Ontario · Receivership (court-appointed)
Woodington Estates Inc. – First Report of the Receiver dated January 27, 2025
Court officer report · 27 January 2025
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 filing5 verified
- secured creditorsnote: Registration/principal amount of collateral charge, not a balance owed by Woodington; the underlying $25M Hwy 27 Loan debtor is a different entity controlled by Chetti, not Woodington. · page: 7 · debtor: Woodington Estates Inc. · creditor: Melvyn Eisen and Windsor II Limited Partnership (WLP) · currency: CAD · security: Collateral charge/mortgage in favour of Eisen and WLP, principal amount $5,000,000, registered July 21, 2022 as instrument SC1916092 on the Golf Course Lands, described as collateral security for a separate first mortgage loan of $25,000,000 ("Hwy 27 Loan") made by Eisen and WLP to another Chetti-controlled entity owning lands at 11720 Highway 27, Vaughan, Ontario.
- secured creditorsnote: Amount represents arrears accumulated over several years, per tax certificate certified as at July 10, 2024 (Eisen Affidavit). First Report (Jan 27, 2025) separately states a statement of account from the Town's counsel indicating approximately $225,000 owing as at January 20, 2025 (later, rounded figure). · page: 64 · as of: 2024-07-10 · amount: 191596.02 · debtor: Woodington Estates Inc. · creditor: The Corporation of the Town of New Tecumseth · currency: CAD · security: Statutory tax certificate/lien for unpaid property taxes on the Golf Course Lands.
- secured creditorsnote: First Report (Jan 27, 2025) describes this lien as "approximately $1.5 million"; exact registered lien amount per Eisen Affidavit Exhibit "O" is $1,538,083. · page: 64 · as of: 2024-07-08 · amount: 1538083 · debtor: Woodington Estates Inc. · creditor: Sylvio (Silvio) Construction Co. Ltd. · currency: CAD · security: Construction lien registered July 8, 2024 as instrument SC2067923 against the Golf Course Lands.
- secured creditorsnote: Syndicated loan (original principal $11.5M advanced Jan 9, 2019); Windsor Private Capital LP and WLP collectively advanced ~$10.5M of the principal. Demand letter dated May 16, 2024 claimed $11,408,768.58 owing. First Report (Jan 27, 2025) states amount owing as approximately $12.3 million as at November 29, 2024 (prose approximation; exact dated balance above is preferred). Personal guarantees given by Joseph Chetti and Elena Salvatore; corporate guarantee by Woodington Management Inc. (WMI) – related party, as Chetti is sole director of WMI. · page: 66 · as of: 2024-07-24 · amount: 11649337.11 · debtor: Woodington Estates Inc. · creditor: Melvyn Eisen, as trustee (syndicated loan, including Windsor Private Capital Limited Partnership and Windsor II Limited Partnership (WLP)) · currency: CAD · security: Eisen Mortgage – charge/mortgage, principal amount $11,500,000, registered Jan 11, 2019 as instrument SC1568887 on the Golf Course Lands (7110 4th Line, Tottenham, ON); plus General Assignment of Rents, instrument SC1568888.
- secured creditorsnote: Second-secured lender (Commitment Letter dated July 24, 2019, principal $5.5M). Chetti personally guaranteed the Goldy Mortgage. Notice of Sale issued Aug 9, 2023 stated $5,601,652.09 owing. First Report (Jan 27, 2025) states amount owing as approximately $6.3 million as at November 29, 2024 (prose approximation; exact dated balance above is preferred). · page: 77 · as of: 2024-06-05 · amount: 5878581.15 · debtor: Woodington Estates Inc. · creditor: Goldy Metals Holdings Inc. ("Goldy") · currency: CAD · security: Goldy (Second) Mortgage – charge/mortgage, principal amount $5,500,000, registered Aug 12, 2019 as instrument SC1615589 on the Golf Course Lands, second in priority behind the Eisen Mortgage; assignment of rents, instrument SC1615590; General Security Agreement (GSA dated Aug 8, 2019) over contracts, chattels, fixtures and leasehold improvements at the Golf Course Lands (per Chetti Affidavit, the GSA has not been perfected/registered under the Ontario PPSA).