Ontario · Receivership (court-appointed)
First Report of the Receiver dated September 15, 2025
Court officer report · 15 September 2025
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What we verified from this filing6 verified
- secured creditorsnote: Registered principal/security amounts only; no outstanding balance stated. Vista's interests were postponed in priority to the Westboro Mortgage/GAR by registered postponements. · page: 18 · debtor: TAG Gallipeau Corporation · creditor: Vista Credit Corporation · currency: CAD · security: Charge and Postponement to Westboro, registered charge amount $165,000 (dated 2017/11/21 per First Report's summary table of PIN Report registrations; underlying Charge/Mortgage instrument LC172285 registered 2017/02/06); also a Notice of Security Interest (PPSA) in the amount of $57,500 registered Nov 10, 2016 in respect of certain equipment
- secured creditorsnote: Component charge amounts only; document does not state a consolidated balance owing, so total left null per reporting rules. E.T.I. Investments Limited is described in the Dangerfield Affidavit as 'a company owned by Graham's estate' — related party to the Debtor's principals. E.T.I.'s interests were postponed in priority to the Westboro Mortgage per registered postponements. An earlier charge in favour of E.T.I. (First ETI Mortgage, principal $1,300,000 increased to $1,450,000, registered 2013, later transferred in part to Joseph Arthur Gallipeau) also remains registered per the parcel register but is not included in the Receiver's summary table of charges. · page: 18 · debtor: TAG Gallipeau Corporation · creditor: E.T.I. Investments Limited · currency: CAD · security: Three registered charges per First Report's summary table: $800,000 (registered 2019/09/16), $500,000 (registered 2020/04/07), and $1,465,000 (dated 2019/09/16 in the First Report's table, though the parcel register shows a charge of $1,465,000 registered 2021/08/26)
- secured creditorsnote: Amount is the balance per Westboro's Payout Statement dated Sept 15, 2025, plus per diem interest of $1,914.74 thereafter. Prose in the First Report identifies Westboro as 'the primary secured creditor'. Personal guarantees of the Westboro Mortgage were given by principals Joseph and Graham Gallipeau (individuals, per Dangerfield Affidavit). Receiver's independent counsel (Cassels) opined the mortgage and GAR are valid and enforceable. Westboro also advanced in excess of $1,035,000 to keep property taxes current, added to the Debtor's indebtedness to Westboro (per Dangerfield Affidavit). · page: 19 · as of: 2025-09-29 · amount: 6928180.33 · debtor: TAG Gallipeau Corporation · creditor: Westboro Management Ltd. and Westboro Mortgage Investment LP · currency: CAD · security: Charge/Mortgage registered on title Nov 22, 2016, original registered principal $3,500,000; increased to $4,000,000 by notice registered July 7, 2017 and to $4,500,000 by notice registered Sept 12, 2017 (the "Westboro Mortgage"); also a Notice of Assignment of Rents ("Westboro GAR") registered against the Real Property
- secured creditorsnote: The Town initially advised arrears of $14,614 (unconfirmed, Receiver requested a statement); the Proposed Distribution section states approximately $14,616.10, plus any further interest or fees accruing to the time of closing. · page: 20 · as of: 2025-09-15 · amount: 14616.1 · debtor: TAG Gallipeau Corporation · creditor: The Corporation of the Town of Smiths Falls (water arrears) · currency: CAD · security: Water arrears added to the municipal tax roll (statutory municipal lien); the Receiver's proposed Distribution pays this amount first from the Transaction Proceeds, ahead of SR Realty's commission, the Receiver's Charge, and the Westboro Mortgage
- fee scheduleengagements: form: rate_chart · rows: · money: total: quote: During the period from June 30, 2025 to September 15, 2025, Cassels incurred fees and disbursements, including H armonized Sales Tax (' HST ') , in the amount of $56,544.11. · amount: 56544.11 · includes tax: true · includes disbursements: true · approximate: false · period: end: 2025-09-15 · kind: invoice · quote: During the period from June 30, 2025 to September 15, 2025, Cassels incurred fees and disbursements, including H armonized Sales Tax (' HST ') , in the amount of $56,544.11. · start: 2025-06-30 · approval: state: unstated · averages: rate: 612 · quote: The average hourly rate charged by Cassels was $612.00. · currency: · invoices: · firm text: Cassels Brock & Blackwell LLP · firm quote: Calculation of Average Hourly Billing Rates of Cassels Brock & Blackwell LLP for the period from June 30, 2025 to September 15, 2025 · context quote: During the period from June 30, 2025 to September 15, 2025, Cassels incurred fees and disbursements, including H armonized Sales Tax (' HST ') , in the amount of $56,544.11.
- recovery outcomeentries: basis: unstated · quote: The Receiver understands that Westboro, the primary secured creditor of the Debtor, is supportive of the Transaction, notwithstanding that Westboro may suffer a shortfall in its recovery. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: Westboro, the primary secured creditor · creditor name: Westboro · interim final: unstated · claims qualifier: unstated · stated on: 2025-09-15 · table missing: 48. The Receiver has obtained a legal opinion from Cassels Brock & Blackwell LLP (' Cassels ') , in its capacity as independent counsel to the Receiver, opining that, subject to usual assumptions and qualifications, Westboro's Mortgage constitutes a valid and enforceable charge of the interest of the Debtor in favour of Westboro against the Real Property and the Westboro GAR constitutes a valid and enforceable of charge of the rents and leases described therein in favour of Westboro.