $115,285.29 figure is the total estimated arrears inclusive of 2025 scheduled installments as of the report date, plus accruing interest not included in the stated figure (floor) · page: 13 · as of: 2025-04-08 · basis: Receiver's report based on updated municipal property tax account statement and estimated arrears as of the date of the Supplementary Report · amount: 115285.29 · debtor: Chacon Holding Corp. · creditor: Municipal property tax arrears (unnamed municipality) · currency: CAD
- unsecured creditorsnote: Deemed-trust/HST claim (Priority Payable class); a Lien in favour of His Majesty the King in Right of Canada was registered on title June 18, 2024 (Instrument No. PR4343959), but HST Arrears priority was reversed and the claim became unsecured upon the Receiver's assignment of Chacon into bankruptcy on March 14, 2025; the Company's last HST return (period ending April 30, 2024) had reported a liability of $17,940.32 (approximation, superseded by CRA's dated claim) · page: 13 · as of: 2024-11-20 · basis: CRA's claim for HST submitted to the Receiver, as reported in the Receiver's Supplementary Report · amount: 18688.99 · debtor: Chacon Holding Corp. · creditor: Canada Revenue Agency (HST Arrears) · currency: CAD
- secured creditorsnote: WeirFoulds legal opinion (confirmed) that security is valid and enforceable, but subordinated to National Bank; 2439656 Ontario Inc. and MS Capital Corp are also the Applicants in this receivership; high interest rate continues to accrue on the '243 Mortgage'; no outstanding balance stated · page: 14 · debtor: Chacon Holding Corp. · creditor: 2439656 Ontario Inc. and MS Capital Corp · currency: CAD · security: Charge registered June 20, 2023 (Instrument No. PR4214117) and Notice of Assignment of Rents – General (Instrument No. PR4214118) against Real Property
- secured creditorsnote: Subsequent Mortgage; no security opinion obtained · page: 25 · debtor: Chacon Holding Corp. · creditor: Manjinder Grewal, Manoj Khindri, Sandeep Kotra, Inderjit Singh, Sapinder Grewal, and Moudgill Financial Inc. · currency: CAD · security: Charge registered November 30, 2023 (Instrument No. PR4279293); Transfer of Charge registered December 7, 2023 (Instrument No. PR4281575)
- secured creditorsnote: Subsequent Mortgage; no security opinion obtained · page: 25 · debtor: Chacon Holding Corp. · creditor: Moudgill Financial Inc. · currency: CAD · security: Charge registered January 26, 2024 (Instrument No. PR4296212); Transfer of Charge registered February 12, 2024 (Instrument No. PR4301596) and further Transfer of Charge registered February 15, 2024 (Instrument No. PR4303204)
- secured creditorsnote: Subsequent Mortgage; no security opinion obtained · page: 25 · debtor: Chacon Holding Corp. · creditor: Jatinderpal Aulakh · currency: CAD · security: Charge registered May 31, 2024 (Instrument No. PR4338096)
- secured creditorsnote: One of the 'Subsequent Mortgages'; Receiver has not requested a legal opinion on validity/enforceability of this security · page: 25 · debtor: Chacon Holding Corp. · creditor: Raja Paul · currency: CAD · security: Charge registered April 4, 2023 (Instrument No. PR4186426); postponed to the 2439656 Ontario Inc./MS Capital Corp charge per Instrument No. PR4214119 (June 20, 2023)
- secured creditorsnote: Subsequent Mortgage; no security opinion obtained · page: 25 · debtor: Chacon Holding Corp. · creditor: Aarzoo Sharma, Kuldip Jaywar and Sapinder Grewal · currency: CAD · security: Charge registered November 10, 2023 (Instrument No. PR4271865)
- secured creditorsnote: Subsequent Mortgage; no security opinion obtained · page: 25 · debtor: Chacon Holding Corp. · creditor: Kavita Batta and Mahesh Kumar Sharma · currency: CAD · security: Charge registered October 31, 2023 (Instrument No. PR4268276)
- closing confirmedscope: the Transaction · outcome: not_completed · effective: 2025-03-25 · purchaser: 12755467 Canada Inc. · date basis: stated · approval order date: 2025-01-07
- fee scheduleengagements: form: prose · rows: · money: fees: quote: for a total of $64,151.25 prior to disbursements of $518.62 and applicable taxes · amount: 64151.25 · approximate: false · disbursements: quote: disbursements of $518.62 and applicable taxes · amount: 518.62 · period: end: 2024-12-06 · kind: invoice · quote: The Receiver's fees for the period April 19, 2024 to December 6, 2024 · start: 2024-04-19 · approval: quote: Approving the fees and disbursements of the Receiver and its legal counsel, WeirFoulds LLP ('WeirFoulds'), as outlined herein and detailed in the supporting fee affidavits appended hereto · state: unstated · averages: rate: 529.08 · quote: an average hourly rate of approximately $529.08 · currency: · invoices: · firm text: BDO Canada Limited · firm quote: SUPPLEMENTAL TO THE FIRST REPORT TO THE COURT SUBMITTED BY BDO CANADA LIMITED, IN ITS CAPACITY AS COURT APPOINTED RECEIVER OF CHACON HOLDING CORP. · hours total: quote: encompass 121.25 hours at an average hourly rate of approximately $529.08 · value: 121.25 · context quote: in its capacity as Court Appointed Receiver of Chacon Holding Corp.; form: prose · rows: · money: fees: quote: for a total of $36,550.00 prior to disbursements of $341.37 and applicable taxes · amount: 36550 · approximate: false · disbursements: quote: disbursements of $341.37 and applicable taxes · amount: 341.37 · period: end: 2025-03-31 · kind: invoice · quote: The Receiver's fees for the period December 7, 2024 to March 31, 2025 · start: 2024-12-07 · approval: quote: Approving the fees and disbursements of the Receiver and its legal counsel, WeirFoulds LLP ('WeirFoulds'), as outlined herein and detailed in the supporting fee affidavits appended hereto · state: unstated · averages: rate: 516.97 · quote: an average hourly rate of approximately $516.97 · currency: · invoices: · firm text: BDO Canada Limited · firm quote: SUPPLEMENTAL TO THE FIRST REPORT TO THE COURT SUBMITTED BY BDO CANADA LIMITED, IN ITS CAPACITY AS COURT APPOINTED RECEIVER OF CHACON HOLDING CORP. · hours total: quote: encompass 70.70 hours at an average hourly rate of approximately $516.97 · value: 70.7 · context quote: in its capacity as Court Appointed Receiver of Chacon Holding Corp.; form: prose · rows: · money: fees: quote: for a total of $43,048.00 prior to disbursements of $168.75 and applicable taxes · amount: 43048 · approximate: false · disbursements: quote: disbursements of $168.75 and applicable taxes · amount: 168.75 · period: end: 2024-11-30 · kind: invoice · quote: WeirFoulds fees for the period April 19, 2024 to November 30, 2024 · start: 2024-04-19 · approval: quote: Approving the fees and disbursements of the Receiver and its legal counsel, WeirFoulds LLP ('WeirFoulds'), as outlined herein and detailed in the supporting fee affidavits appended hereto · state: unstated · averages: rate: 629.36 · quote: an average hourly rate of approximately $629.36 · currency: · invoices: · firm text: WeirFoulds LLP · firm quote: its legal counsel, Weir Foulds LLP ( 'WeirFoulds' ) · hours total: quote: encompass 68.4 hours at an average hourly rate of approximately $629.36 · value: 68.4 · context quote: its legal counsel, Weir Foulds LLP ( 'WeirFoulds' ); form: prose · rows: · money: fees: quote: for a total of $82,586.50 prior to disbursements of $2,247.12 and applicable taxes · amount: 82586.5 · approximate: false · disbursements: quote: disbursements of $2,247.12 and applicable taxes · amount: 2247.12 · period: end: 2025-03-31 · kind: invoice · quote: WeirFoulds fees for the period December 1, 2024 to March 31, 2025 · start: 2024-12-01 · approval: quote: Approving the fees and disbursements of the Receiver and its legal counsel, WeirFoulds LLP ('WeirFoulds'), as outlined herein and detailed in the supporting fee affidavits appended hereto · state: unstated · averages: rate: 493.94 · quote: an average hourly rate of approximately $493.94 · currency: · invoices: · firm text: WeirFoulds LLP · firm quote: its legal counsel, Weir Foulds LLP ( 'WeirFoulds' ) · hours total: quote: encompass 167.20 hours at an average hourly rate of approximately $493.94 · value: 167.2 · context quote: its legal counsel, Weir Foulds LLP ( 'WeirFoulds' )
- purchaser12755467 Canada Inc.
- sale advisorFreeway
- sale outcometext: 127 Canada defaulted on the Transaction and it did not close; deposit forfeited · scope: whole_business · status: not_completed