Ontario · Receivership (court-appointed)
First Report of the Receiver (January 18, 2022)
Court officer report · 18 January 2022
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 filing35 verified
- unsecured creditorsnote: Receiver's creditor list shows related party payables as TBD at Dec 17, 2021. Separately, 'due from related parties' of $12.6M is an asset · page: 7 · as of: 2021-12-30 · basis: Intercompany 'Due to related parties' per trial balance as of 12/30/2021, stated in $ millions (approximate); unsecured funding from related entities · amount: 7200000 · debtor: Ideal (BC) Developments Inc. · creditor: Related party payables · currency: CAD
- unsecured creditorsnote: Equity-type funding source rather than a stated creditor claim; approximately $2 million · page: 8 · as of: 2021-12-30 · basis: Receiver's understanding of approximate total of special share subscription agreements (Mar 3, 2013 to Mar 15, 2020) · amount: 2000000 · debtor: Ideal (BC) Developments Inc. · creditor: Special share subscriptions (Ideal BC special shares) · currency: CAD
- secured creditorsnote: Balance exceeds the $5M face of the fifth-ranking mortgage; the document does not explain the difference. Validity of security not yet confirmed · page: 76 · as of: 2021-12-17 · amount: 7188144.88 · debtor: Ideal (BC) Developments Inc. · creditor: Amercan Corporation · currency: CAD · security: Fifth-ranking mortgage, face value $5 million, registered Nov 3, 2021 (Amercan also registered the second-ranking $1M mortgage on Aug 29, 2019, since transferred to Fiera)
- secured creditorsnote: Balance per Receiver's creditor list; validity of security not yet confirmed; priority ranking based on preliminary title review, still subject to review · page: 76 · as of: 2021-12-17 · amount: 15465787.96 · debtor: Ideal (BC) Developments Inc. · creditor: C&K Mortgage Services Inc. (Applicant; first-ranking mortgage) · currency: CAD · security: First-ranking mortgage, face value $15 million, registered Oct 30, 2020 (Applicants refinanced Romspen in Aug 2020); face value is not the balance
- secured creditorsnote: Listed at $1,000,000 (equal to face value). Fiera advised the Receiver it is not claiming an interest in the Property. Validity of security not yet confirmed · page: 76 · as of: 2021-12-17 · amount: 1000000 · debtor: Ideal (BC) Developments Inc. · creditor: Fiera LP Real Estate Financing Ltd. · currency: CAD · security: Second-ranking mortgage, face value $1 million, registered by Amercan Aug 29, 2019, transferred to Fiera Aug 24, 2020
- secured creditorsnote: Validity of security not yet confirmed; priority subject to review · page: 76 · as of: 2021-12-17 · amount: 5511472.6 · debtor: Ideal (BC) Developments Inc. · creditor: Feature Corp. · currency: CAD · security: Third-ranking mortgage (original face $2M, registered May 24, 2018, increased to $3M Nov 23, 2018; amended Aug 28, 2019 and Oct 30, 2020) and fourth-ranking mortgage (face $2M, registered Mar 29, 2019; amended Aug 28, 2019 and Oct 30, 2020); the stated balance is a single figure for Feature and the document does not split it between the two mortgages
- financial positionnote: Assets: cash $2K, HST recoverable $73K, property tax prepayment $40K, loan receivable $75K, related party receivables $12,601K, land $6,851K. The original Notice (Dec 27, 2021) used 2019 books (most recent then available) and showed assets of $29,542K (related party receivables $10,881K, land $18,661K) against secured $29,165K, unsecured TBD; it is superseded by the Amended Notice. Liabilities include 'other potential claims' of $1,315K that are unverified potential claims · page: 78 · as at: 2021-12-17 · basis: Receiver's Amended Notice and Statement: 'estimated book value of the Assets as at December 17, 2021 (based on the Ideal BC books and records provided to the Receiver on December 30, 2021)'; assets in CAD $000s; Receiver has not audited, reviewed or verified; 'Realizable values may materially differ'. Liabilities per the Amended Notice amounts owed 'based on the financial information provided to the Receiver': secured $29,165K, unsecured $321K, unit deposits $5,454K, other potential claims $1,315K (total $36,255,308.87 per Appendix A) · scope: Single entity: Ideal (BC) Developments Inc. (amalgamated with Ideal BC2 in September 2020) · currency: CAD · total assets: 19643000 · total liabilities: 36255308.87
- unsecured creditorspage: 79 · as of: 2021-12-17 · basis: Receiver's list of known creditors, not audited or verified · amount: 83500 · debtor: Ideal (BC) Developments Inc. · creditor: Spectrum Realty Services Inc. · currency: CAD
- unsecured creditorspage: 79 · as of: 2021-12-17 · basis: Receiver's list of known creditors, not audited or verified · amount: 17221.2 · debtor: Ideal (BC) Developments Inc. · creditor: Strybos Barron King · currency: CAD
- unsecured creditorspage: 79 · as of: 2021-12-17 · basis: Receiver's list of known creditors, not audited or verified · amount: 55087.5 · debtor: Ideal (BC) Developments Inc. · creditor: TLS Landscaping · currency: CAD
- unsecured creditorspage: 79 · as of: 2021-12-17 · basis: Receiver's list of known creditors, not audited or verified; limited financial information · amount: 4342.62 · debtor: Ideal (BC) Developments Inc. · creditor: City of Richmond Hill · currency: CAD
- unsecured creditorspage: 79 · as of: 2021-12-17 · basis: Receiver's list of known creditors, not audited or verified · amount: 8068.2 · debtor: Ideal (BC) Developments Inc. · creditor: AAA Architects Inc. · currency: CAD
- unsecured creditorspage: 79 · as of: 2021-12-17 · basis: Receiver's list of known creditors, not audited or verified · amount: 4910.19 · debtor: Ideal (BC) Developments Inc. · creditor: Evans Planning Inc. · currency: CAD
- unsecured creditorspage: 79 · as of: 2021-12-17 · basis: Receiver's list of known creditors, not audited or verified · amount: 31707.2 · debtor: Ideal (BC) Developments Inc. · creditor: Exp Realty of Canada Inc. · currency: CAD
- unsecured creditorspage: 79 · as of: 2021-12-17 · basis: Receiver's list of known creditors, not audited or verified · amount: 9239 · debtor: Ideal (BC) Developments Inc. · creditor: Homelife New World Realty Inc. · currency: CAD
- unsecured creditorspage: 79 · as of: 2021-12-17 · basis: Receiver's list of known creditors, not audited or verified · amount: 9434.6 · debtor: Ideal (BC) Developments Inc. · creditor: Homelife/Miracle Realty Itd. · currency: CAD
- unsecured creditorspage: 79 · as of: 2021-12-17 · basis: Receiver's list of known creditors, not audited or verified · amount: 11039.91 · debtor: Ideal (BC) Developments Inc. · creditor: Forest Hill Real Estate Inc. Brokerage · currency: CAD
- unsecured creditorspage: 79 · as of: 2021-12-17 · basis: Receiver's list of known creditors, not audited or verified · amount: 3232 · debtor: Ideal (BC) Developments Inc. · creditor: Ish Jindal CPA Professional Corporation · currency: CAD
- unsecured creditorspage: 79 · as of: 2021-12-17 · basis: Receiver's list of known creditors, not audited or verified · amount: 250.58 · debtor: Ideal (BC) Developments Inc. · creditor: Goodmans LLP · currency: CAD
- unsecured creditorspage: 79 · as of: 2021-12-17 · basis: Receiver's list of known creditors, not audited or verified · amount: 9739.9 · debtor: Ideal (BC) Developments Inc. · creditor: Homelife Landmark Realty Inc. · currency: CAD
- unsecured creditorsnote: Purchaser Deposits collected between May 15, 2020 and June 1, 2021 under 28 agreements of purchase and sale; ranged 10% to 22% of each unit sale price. These are deposit-refund claims, not trade debt; the document does not state their priority. Individual purchaser names omitted here · page: 79 · as of: 2021-12-17 · basis: Receiver's Amended Notice and Statement: 'Unit deposits received'; individually itemised on the Receiver's list (Appendix A), not audited or verified · amount: 5453510 · debtor: Ideal (BC) Developments Inc. · creditor: Unit purchasers (28 Unit APS) — deposits received · currency: CAD
- unsecured creditorspage: 79 · as of: 2021-12-17 · basis: Receiver's list of known creditors, not audited or verified · amount: 14177.59 · debtor: Ideal (BC) Developments Inc. · creditor: Friedman Law Professional Corporation · currency: CAD
- unsecured creditorspage: 79 · as of: 2021-12-17 · basis: Receiver's list of known creditors, not audited or verified · amount: 357.36 · debtor: Ideal (BC) Developments Inc. · creditor: J.E.Coulter Associates Ltd. · currency: CAD
- unsecured creditorspage: 79 · as of: 2021-12-17 · basis: Receiver's list of known creditors, not audited or verified · amount: 43297.72 · debtor: Ideal (BC) Developments Inc. · creditor: Masongsong Associates Engineering Limited · currency: CAD
- unsecured creditorspage: 79 · as of: 2021-12-17 · basis: Receiver's list of known creditors, not audited or verified · amount: 1950.66 · debtor: Ideal (BC) Developments Inc. · creditor: McIntosh Perry · currency: CAD
- unsecured creditorspage: 79 · as of: 2021-12-17 · basis: Receiver's list of known creditors, not audited or verified · amount: 3796.8 · debtor: Ideal (BC) Developments Inc. · creditor: Modu-Loc Fence Rentals Lp · currency: CAD
- unsecured creditorspage: 79 · as of: 2021-12-17 · basis: Receiver's list of known creditors, not audited or verified · amount: 801.4 · debtor: Ideal (BC) Developments Inc. · creditor: Optimum Disposal Services Inc. · currency: CAD
- unsecured creditorspage: 79 · as of: 2021-12-17 · basis: Receiver's list of known creditors, not audited or verified · amount: 9239 · debtor: Ideal (BC) Developments Inc. · creditor: Right At Home Realty Inc., Brokerage · currency: CAD
- unsecured creditorsnote: Potential claim only; nature of claim not stated · page: 80 · as of: 2021-12-17 · basis: Receiver's supplementary / other potential creditors list, not audited or verified · amount: 250000 · debtor: Ideal (BC) Developments Inc. · creditor: Other potential creditor: Abdul Basheer · currency: CAD
- unsecured creditorsnote: Potential claim only; nature of claim not stated · page: 80 · as of: 2021-12-17 · basis: Receiver's supplementary / other potential creditors list, not audited or verified · amount: 75000 · debtor: Ideal (BC) Developments Inc. · creditor: Other potential creditor: Zakeer Mohamed (Mozak Consulting Inc.) · currency: CAD
- unsecured creditorsnote: Amount to be determined; listed as potential claim · page: 80 · as of: 2021-12-17 · basis: Receiver's supplementary list; amount TBD · debtor: Ideal (BC) Developments Inc. · creditor: Ministry of Finance (Ontario) · currency: CAD
- unsecured creditorsnote: Two potential unit purchaser entries with amounts TBD · page: 80 · as of: 2021-12-17 · basis: Receiver's supplementary list; amounts TBD · debtor: Ideal (BC) Developments Inc. · creditor: Potential unit purchasers (two further entries) · currency: CAD
- unsecured creditorsnote: Potential claim only; nature of claim not stated · page: 80 · as of: 2021-12-17 · basis: Receiver's supplementary / other potential creditors list, not audited or verified · amount: 350000 · debtor: Ideal (BC) Developments Inc. · creditor: Other potential creditor: Joyce Ramkumar · currency: CAD
- unsecured creditorsnote: Potential claim only; nature of claim not stated · page: 80 · as of: 2021-12-17 · basis: Receiver's supplementary / other potential creditors list; 'other potential claims', not audited or verified · amount: 600000 · debtor: Ideal (BC) Developments Inc. · creditor: Other potential creditor: Canada Taorun Co Ltd · currency: CAD
- unsecured creditorsnote: Potential governmental claim; deemed-trust class not stated in the document. Original Notice (Dec 27, 2021) listed CRA as TBD · page: 80 · as of: 2021-12-17 · basis: Receiver's supplementary / other potential creditors list; 'other potential claims', not audited or verified · amount: 40000 · debtor: Ideal (BC) Developments Inc. · creditor: Government of Canada (CRA) · currency: CAD