Ontario · Receivership (court-appointed)
First Report of the Receiver dated October 10, 2024
Court officer report · 10 October 2024
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What we verified from this filing13 verified
- secured creditorsnote: Described as senior secured creditor of 217; loans made pursuant to commitment letters dated October 23, 2020 and January 9, 2020; no balance stated on these pages · page: 6 · debtor: 2174542 Ontario Inc. and Safe Harbour Homes Inc. · creditor: MarshallZehr Group Inc. · currency: CAD · security: Mortgages against the Real Property; guarantees and general security agreements from each of the Debtors
- unsecured creditorsnote: Preferred municipal tax claim; Receiver intends to pay from proceeds of sale of the Real Property · page: 7 · as of: as understood by the Receiver as of the First Report · basis: Receiver's understanding of outstanding property taxes · amount: 113408 · debtor: 217 (owner of the Real Property) · creditor: Township of Otonabee-South Monaghan (property taxes) · currency: CAD
- secured creditorsnote: Court-ordered receivership financing charge, not a pre-filing creditor · page: 12 · as of: October 10, 2024 · amount: 215000 · debtor: 2174542 Ontario Inc., Safe Harbour Homes Inc. and Safe Harbour Developments Inc. · creditor: Receiver's Certificate holders (Receiver's Borrowings Charge) · currency: CAD · security: Fixed and specific charge on the Real Property pursuant to Appointment Order, priority over all security interests but subordinate to Receiver's Charge and BIA ss. 14.06(7), 81.4(4), 81.6(2); authorized borrowing limit up to $650,000
- secured creditorsnote: Court-ordered receiver's charge for fees and disbursements, not a pre-filing creditor · page: 24 · debtor: 2174542 Ontario Inc., Safe Harbour Homes Inc. and Safe Harbour Developments Inc. · creditor: TDB Restructuring Limited (Receiver) and Chaitons LLP (Receiver's Charge) · currency: CAD · security: First charge on the Real Property in priority to all security interests, subject to BIA ss. 14.06(7), 81.4(4), 81.6(2)
- unsecured creditorsnote: Document names no individual creditors and states no aggregate figure on these pages · page: 73 · basis: References to correspondence with unsecured creditors in fee accounts · debtor: 2174542 Ontario Inc., Safe Harbour Homes Inc. and Safe Harbour Developments Inc. · creditor: Unsecured trade creditors (unnamed) · currency: CAD
- unsecured creditorsnote: Deemed trust / CRA indebtedness referenced but no amount stated on these pages · page: 73 · basis: Correspondence from CRA regarding HST accounts referenced in fee accounts · debtor: 2174542 Ontario Inc., Safe Harbour Homes Inc. and Safe Harbour Developments Inc. · creditor: Canada Revenue Agency (CRA) · currency: CAD
- unsecured creditorsnote: Litigation claimant; amount not stated on these pages · page: 73 · basis: Statement of claim filed and request to lift stay of proceedings · debtor: 2174542 Ontario Inc., Safe Harbour Homes Inc. and Safe Harbour Developments Inc. · creditor: Tarion Warranty Corporation · currency: CAD
- unsecured creditorsnote: Preferred wage claim class under BIA; amount not stated on these pages · page: 74 · basis: Correspondence regarding WEPP claim pursued by Koskie Minsky on behalf of employees · debtor: 2174542 Ontario Inc., Safe Harbour Homes Inc. and Safe Harbour Developments Inc. · creditor: Employees / Koskie Minsky (Wage Earner Protection Program claim) · currency: CAD
- secured creditorsnote: Referenced via counsel (DLA Piper) email regarding payout of VTB and discharge statement requested; no amount stated on these pages · page: 75 · debtor: 2174542 Ontario Inc. · creditor: 2299445 Ontario Inc. (VTB - vendor take-back) · currency: CAD · security: Vendor take-back mortgage (VTB)
- fee scheduleengagements: form: report_table · rows: · money: tax: label: HST · quote: plus HST of $14,453.75 · amount: 14453.75 · total: quote: for a total amount of $125,660.35 · amount: 125660.35 · includes tax: true · includes disbursements: true · approximate: false · period: end: 2024-09-30 · kind: interim · quote: The Receiver's accounts for the period from May 29, 2024 to September 30, 2024 total $111,206.61 in fees and disbursements, plus HST of $14,453.75, for a total amount of $125,660.35. · start: 2024-05-29 · approval: state: unstated · averages: · currency: · invoices: · firm text: TDB Restructuring Limited · firm quote: TDB Restructuring Limited was appointed as Receiver of the Debtors. · context quote: The Receiver's accounts for the period from May 29, 2024 to September 30, 2024 total $111,206.61 in fees and disbursements, plus HST of $14,453.75, for a total amount of $125,660.35.; form: invoice_listing · rows: Maya Poliak; Mark Wills-O'Connor; Laura Culleton; Liam Scanlon · money: tax: label: HST · quote: plus HST of $976.72 · amount: 976.72 · fees: quote: total $7,603.25 in fees and disbursements · amount: 7603.25 · total: quote: for a total amount of $8,579.97 · amount: 8579.97 · includes tax: true · includes disbursements: true · approximate: false · period: end: 2024-08-31 · kind: interim · quote: The accounts of the Receiver's counsel, Chaitons, for the period from June 3, 2024 to August 31, 2024 total $7,603.25 in fees and disbursements, plus HST of $976.72 for a total amount of $8,579.97. · start: 2024-06-03 · approval: state: unstated · averages: rate: 506.27 · quote: Average Hourly Rate | | | $506.27 | · currency: · invoices: · firm text: Chaitons LLP · firm quote: The Receiver retained the firm of Chaitons LLP (' Chaitons ') as the Receiver's independent legal counsel. · hours total: quote: Total Hours and Amounts Billed | | 14.60 | | $7,391.50 · value: 14.6 · context quote: The accounts of the Receiver's counsel, Chaitons, for the period from June 3, 2024 to August 31, 2024 total $7,603.25 in fees and disbursements, plus HST of $976.72 for a total amount of $8,579.97.; form: time_summary · rows: Bryan A. Tannenbaum; Nisan Thurairatnam; Tanveel Irshad; fees: 105 · rate: 150 · hours: 0.7 · quote: Anne Baptiste/Jennifer Hornbostel/Donna Nishimura | Estate Administrator | 0.70 | 150 $ | 105.00 · title: Estate Administrator · row kind: bucket · rate kind: standard · name as stated: Anne Baptiste/Jennifer Hornbostel/Donna Nishimura · money: tax: label: HST @ 13% · quote: HST @ 13% | | | | 2,603.19 · amount: 2603.19 · fees: quote: Total hours and professional fees | | 44.40 | | 20,024.50 $ · amount: 20024.5 · total: quote: Total payable | | | | 22,627.69 $ · amount: 22627.69 · includes tax: true · approximate: false · period: end: 2024-09-30 · kind: invoice · quote: (collectively referred to as the 'Debtor s ') for the period September 1, 2024 to September 30, 2024. · approval: state: unstated · averages: · currency: · invoices: · firm text: TDB Restructuring Limited · firm quote: TDB Restructuring Limited was appointed as Receiver of the Debtors. · hours total: quote: Total hours and professional fees | | 44.40 | | 20,024.50 $ · value: 44.4 · context quote: The Receiver's accounts for the period from May 29, 2024 to September 30, 2024 total $111,206.61 in fees and disbursements, plus HST of $14,453.75, for a total amount of $125,660.35.
- process resultsnote: Three commercial real estate brokers invited to submit listing proposals, not sale bids · solicited: 3
- sale advisorCBRE Limited
- sale outcometext: Receiver requests approval of a proposed Sale Process for the Real Property, including retention of CBRE as listing agent · scope: parcel · status: process_approved