Quebec · Interim receivership
First Report to the Court submitted by the Interim Receiver and Proposed Receiver
Court officer report · 3 June 2026
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What we verified from this filing6 verified
- financial positionnote: Total liabilities derived from stated total assets ($22,259,000) less stated equity (deficit) of $(38,927,000) as shown on the unaudited balance sheet, cross-checked against the 'Summary of debts' table total of $61,186,000 (secured $58,542,000 + unsecured $2,643,000, as reported, not independently computed by extractor). Equity deficit indicates insolvency per Proposed Receiver (para 25). · page: 5 · as at: 2025-12-31 · basis: Unaudited financial statements / books and records of Marine (book value); Proposed Receiver has not audited or verified the Information and expresses no GAAS-level assurance · scope: Marine Property Leaseholds Ltd. (single entity, not consolidated) · currency: CAD · total assets: 22259000 · total liabilities: 61186000
- secured creditorsnote: Senior secured lender; long-term debt balance per Summary of debts table (In 000 CAD: 57,320). Applicant/petitioning creditor in the receivership application. · page: 6 · as of: 2025-12-31 · amount: 57320000 · debtor: Marine Property Leaseholds Ltd. · creditor: Equitable Bank · currency: CAD · security: First-ranking hypothec over the Marine Building, together with an assignment of rents, insurance proceeds, and certain related movable property
- secured creditorsnote: Also described in prose as 'approximately $2.5M' including penalties and interest for 2025 and 2026 taxation years 'at the time of this First Report' (June 3, 2026) - the exact dated table figure of $1,222,000 as at Dec 31, 2025 is used as amount; the $2.5M prose approximation (which is more current and includes additional accrued interest/penalties and the 2026 taxation year) is noted here. Independent review of security by Fasken is underway; security assumed valid for purposes of the report; indebtedness amounts are for indicative purposes only per Proposed Receiver. · page: 6 · as of: 2025-12-31 · amount: 1222000 · debtor: Marine Property Leaseholds Ltd. · creditor: Municipal and school tax authorities (Tax Arrears) · currency: CAD · security: Municipal and school tax arrears, secured by operation of law
- unsecured creditorsnote: Includes trade payables, accruals, and accrued salaries/vacation pay per para 31; no individual trade creditors named. · page: 6 · as of: 2025-12-31 · basis: Summary of debts table per Marine's books and records, as reported by Management · amount: 397000 · debtor: Marine Property Leaseholds Ltd. · creditor: Trade payables and accrued liabilities (Accounts payable and accrued liabilities) · currency: CAD
- unsecured creditorsnote: Relates to tenant deposits per para 31(iii); no individual creditors named. · page: 6 · as of: 2025-12-31 · basis: Summary of debts table per Marine's books and records, as reported by Management · amount: 944000 · debtor: Marine Property Leaseholds Ltd. · creditor: Deferred revenue and other liabilities · currency: CAD
- unsecured creditorsnote: Related-party liability (companies under common control with Marine); no individual creditor names given. · page: 6 · as of: 2025-12-31 · basis: Summary of debts table per Marine's books and records, as reported by Management · amount: 1302000 · debtor: Marine Property Leaseholds Ltd. · creditor: Loans payable to companies under common control · currency: CAD