Ontario · Receivership (court-appointed)
Receiver's First Report to Court dated March 4, 2020.pdf
Court officer report · 4 March 2020
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What we verified from this filing10 verified
- applicantPACE SAVINGS AND CREDIT UNION LIMITED
- appointeeGrant Thornton Limited
- courtSUPERIOR COURT OF JUSTICE
- court file noCV-19-00628767-00CL
- provinceONTARIO
- appointee rolereceiver
- commencement date22 October 2019
- secured creditorsnote: Court-ordered administration charge, not a pre-filing creditor claim; related party (officer of the court) · page: 10 · as of: Receivership Order dated October 22, 2019 · debtor: Gino Testa Construction Limited, Martes Developments Limited, the Properties · creditor: Grant Thornton Limited (Receiver) and Harrison Pensa LLP (Receiver's counsel) · currency: CAD · security: Receiver's Charge - first charge on the Properties for fees and disbursements, in priority to all other security interests, trusts, liens, charges and encumbrances, subject to BIA ss.14.06(7), 81.4(4), 81.6(2)
- secured creditorsnote: Court-ordered funding charge, contingent/not necessarily drawn · page: 11 · as of: Receivership Order dated October 22, 2019 · debtor: The Properties · creditor: Grant Thornton Limited (Receiver) - Borrowings Charge · currency: CAD · security: Receiver's Borrowings Charge - fixed and specific charge on the Properties securing borrowings up to $50,000 outstanding at any time, subordinate to the Receiver's Charge
- secured creditorsnote: Payout statement accepted by Receiver as the Pace Claim; prose in report also references $7,124,582 as at August 8, 2019 (accrued principal, interest and costs) as an earlier balance, and $5,212,518 as at June 30, 2006 per Minutes of Settlement (both superseded by the February 25, 2020 payout figure) · page: 12 · as of: 2020-02-25 · amount: 7346105.13 · debtor: The Estate of Gino Testa, The Estate of Elisera Testa, Gino Testa Construction Limited, Martes Developments Limited · creditor: Pace Savings and Credit Union Limited · currency: CAD · security: First ranking secured interests/charges against the Corporate Debtors, the Debtors, and the Properties (mortgages/charges registered on title); registered charges include $8,500,000 (1988), $2,400,000 (1990), and $7,000,000 (2006) instruments per parcel abstracts