Ontario · Receivership (court-appointed)
First Report to Court of the Interim Receiver
Court officer report · 26 November 2024
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What we verified from this filing12 verified
- applicantNICOLA SURACE also known as Nick Surace
- courtSUPERIOR COURT OF JUSTICE (COMMERCIAL LIST)
- court file noCV-24-00726047-00CL
- appointeeDodick Landau Inc.
- appointee rolereceiver and manager
- commencement date22 October 2024
- statutory basissection 101 of the Courts of Justice Act, R.S.O. 1990, C. C. 4, as amended, and section 248 of the Business Corporations Act, R.S.O. 1990, C B.16, as amended
- secured creditorsnote: Exact figure per CRA Requirement to Pay dated August 28, 2024 (includes accrued interest and penalties). Deemed-trust claims of this kind rank ahead of ordinary security. Endorsement notes potential personal liability of directors for HST shortfalls. · page: 10 · as of: 2024-08-28 · amount: 1006920.91 · debtor: V.G.A. Carpentry Limited · creditor: Canada Revenue Agency (CRA) - unremitted HST · currency: CAD · security: Deemed trust claim under HST remittance obligations
- secured creditorsnote: Exact figure per CRA Requirement to Pay dated August 28, 2024 (includes accrued interest and penalties). A prior April 2024 CRA payroll audit had estimated approximately $990,000 payable for the period Jan 1, 2023 to March 31, 2024 (superseded prose estimate). CRA subsequently garnished VGA's CIBC account. Deemed-trust claims of this kind rank ahead of ordinary security. Endorsement notes potential personal liability of directors for source-deduction shortfalls. · page: 10 · as of: 2024-08-28 · amount: 1023594.87 · debtor: V.G.A. Carpentry Limited · creditor: Canada Revenue Agency (CRA) - unremitted payroll source deductions · currency: CAD · security: Deemed trust claim under source deduction remittance obligations
- unsecured creditorsnote: Ordinary corporate income tax debt (not a deemed-trust claim, unlike the payroll and HST amounts). Forms part of the aggregate 'over $2 million' CRA indebtedness referenced generally in the Applicant Affidavits (page 7). · page: 10 · as of: 2024-08-28 · basis: CRA Requirement to Pay dated August 28, 2024 · amount: 73586.86 · debtor: V.G.A. Carpentry Limited · creditor: Canada Revenue Agency (CRA) - corporate tax payable · currency: CAD
- unsecured creditorsnote: Disputed; amount not quantified. Per Gillam's May 18, 2023 Default Letter, VGA defaulted on contractual obligations and the cost of the resulting backcharge exceeds the value of work VGA completed prior to default, such that 'there is currently a balance owing to Gillam on VGA's account.' VGA's own subledger instead showed $525,178.82 as receivable from Gillam, which Gillam disputes in full (reported as NIL by Gillam per Appendix G). · page: 11 · as of: Weidman Letter to Interim Receiver, November 2024 · basis: Weidman Letter (Gillam Group Inc.) advising the Interim Receiver of amounts owing on the Carvalho (871-899 College Street) project · debtor: V.G.A. Carpentry Limited · creditor: Gillam Group Inc. · currency: CAD
- secured creditorsnote: CIBC was VGA's operating bank and processed CRA garnishments against VGA's account; existence of a security interest is confirmed by the carve-out in the Appointment Order, but no balance is stated on these pages. · page: 25 · debtor: V.G.A. Carpentry Limited · creditor: Canadian Imperial Bank of Commerce (CIBC) · currency: CAD · security: Security interest referenced in Appointment Order para 14; expressly excluded from the priority of the Interim Receiver's Charge (nature/amount of security not detailed in the excerpted pages)