Ontario · Receivership (court-appointed)
First Report of the Receiver dated February 27, 2024
Court officer report · 27 February 2024
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 filing20 verified
- secured creditorsnote: Interest accrues at approx. $95,000/month ($3,050/diem) after this date; registered charge AT6405972 shows $12,700,000 (original principal advance, not balance) · page: 8 · as of: 2024-01-23 · amount: 12000201.89 · debtor: Vandyk-Backyard Queensview Limited and Vandyk-Backyard Humberside Limited · creditor: Peoples Trust Company and Firm Capital Mortgage Fund Inc. · currency: CAD · security: First Mortgage (registered principal amount $12.7 million plus interest, fees and costs) and General Security Agreement
- secured creditorsnote: To be extinguished pursuant to draft Vesting Order (Schedule D) · page: 8 · debtor: Vandyk-Backyard Queensview Limited · creditor: Trisura Guarantee Insurance Company · currency: CAD · security: Registered charge AT5030525 dated 2018-12-12 in amount of $18,750,000 (registered principal, not balance); registration fully subordinated to Peoples Trust Company pursuant to priority agreement dated 2023-08-16, save and except for 'Deposit Monies' in which Trisura retains a priority claim
- secured creditorsnote: Amounts to be paid on closing of each Unsold Unit; component amounts unstated · page: 8 · debtor: Vandyk-Backyard Queensview Limited · creditor: Toronto Standard Condominium Corporation No. 2983 · currency: CAD · security: Registered claim for unpaid common area expenses against certain Unsold Units
- secured creditorsnote: No certificate of action; validity/priority not yet determined · page: 9 · as of: 2024-02-27 · amount: 30203.77 · debtor: Vandyk-Backyard Queensview Limited · creditor: Brunco Insulation Ltd. · currency: CAD · security: Construction lien registered 2023-09-07, instrument AT6416262
- secured creditorsnote: No certificate of action; validity/priority not yet determined · page: 9 · as of: 2024-02-27 · amount: 1142744.43 · debtor: Vandyk-Backyard Queensview Limited · creditor: Classic Tile Contractors Limited · currency: CAD · security: Construction lien registered 2023-10-30, instrument AT6450100
- secured creditorsnote: Validity/priority relative to First Mortgage not yet determined · page: 9 · as of: 2024-02-27 · amount: 702998.75 · debtor: Vandyk-Backyard Queensview Limited · creditor: Torre D.C.C. Carpentry Ltd. · currency: CAD · security: Construction lien registered 2023-11-01, instrument AT6452324; Certificate of Action AT6481040 registered 2023-12-15
- secured creditorsnote: Validity/priority relative to First Mortgage not yet determined · page: 9 · as of: 2024-02-27 · amount: 16952.26 · debtor: Vandyk-Backyard Queensview Limited · creditor: Summit Concrete & Drain Ltd. · currency: CAD · security: Construction lien registered 2023-11-10, instrument AT6457807; Certificate of Action AT6460839 registered 2023-11-15
- secured creditorsnote: Validity/priority relative to First Mortgage not yet determined · page: 9 · as of: 2024-02-27 · amount: 2282408.34 · debtor: Vandyk-Backyard Queensview Limited · creditor: Urban Mechanical Contracting Ltd. · currency: CAD · security: Construction lien registered 2023-11-10, instrument AT6458231; Certificate of Action AT6469954 registered 2023-11-30
- secured creditorsnote: Second, separate lien registration; validity/priority not yet determined · page: 9 · as of: 2024-02-27 · amount: 658839.9 · debtor: Vandyk-Backyard Queensview Limited · creditor: Urban Mechanical Contracting Ltd. · currency: CAD · security: Construction lien registered 2023-11-10, instrument AT6458352; Certificate of Action AT6469955 registered 2023-11-30
- secured creditorsnote: No certificate of action; validity/priority not yet determined · page: 9 · as of: 2024-02-27 · amount: 122337.11 · debtor: Vandyk-Backyard Queensview Limited · creditor: Venice Construction Inc. · currency: CAD · security: Construction lien registered 2023-11-15, instrument AT6460827
- secured creditorsnote: No certificate of action; validity/priority not yet determined · page: 9 · as of: 2024-02-27 · amount: 1130 · debtor: Vandyk-Backyard Queensview Limited · creditor: Live Patrol Inc. · currency: CAD · security: Construction lien registered 2023-11-22, instrument AT6464044
- secured creditorsnote: Validity/priority relative to First Mortgage not yet determined · page: 9 · as of: 2024-02-27 · amount: 127350.04 · debtor: Vandyk-Backyard Queensview Limited · creditor: 2164705 Ontario Inc. · currency: CAD · security: Construction lien registered 2023-11-15, instrument AT6459779; Certificate of Action AT6480459 registered 2023-12-14
- secured creditorsnote: Validity/priority relative to First Mortgage not yet determined · page: 9 · as of: 2024-02-27 · amount: 384182.9 · debtor: Vandyk-Backyard Queensview Limited · creditor: Dircam Electric Limited · currency: CAD · security: Construction lien registered 2023-08-25, instrument AT6407058; Certificate of Action AT6439785 registered 2023-10-12
- secured creditorsnote: Validity/priority relative to First Mortgage not yet determined · page: 9 · as of: 2024-02-27 · amount: 1845369.24 · debtor: Vandyk-Backyard Queensview Limited · creditor: Foremont Drywall Highrise · currency: CAD · security: Construction lien registered 2023-08-28, instrument AT6407909; Certificate of Action AT6445432 registered 2023-10-23
- secured creditorsnote: After 'no interest' letters in favour of Peoples and equipment-specific registrations, Peoples' PPSA registrations have first registered priority; individual amounts not stated · page: 9 · as of: 2024-02-25 · debtor: Vandyk-Backyard Queensview Limited and Vandyk-Backyard Humberside Limited · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: Various PPSA registrations relating to unrelated specific equipment, per PPSA Registry searches
- secured creditorsnote: No certificate of action; validity/priority not yet determined · page: 10 · as of: 2024-02-27 · amount: 323750 · debtor: Vandyk-Backyard Queensview Limited · creditor: Permacorp Group of Companies · currency: CAD · security: Construction lien registered 2023-12-15, instrument AT6481578
- secured creditorsnote: Validity/priority relative to First Mortgage not yet determined · page: 10 · as of: 2024-02-27 · amount: 213401.51 · debtor: Vandyk-Backyard Queensview Limited · creditor: Next Plumbing & Hydronics Supply Inc. · currency: CAD · security: Construction lien registered 2023-10-06, instrument A6436267; Certificate of Action AT6445723 registered 2023-10-23; Application to Delete AT6465065 registered 2023-11-23 against certain properties
- secured creditorsnote: No certificate of action; validity/priority not yet determined · page: 10 · as of: 2024-02-27 · amount: 462217.91 · debtor: Vandyk-Backyard Queensview Limited · creditor: KC Structural Ltd. · currency: CAD · security: Construction lien registered 2023-12-04, instrument AT6472516
- unsecured creditorsnote: Judgment creditor asserting rights to certain kitchen appliances; Receiver determined TA does not have a perfected security interest; disputed by TA · page: 13 · as of: commencement of insolvency proceeding · basis: Unsecured judgment obtained and execution filed with the Sheriff's Office · debtor: Vandyk-Backyard Queensview Limited · creditor: TA Appliances Inc. · currency: CAD
- unsecured creditorsnote: Disputed claim; Plycon does not have a preserved or perfected lien; asserts vendor's trust priority under s.9 and s.85 of the Construction Act, which Receiver disputes ranks ahead of the First Mortgagee · page: 14 · basis: Claim for breach of trust under the Construction Act asserted by Plycon's counsel; amount alleged owing including HST · amount: 1263804.71 · debtor: Vandyk-Backyard Queensview Limited · creditor: Plycon Forming Ltd. · currency: CAD