Ontario · Receivership (court-appointed)
Second Report of the Receiver dated January 10, 2019
Court officer report · 10 January 2019
Also filed as: Second Report of the Receiver dated January 10, 2019; Second Report of the Receiver dated January 10, 2019
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 filing5 verified
- secured creditorsnote: Figure is the registered principal secured by the mortgage, not a stated outstanding balance; BCU is the only mortgagee on the Elm Grove Property · page: 4 · debtor: 2321197 Ontario Inc. · creditor: Buduchnist Credit Union Limited · currency: CAD · security: Charge/mortgage against the Elm Grove Property securing the (registered) principal amount of $2.2 million
- secured creditorsnote: Approximate figure as reported · page: 4 · as of: 2018-10-11 · amount: 3700 · debtor: 2321197 Ontario Inc. · creditor: Town of Richmond Hill · currency: CAD · security: Municipal realty tax arrears (statutory lien) against the Elm Grove Property
- secured creditorsnote: Amount disputed: per Endorsement of Justice Penny (Dec 4, 2018), Carlo Demaria testified he cannot recall signing a second mortgage document increasing the loan to $2.5 million and that the initials on it are not his; Respondent admits at least $1.5 million was advanced to build the property; Court held the $1.5M vs $2.5M dispute did not need resolution before expanding the receivership · page: 5 · debtor: 2321198 Ontario Inc. · creditor: Buduchnist Credit Union Limited · currency: CAD · security: Charge/mortgage against the Puccini Property securing the (registered) principal amount of $2.5 million
- secured creditorsnote: Approximate figure as reported · page: 5 · as of: 2018-10-11 · amount: 12000 · debtor: 2321198 Ontario Inc. · creditor: Town of Richmond Hill · currency: CAD · security: Municipal realty tax arrears covering multiple years (statutory lien) against the Puccini Property
- secured creditorsnote: Order obtained against various defendants including Carlo Demaria and certain other corporations (not 198); amount secured not stated; Trade Capital was also separately seeking appointment of a receiver to take possession of and sell the Puccini Property, and a priority dispute between BCU and Trade Capital over sale proceeds was anticipated · page: 5 · as of: 2015-05-06 · debtor: 2321198 Ontario Inc. · creditor: Trade Capital Finance Corp. · currency: CAD · security: Mareva Order registered against title to the Puccini Property (Brampton Court File No. CV-15-2110-00)