Ontario · Receivership (court-appointed)
Notice and Statement of the Receiver
Notice to creditors · 6 April 2020
AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
What we verified from this filing22 verified
- financial positionnote: Total assets is the sum of the two stated project totals (as_of the filing's own per-project totals); the document itself does not state a combined figure. No total liabilities stated; secured totals per project: Clover $211,353,227.96, Halo $127,709,382.10; unsecured totals: Clover $46,368,647.31, Halo $28,915,810.42. Clover advanced to lender $144,731,421.51 and Halo $74,654,371.10 as of March 2, 2020 (including accrued interest and LCs, excluding default costs/fees). Purchaser pre-sale deposits received approx. $48.8M (Clover) and $42.5M (Halo) as of Feb 1, 2020, per Cresford management. · page: 4 · as at: 2020-03-27 · basis: Book value per the Companies' books and records; Receiver states amounts do not necessarily represent sale or liquidation value and more recent information is not available · scope: Combined Clover Project ($264,258,877.15) and Halo Project ($160,529,389.84) entities: Clover on Yonge Inc./LP and 480 Yonge Street Inc./LP · currency: CAD · total assets: 424788266.99
- secured creditorsnote: Listed by Receiver as secured creditor; nature of security not described. · page: 5 · as of: 2020-03-27 · amount: 42465133 · debtor: 480 Yonge Street Inc. / Halo Project · creditor: Westmount Guarantee Services Inc. · currency: CAD
- secured creditorsnote: Amount per Receiver's review of books and records and PPSA registrations. Applicant in receivership application. · page: 5 · as of: 2020-03-27 · amount: 111202112.02 · debtor: The Clover on Yonge Inc. / Clover Project · creditor: bcIMC Construction Fund Corporation · currency: CAD · security: Charges/Mortgages, assignments of rents, GSAs, share security, etc. (Security Agreements); Clover facility maximum funding $205,576,541 (shared with bcIMC Specialty Fund, a facility limit, not a balance)
- secured creditorsnote: Amount per Receiver's books and records and PPSA registrations. Applicant in receivership application. · page: 5 · as of: 2020-03-27 · amount: 34377161.94 · debtor: The Clover on Yonge Inc. / Clover Project · creditor: bcIMC Specialty Fund Corporation · currency: CAD · security: Charges/Mortgages, assignments of rents, GSAs, share security, etc. (Security Agreements)
- secured creditorsnote: Listed by Receiver as secured creditor per books and records and PPSA registrations; nature of security not described. · page: 5 · as of: 2020-03-27 · amount: 48773954 · debtor: The Clover on Yonge Inc. / Clover Project · creditor: Westmount Guarantee Services Inc. · currency: CAD
- secured creditorsnote: Listed by Receiver as secured creditor; nature of security not described. Project total for Clover secured creditors stated as $211,353,227.96. · page: 5 · as of: 2020-03-27 · amount: 17000000 · debtor: The Clover on Yonge Inc. / Clover Project · creditor: OTB Capital Inc. · currency: CAD
- secured creditorsnote: Amount per Receiver's books and records and PPSA registrations. · page: 5 · as of: 2020-03-27 · amount: 49152362.38 · debtor: 480 Yonge Street Inc. / Halo Project · creditor: bcIMC Construction Fund Corporation · currency: CAD · security: Charges/Mortgages, assignments of rents, GSAs, share security, etc. (Security Agreements); Halo facility maximum funding $188,143,548 (shared with bcIMC Specialty Fund, a facility limit, not a balance)
- secured creditorsnote: Amount per Receiver's books and records and PPSA registrations. · page: 5 · as of: 2020-03-27 · amount: 25991886.72 · debtor: 480 Yonge Street Inc. / Halo Project · creditor: bcIMC Specialty Fund Corporation · currency: CAD · security: Charges/Mortgages, assignments of rents, GSAs, share security, etc. (Security Agreements)
- secured creditorsnote: Listed by Receiver as secured creditor; nature of security not described. Project total for Halo secured creditors stated as $127,709,382.10. · page: 5 · as of: 2020-03-27 · amount: 10100000 · debtor: 480 Yonge Street Inc. / Halo Project · creditor: OTB Capital Inc. · currency: CAD
- unsecured creditorsnote: Cresford Group affiliate (related party). · page: 7 · as of: 2020-03-27 · basis: Schedule A list of unsecured creditors per Companies' books and records · amount: 13519865.23 · debtor: Clover Project · creditor: Cresford (Rosedale) Development Inc. · currency: CAD
- unsecured creditorspage: 7 · as of: 2020-03-27 · basis: Schedule A list of unsecured creditors per Companies' books and records · amount: 3568585.37 · debtor: Clover Project · creditor: East Downtown Redevelopment Partnership · currency: CAD
- unsecured creditorspage: 8 · as of: 2020-03-27 · basis: Schedule A list of unsecured creditors per Companies' books and records · amount: 5590392.08 · debtor: Clover Project · creditor: Municipal Mechanical Contractors · currency: CAD
- unsecured creditorspage: 8 · as of: 2020-03-27 · basis: Schedule A list of unsecured creditors per Companies' books and records · amount: 1515116.5 · debtor: Clover Project · creditor: Mayfair Electric Limited · currency: CAD
- unsecured creditorspage: 8 · as of: 2020-03-27 · basis: Schedule A list of unsecured creditors per Companies' books and records · amount: 1200941.1 · debtor: Clover Project · creditor: Sky Window Technologies · currency: CAD
- unsecured creditorspage: 9 · as of: 2020-03-27 · basis: Schedule A list of unsecured creditors per Companies' books and records · amount: 1378699.44 · debtor: Clover Project · creditor: Titan Metals Ltd. · currency: CAD
- unsecured creditorsnote: Largest itemised Clover trade creditor. Full Clover list on pp. 7-9 totals $46,368,647.31 (stated total, p. 9); other entries not repeated individually here. · page: 9 · as of: 2020-03-27 · basis: Schedule A list of unsecured creditors per Companies' books and records · amount: 8538739.19 · debtor: Clover Project · creditor: Verdi Structures Inc · currency: CAD
- unsecured creditorspage: 9 · as of: 2020-03-27 · basis: Schedule A list of unsecured creditors per Companies' books and records · amount: 1748956.35 · debtor: Clover Project · creditor: Toro GlassWall Inc · currency: CAD
- unsecured creditorspage: 10 · as of: 2020-03-27 · basis: Schedule A list of unsecured creditors per Companies' books and records · amount: 1156207.01 · debtor: Halo Project · creditor: East Downtown Redevelopment Partnership · currency: CAD
- unsecured creditorsnote: Cresford Group affiliate (related party). Full Halo list on pp. 10-11 totals $28,915,810.42 (stated total, p. 11); other entries not repeated individually here. · page: 10 · as of: 2020-03-27 · basis: Schedule A list of unsecured creditors per Companies' books and records · amount: 16777930.75 · debtor: Halo Project · creditor: Cresford (Rosedale) Development Inc. · currency: CAD
- unsecured creditorspage: 11 · as of: 2020-03-27 · basis: Schedule A list of unsecured creditors per Companies' books and records · amount: 749256.64 · debtor: Halo Project · creditor: Landpower Real Estate Ltd. · currency: CAD
- unsecured creditorspage: 11 · as of: 2020-03-27 · basis: Schedule A list of unsecured creditors per Companies' books and records · amount: 5568030 · debtor: Halo Project · creditor: Verdi Structures Inc · currency: CAD
- unsecured creditorspage: 11 · as of: 2020-03-27 · basis: Schedule A list of unsecured creditors per Companies' books and records · amount: 745725.15 · debtor: Halo Project · creditor: Xact Mechanical Inc. · currency: CAD