Ontario · Receivership (court-appointed)
Receiver first report to court
Court officer report · 8 June 2018
What we verified from this filing11 verified
- applicantROYAL BANK OF CANADA
- appointeeMNP LTD.
- appointee roleCOURT APPOINTED RECEIVER
- courtSUPERIOR COURT OF JUSTICE
- court file no17-72944
- proceeding typereceivership_court
- secured creditorsnote: Registered principal amount, not a stated outstanding balance; mortgage supported by a first charge on another property (Golden Dragon Ho 7 Inc.) owned by the guarantor; that property was sold and proceeds paid to Kingsett in April 2018 · page: 4 · debtor: Golden Dragon Ho 9 Inc. · creditor: Kingsett Mortgage Corporation · currency: CAD · security: Registered third mortgage on Golden Property, registered amount $12,000,000.00
- commencement date14 June 2017
- secured creditorsnote: Senior secured creditor; plus daily per diem of $1,022.40 from April 20, 2018; earlier stated indebtedness as of June 9, 2017 was $12,756,946.07 (prose approximation from default demand period); legal opinion confirms valid first charge · page: 13 · as of: 2018-04-20 · amount: 13007825.27 · debtor: Golden Dragon Ho 9 Inc. · creditor: Royal Bank of Canada · currency: CAD · security: First charge/mortgage on Golden Property registered Feb 19, 2016 (OC1765614), assignment of rents (OC1765622), personal guarantee of Chi Van Ho; First Agreement commitment letter dated Dec 23, 2015 for $13,000,000.00
- secured creditorsnote: Plus daily per diem of $585.49 from May 16, 2018 (per Atrium payout letter; report text at para 7(h) cites $585.40); legal opinion confirms valid second charge; registered mortgage amount of $2,000,000.00 is the original registered principal, not the outstanding balance · page: 13 · as of: 2018-05-16 · amount: 2306015.73 · debtor: Golden Dragon Ho 9 Inc. · creditor: Atrium Mortgage Corporation (Canadian Mortgage Servicing Corporation) · currency: CAD · security: Registered second mortgage on Golden Property, registered amount $2,000,000.00
- secured creditorsnote: Outstanding property taxes plus interest, per June 4, 2018 statement of account · page: 13 · as of: 2018-06-04 · amount: 276496.57 · debtor: Golden Dragon Ho 9 Inc. · creditor: City of Ottawa · currency: CAD · security: Municipal property tax lien