Ontario · Bankruptcy
Trustee's Report to Creditors on Preliminary Administration dated May 21, 2019
Court officer report · 21 May 2019
Also filed as: Trustee's Report to Creditors on Preliminary Administration dated May 30, 2019
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What we verified from this filing8 verified
- commencement date15 May 2019
- secured creditorsnote: Repaid in full from sale proceeds of Woodbine property · page: 2 · as of: 2016-09-30 · amount: 4700000 · debtor: Urbancorp (Woodbine) Inc. · creditor: Laurentian Bank · currency: CAD · security: Mortgage on 9064 Woodbine Avenue, Markham property
- secured creditorsnote: Repaid in full from sale proceeds of Bridlepath property · page: 2 · as of: 2016-10-14 · amount: 10400000 · debtor: Urbancorp (Bridlepath) Inc. · creditor: Atrium Mortgage Investment Corporation · currency: CAD · security: Mortgage on 2425 Bayview Avenue, Toronto property
- financial positionnote: Only remaining asset is cash totaling approximately $110,000; only remaining liability is UCI claim of approximately $4.5 million (see unsecured_creditors) · page: 4 · as at: 2019-05-30 · basis: Trustee's Report to Creditors on Preliminary Administration - stated cash balance · scope: Bay Entities (procedurally consolidated bankrupt estates: Urbancorp (Woodbine) Inc., Urbancorp (Bridlepath) Inc., The Townhouses of Hogg's Hollow Inc., King Towns Inc., Newtowns at King Towns Inc., Deaja Parter (Bay) Inc. and TCC/Urbancorp (Bay) Limited Partnership) · currency: CAD · total assets: 110000
- secured creditorsnote: Guarantee claim disputed/disallowed by Monitor as a transfer at undervalue and voidable as a fraudulent conveyance or preference; later assigned to UCI and admitted pursuant to Revised Settlement approved March 19, 2019 · page: 4 · debtor: Bay LP, Urbancorp (Woodbine) Inc., Urbancorp (Bridlepath) Inc. · creditor: Terra Firma Capital Corporation (TFCC) · currency: CAD · security: Mortgages granted by Woodbine and Bridlepath on real property, securing a guarantee of a loan to Urbancorp Holdco Inc.
- unsecured creditorsnote: Only remaining claim against the Bay Entities is held by UCI, approximately $4.5 million; related party (parent of Cumberland Entities and creditor of Bay Entities); originally admitted at $8 million plus interest and costs in respect of promissory notes, reduced by $3.05 million distribution on June 28, 2018 · page: 4 · as of: 2019-05-30 · basis: Trustee's Report to Creditors on Preliminary Administration - stated remaining claim · amount: 4500000 · debtor: Bay Entities · creditor: Urbancorp Inc. (UCI) · currency: CAD
- appointeeKSV Kofman Inc.
- appointee roleTrustee in Bankruptcy