Ontario · Receivership (court-appointed)
Receiver’s First Report to the Court dated July 16, 2024
Court officer report · 16 July 2024
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What we verified from this filing10 verified
- secured creditorsnote: Debtors indebted 'in the amount of approximately $13 million' per First Report para 11; registered charge amount is $15,600,000 (principal/registration ceiling, not balance); Receiver obtained legal opinion confirming valid and enforceable first charge against Toronto Property; personal guarantee also given by Nicholas Kyriacopoulos (deceased Dec 23, 2023), a related individual guarantor · page: 8 · as of: approximately, per First Report · amount: 13000000 · debtor: Conacher Kingston Holdings Inc. and 5004591 Ontario Inc. · creditor: Cameron Stephens Mortgage Capital Ltd. · currency: CAD · security: General Security Agreements; first ranking charge against Kingston Property; collateral charge against Toronto Property (registered amount $15,600,000); assignments of rents and leases; guarantees from 500 Inc. and Nicholas Kyriacopoulos
- secured creditorsnote: Amount is unpaid property taxes owing on Toronto Property, to be paid on closing plus further interest/fees; treated as priority payment in proposed Interim Distribution · page: 15 · as of: as of time of closing of Toronto Property sale · amount: 202488.4 · debtor: 5004591 Ontario Inc. · creditor: City of Toronto · currency: CAD · security: Statutory lien for unpaid property taxes on Toronto Property
- secured creditorsnote: Registered principal amount is not stated as an outstanding balance · page: 54 · as of: October 23, 2020 (registration date) · debtor: Conacher Kingston Holdings Inc. · creditor: 2462686 Ontario Inc. · currency: CAD · security: Second ranking Charge against Kingston Lands, Instrument No. FC312121, registered principal sum of $5,000,000; also General Security Agreement and Share Pledge Agreement over Nicholas Kyriacopoulos's shares in 500 Inc.
- secured creditorsnote: Registered principal amount is not stated as an outstanding balance · page: 54 · as of: November 3, 2022 (registration date) · debtor: Conacher Kingston Holdings Inc. · creditor: 2478659 Ontario Ltd. · currency: CAD · security: Third ranking Charge against Kingston Lands, Instrument No. FC362038, registered principal sum of $8,500,000
- secured creditorsnote: Nature and amount of registration not further described · page: 55 · as of: February 16, 2023 (registration date) · debtor: Conacher Kingston Holdings Inc. · creditor: 2083053 Ontario Inc. · currency: CAD · security: PPSA Financing Statement No. 20230216 1258 1590 1471
- fee scheduleengagements: form: prose · rows: · money: approximate: false · period: kind: unstated · approval: state: unstated · averages: rate: 612.24 · quote: The average hourly rate charged during the Period was $612.24. · currency: · invoices: · context quote: The average hourly rate charged during the Period was $612.24. · firm unverified: true
- process resultsbids: 6 · note: 8 brokers invited to submit listing proposals; 6 brokerages responded with listing proposals (broker selection, not sale bids) · solicited: 8
- purchaserprice: sealed: false · currency: CAD · scope: the Toronto Property · status: proposed · name note: referred to only as the Toronto Purchaser; name redacted/confidential pending sealing order · structure: real_property · name source: recital · relationship: unstated · agreement date: 2024-06-03
- sale advisorColliers Macaulay Nicolls Inc., Brokerage
- sale outcometext: Receiver requests approval of the sale of the Toronto Property to the Toronto Purchaser pursuant to the Toronto APS · scope: parcel · status: pending_approval