Ontario · Receivership (court-appointed)
Receiver’s First Report to the Court dated March 11, 2026
Court officer report · 11 March 2026
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What we verified from this filing4 verified
- secured creditorsnote: Approximate figure ('approximately $260,000, plus any further interest or fees at the time of closing') per Receiver's proposed Interim Distribution (para 37(a)); to be paid first from sale proceeds, ahead of Receiver's/counsel's fees, the Colliers commission, and Cameron Stephens' claim, consistent with statutory priority of municipal tax arrears. · page: 18 · as of: closing of the Real Property sale transaction · amount: 260000 · debtor: 3803 DSW Urban Properties Inc. / 3803 DSW TAS LP / 3803 DSW MR LP (Debtor) · creditor: City of Toronto (property tax arrears) · currency: CAD · security: Municipal property tax arrears on the Real Property; a prior City of Toronto charge (AT5454233, registered June 17, 2020) was completely deleted/discharged January 14, 2022, and is not a currently registered charge per the Parcel Register.
- secured creditorsnote: Final Discharge/Payout Statement (Appendix B) dated March 9, 2026, for closing March 10, 2026, totals $19,790,884.02, comprising Loan 3858-12 (mortgage principal $16,805,024.00 plus interest in arrears, accrued interest, chargeback, overholding fee and administrative fees) and Loan 3858-DEF (Receiver's Certificate borrowings principal $200,000 plus interest in arrears and accrued interest). First Report para 18 (original p.10) states the Debtor was indebted 'in excess of $19 million' as at March 10, 2026 - a rounder prose approximation of this exact dated balance. Receiver's independent Legal Opinion confirms Cameron Stephens holds a valid, enforceable first charge; Receiver not aware of any other secured claims against the Real Property. · page: 39 · as of: 2026-03-10 · amount: 19790884.02 · debtor: 3803 DSW TAS LP and 3803 DSW MR LP (borrowers under the Loan Facility); charge also granted by 3803 DSW Urban Properties Inc. · creditor: Cameron Stephens Mortgage Capital Ltd. · currency: CAD · security: Registered charge (Instrument No. AT5720222, dated April 29, 2021) in the registered amount of $27,000,000 against the Real Property (PIN 10527-0562, LRO #66); General Security Agreements dated April 22, 2021 granted by 3803 DSW Urban Properties Inc., 3803 DSW TAS LP and 3803 DSW MR LP; PPSA registrations (File Nos. 771648705 and 771648921) over inventory, equipment, accounts and other collateral relating to the Real Property.
- secured creditorsnote: Registration/collateral limit disclosed in PPSA search current to March 8, 2026 (Appendix I); not a stated outstanding balance. · page: 78 · as of: 2026-03-08 · debtor: 3803 DSW Urban Properties Inc. · creditor: Canadian Imperial Bank of Commerce (CIBC) · currency: CAD · security: PPSA registration (File No. 771085089, Reg. No. 20210331 1000 1219 4858) dated March 31, 2021, collateral classifications 'Accounts' and 'Other'; collateral limited to $250,000 securing a letter of credit issued to the City of Toronto at the request of the debtor.
- fee scheduleengagements: form: prose · rows: · money: tax: label: HST · quote: fees of $7,447, disbursements of $38.20 and HST of $973.08 · amount: 973.08 · fees: quote: fees of $7,447, disbursements of $38.20 and HST of $973.08 · amount: 7447 · total: quote: the total amount being claimed for the work performed by RECON during the Billing Period is $8,458.28 (fees of $7,447, disbursements of $38.20 and HST of $973.08). · amount: 8458.28 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: fees of $7,447, disbursements of $38.20 and HST of $973.08 · amount: 38.2 · period: end: 2026-02-23 · kind: invoice · label: Billing Period · quote: detailing its fees and disbursements incurred for the period from May 1, 2025 to February 23, 2026 (the ' Billing Period '). · start: 2025-05-01 · approval: state: unstated · averages: rate: 577.28 · quote: RECON incurred a total of 12.9 hours, at an average hourly rate of $577.28 exclusive of HST. · currency: · invoices: · firm text: Reconstruct LLP · firm quote: The Receiver retained the firm of Reconstruct LLP (' Reconstruct ') as the Receiver's independent legal counsel. · hours total: quote: RECON incurred a total of 12.9 hours, at an average hourly rate of $577.28 exclusive of HST. · value: 12.9 · context quote: The Receiver retained the firm of Reconstruct LLP (' Reconstruct ') as the Receiver's independent legal counsel.