Ontario · Receivership (court-appointed)
Motion Record of the Receiver dated July 24, 2026 Part 1
Application / notice of application · 24 July 2026
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 filing4 verified
- secured creditorsnote: Registered nominal value of $2 per PPSA/land registration table; actual claim asserted is an unquantified 50% beneficial interest, not a monetary debt. Related party (Karimov family; respondent is Asif Karimov). Disputed: Receiver's position is that the Trust Notice is prohibited under s.62(1) of the Land Titles Act and is a "Claim" to be vested out/expunged under the AVO; registered subsequent in time (2.5 years) to the Duca Charge. Endorsement of Justice Conway (May 14, 2024) held this alleged beneficial interest does not preclude the receivership appointment and is to be addressed at a later stage (e.g. AVO or distribution motion). · page: 47 · as of: 2023-10-17 · amount: 2 · debtor: 10503452 Canada Inc. · creditor: Orkhan Karimov · currency: CAD · security: Notice of Trust Agreement (dated October 22, 2020) registered on title October 17, 2023, purporting to grant a 50% beneficial interest in the Real Property (the "Trust Notice")
- secured creditorsnote: Receiver is in correspondence with lien claimant's counsel; claim to be listed among Claims vested out/expunged from title under the AVO, attaching instead to net sale proceeds with same priority. · page: 47 · as of: 2024-02-15 · amount: 67869 · debtor: 10503452 Canada Inc. · creditor: Tregebov Cogan Architecture Ltd. · currency: CAD · security: Construction lien registered February 15, 2024 against the Real Property, perfected by a Certificate of Action registered February 27, 2024
- secured creditorsnote: Regulatory/statutory priority claim (municipal property tax arrears); Receiver proposes a distribution to the City of Toronto for this amount (the "Property Tax Arrears Distribution") ahead of Duca's Interim Distribution. · page: 51 · as of: 2026-05-06 · amount: 130744.65 · debtor: 10503452 Canada Inc. · creditor: City of Toronto · currency: CAD · security: Statutory priority charge for property tax arrears, ranking ahead of the existing mortgages against the Real Property
- secured creditorsnote: Endorsement of Justice Conway states 105 'owes over $4.3 million to Duca' (floor, quoted 'owes over') as at May 14, 2024, and has been in default since the loan matured January 1, 2024. Receiver's Counsel (Harrison Pensa LLP opinion dated June 18, 2026) confirms the Duca first mortgage is valid, enforceable and a senior charge over the Real Property (p.48). Duca is stated to be the only creditor with a PPSA registration against the Debtor in relation to the Real Property (p.46). Receiver has borrowed $50,000 principal plus interest from Duca post-appointment under the Receiver's Borrowings Charge (a post-filing financing charge, not included here). · page: 73 · as of: 2024-05-14 · amount: 4300000 · debtor: 10503452 Canada Inc. · creditor: DUCA Financial Services Credit Union Ltd. · currency: CAD · security: First-registered Charge (mortgage) registered March 1, 2021 in principal sum of $4,670,000 ("Duca Charge"), together with a registered Notice of Assignment of Rents (General) of same date; General Security Agreement referenced in the Appointment Order endorsement