Ontario · Receivership (court-appointed)
First Report of MNP Ltd as Receiver
Court officer report · 10 November 2023
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What we verified from this filing14 verified
- unsecured creditorsnote: Deemed trust claim (in whole or in part) which would have priority over Receivables; periods Dec 31, 2017 to Dec 31, 2020, with further HST returns outstanding for Jan 1, 2021 to May 11, 2023; no recoveries available from K&A OpCo assets so deemed trust does not affect distribution · page: 8 · as of: 2023-07-27 · basis: CRA letter identifying obligation on filed HST returns · amount: 171334.24 · debtor: Kazembe & Associates Professional Corporation (K&A OpCo) · creditor: Canada Revenue Agency (CRA) - HST · currency: CAD
- secured creditorsnote: Minimum approximate amount per materials filed with the Court; second-priority mortgagee per parcel registry; Minden opinion confirms security valid and enforceable; expected to suffer shortfall on distribution · page: 10 · amount: 1000000 · debtor: 1340182 Ontario Limited (Realty Co) · creditor: Canadian Imperial Bank of Commerce (CIBC) · currency: CAD · security: Second-registered mortgage against Wilson Property; also general security agreement per PPSA search
- secured creditorsnote: Minimum approximate amount per materials filed with the Court; third-position registrant per parcel registry; Bryan disputes discharge of an earlier charge (discharged Feb 2, 2019) without his knowledge/consent; personal guarantor/individual creditor · page: 10 · amount: 400000 · debtor: 1340182 Ontario Limited (Realty Co) · creditor: Arthur Bryan · currency: CAD · security: Charge registered against Wilson Property dated August 19, 2022, Instrument No. AT6163499, in amount of $200,000 (registered principal)
- secured creditorsnote: Priority charge over the Wilson Property per Property Tax Account Statement · page: 10 · as of: 2023-10-05 · amount: 85422.37 · debtor: 1340182 Ontario Limited (Realty Co) · creditor: City of Toronto · currency: CAD · security: Property tax arrears - statutory priority lien over Wilson Property
- secured creditorsnote: Minimum approximate amount per materials filed with the Court; Minden opinion confirms security valid and enforceable; first-priority mortgagee per parcel registry · page: 10 · amount: 1160000 · debtor: 1340182 Ontario Limited (Realty Co) · creditor: 923944 Ontario Ltd. (923 Corp) · currency: CAD · security: First-registered mortgage against Wilson Property
- secured creditorsnote: Only PPSA registrant; blanket all-property GSA · page: 11 · debtor: 1340182 Ontario Limited (Realty Co) · creditor: Canadian Imperial Bank of Commerce (CIBC) · currency: CAD · security: General security agreement per Ontario PPSA registry search (File Currency Date: August 14, 2023)
- secured creditorsnote: Shareholder loan per externally prepared Notice to Reader financial statements for FYE June 30, 2018; related party; unclear if still outstanding; PPSA search shows no registration for this loan, so appears unsecured despite related-party status · page: 11 · as of: 2018-06-30 · amount: 298764 · debtor: 1340182 Ontario Limited (Realty Co) · creditor: Shareholder of Realty Co (unnamed) · currency: CAD
- unsecured creditorsnote: CRA indicated none of this figure represents property of the Crown held in trust (i.e., not a deemed trust claim for Realty Co) · page: 11 · as of: 2023-11-08 · basis: CRA letter advising assessed and notionally assessed HST owing, including interest and penalties · amount: 103503.77 · debtor: 1340182 Ontario Limited (Realty Co) · creditor: Canada Revenue Agency (CRA) - HST · currency: CAD
- fee scheduleengagements: form: invoice_listing · rows: · money: tax: label: HST · quote: 9,580.97 · amount: 9580.97 · fees: quote: 73,442.00 · amount: 73442 · total: quote: 83,280.77 · amount: 83280.77 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: 257.80 · amount: 257.8 · period: end: 2023-10-31 · kind: invoice · quote: FOR THE PERIOD MARCH 30 TO OCTOBER 31, 2023 · start: 2023-03-30 · approval: state: unstated · averages: rate: 553.44 · quote: Average Hourly Rate $ 553.44 · currency: · invoices: tax: 9580.97 · date: 2023-11-08 · fees: 73442 · quote: 11302694 | 08-Nov-23 | 132.70 | 73,442.00 | 257.80 | 9,580.97 | 83,280.77 · total: 83280.77 · disbursements: 257.8 · firm text: MNP Ltd. · firm quote: MNP LTD IN ITS CAPACITY AS COURT APPOINTED RECEIVER FOR THE PERIOD MARCH 30 TO OCTOBER 31, 2023 · hours total: quote: 132.70 · value: 132.7 · context quote: MNP Ltd. the Court-appointed receiver (the ' Receiver ') of Kazembe & Associates Professional Corporation; form: time_summary · rows: Timothy Dunn; Kenneth L. Kallish; Carol Liu; fees: 8670 · hours: 11.3 · quote: Total | | 11.30 | | $8,670.00 · row kind: subtotal · rate kind: standard · name as stated: Total · money: fees: quote: Total | | 11.30 | | $8,670.00 · amount: 8670 · total: quote: 07/12/2023 | 3025649 | $9,869.99 · amount: 9869.99 · approximate: false · disbursements: quote: Total | | $64.50 · amount: 64.5 · period: kind: invoice · approval: state: unstated · averages: · currency: · invoices: date: 2023-07-12 · fees: 8670 · quote: 07/12/2023 | 3025649 | $9,869.99 · total: 9869.99 · disbursements: 64.5 · firm text: Minden Gross LLP · firm quote: MINDEN GROSS LLP BARRISTERS & SOLICITORS · hours total: quote: Total | | 11.30 | | $8,670.00 · value: 11.3 · context quote: the Receiver and its legal counsel, Minden Gross LLP (' Minden ') accounts; form: time_summary · rows: Timothy Dunn; Andrea Hogan; Sepideh Kamyabi-Nassabi; Aminah Khan; Carol Liu; Steven Pearlstein; fees: 9578.5 · hours: 15.2 · quote: Total | | 15.20 | | $9,578.50 · row kind: subtotal · rate kind: standard · name as stated: Total · money: fees: quote: Total | | 15.20 | | $9,578.50 · amount: 9578.5 · approximate: false · disbursements: quote: Total | $682.12 · amount: 682.12 · period: kind: invoice · approval: state: unstated · averages: · currency: · invoices: · firm text: Minden Gross LLP · firm quote: MINDEN GROSS LLP BARRISTERS & SOLICITORS · hours total: quote: Total | | 15.20 | | $9,578.50 · value: 15.2 · context quote: the Receiver and its legal counsel, Minden Gross LLP (' Minden ') accounts
- process resultsnote: Two conditional offers presented September 26, 2023; Receiver did not counter; Purchaser's unconditional offer followed October 3, 2023. · as of: 2023-09-26 · qualified bids: 2
- purchaserSyad Manosoor Ali Naqui
- recovery outcomeentries: basis: estimated · quote: the secured debt of the apparent first mortgagee 923 Corp will be repaid in full and supports completion of the contemplated transaction; and · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: receiver · class label: 923 Corp (first mortgagee) · creditor name: 923 Corp · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: CIBC the apparent 2nd position mortgagee will likely suffer a shortfall on its security and CIBC supports the relief being sought by the Receiver. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: CIBC (2nd position mortgagee) · creditor name: CIBC · interim final: unstated · claims qualifier: unstated · stated on: 2023-11-10 · table missing:
- sale advisorHallmark Corbo & Kelos Group Realty Ltd.
- sale outcometext: Receiver recommends Court approve the Wilson APA and authorize completion of the Transaction · scope: parcel · status: pending_approval