Ontario · Receivership (court-appointed)
Second Motion Record
Application / notice of application · 10 November 2025
Also filed as: Second Motion Record; Second Motion Record
What we verified from this filing18 verified
- applicantHELIOTROPE INVESTMENT CORPORATION
- commencement date10 November 2025
- courtSUPERIOR COURT OF JUSTICE
- court file no33-165775
- provinceONTARIO
- appointeeMNP LTD.
- appointee rolereceiver and manager
- secured creditorsnote: Claimed approximate amount, for legal fees. · page: 28 · as of: Second Report dated November 7, 2025 · amount: 150000 · debtor: 2290998 Ontario Inc. (229 ONT) · creditor: Lexxassist Management Inc. · currency: CAD · security: Mortgage over 229 ONT property
- secured creditorsnote: Claimed approximate amount. · page: 28 · as of: Second Report dated November 7, 2025 · amount: 170000 · debtor: 2290998 Ontario Inc. (229 ONT) · creditor: Benjamin Chambers · currency: CAD · security: Mortgage over 229 ONT property
- secured creditorsnote: Claimed approximate amount; McGee has failed to file a proof of claim supporting this indebtedness despite Receiver's requests (para 57). · page: 28 · as of: Second Report dated November 7, 2025 · amount: 475000 · debtor: 2290998 Ontario Inc. (229 ONT) · creditor: Jack McGee · currency: CAD · security: Mortgage over 229 ONT property
- secured creditorsnote: Face amount of mortgage, for legal fees and costs 'as assessed'; not confirmed as an outstanding balance. · page: 28 · as of: Second Report dated November 7, 2025 · amount: 100000 · debtor: 2290998 Ontario Inc. (229 ONT) · creditor: Bruce Marks · currency: CAD · security: Mortgage over 229 ONT property
- secured creditorsnote: Combined obligation of Companies and personal guarantor/bankrupt principals to the Majority Creditors, as reported in the Receivership Application Record (details starting p.73 of Application Record); described as 'the Indebtedness'. M. Beach and G. Beach are personal guarantors of Company debt to these creditors. · page: 28 · as of: 2024-02-06 · amount: 4701443 · debtor: The Companies (107 ONT, 132 ONT, 229 ONT) and the Bankrupts (M. Beach, G. Beach), joint obligation · creditor: Majority Creditors (Heliotrope Investment Corporation, Magenta Waterfront Development Corporation, Canadian Western Trust) · currency: CAD · security: Various mortgages, cost awards and promissory notes per Application Record
- secured creditorsnote: Approximate amount 'plus cost and interest'; independent legal opinion dated October 29, 2025 confirms this first mortgage security is valid and enforceable (Appendix 9). Related-party/individual secured creditor, also carved out of receivership stay for power-of-sale proceeding. · page: 28 · as of: Second Report dated November 7, 2025 · amount: 738824.18 · debtor: 2290998 Ontario Inc. (229 ONT) · creditor: Richard Vaidotas Paukstaitis · currency: CAD · security: First mortgage over 229 ONT properties (61 Osborne Lane, Christel Lane)
- secured creditorsnote: Deemed trust/priority claim - unremitted HST collected by 107 ONT to date of Receivership; per CRA letter to the Receiver dated May 7, 2024 (Appendix 18 of First Report). Not secured by registered security but ranks as a priority claim. · page: 36 · as of: Receivership Order date, February 16, 2024 · amount: 49243.22 · debtor: 1073650 Ontario Inc. (107 ONT) · creditor: Canada Revenue Agency (CRA) · currency: CAD
- secured creditorsnote: Book-value total per Receiver's review of Company's limited books and records; does not equal the sum of individually 'claimed approximate' mortgage amounts listed for 229 ONT (Paukstaitis, Marks, McGee, Chambers, Lexxassist) elsewhere in this Report, which appear to be creditor-claimed figures rather than book value. · page: 37 · as of: Second Report dated November 7, 2025 · amount: 1118847.48 · debtor: 2290998 Ontario Inc. (229 ONT) · creditor: Various creditors (aggregate, per books and records) · currency: CAD · security: Various mortgages
- secured creditorsnote: Per Receiver's review of limited books and records of the Company. · page: 37 · as of: Second Report dated November 7, 2025 · amount: 423856.07 · debtor: 1073650 Ontario Inc. (107 ONT) · creditor: Majority Creditors · currency: CAD · security: Various mortgages/security instruments
- secured creditorsnote: Per Receiver's review of limited books and records of the Company; distinct from the combined February 2024 Indebtedness figure. · page: 37 · as of: Second Report dated November 7, 2025 · amount: 5702785 · debtor: 1324789 Ontario Inc. (132 ONT) · creditor: Majority Creditors · currency: CAD · security: Various mortgages/security instruments
- recovery outcomeentries: basis: unstated · quote: No distribution will be made to them until claims are filed and vetted by the LIT. · pct of: unstated · outcome: nil · stated by: trustee · class label: Magenta group creditors · interim final: unstated · conditional on: no distribution until claims are filed and vetted by the LIT · claims qualifier: unstated · table missing: