Ontario · Receivership (court-appointed)
Motion Record dated May 15 2024
Application / notice of application · 15 May 2024
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What we verified from this filing9 verified
- applicantOWEMANCO MORTGAGE HOLDING CORPORATION
- courtSUPERIOR COURT OF JUSTICE
- court file noCV-23-00082809-0000
- statutory basisSECTION 243(1) OF THE BANKRUPTCY AND INSOLVENCY ACT, R.S.C. 1985, C. B-3, AS AMENDED, AND SECTION 101 OF THE COURTS OF JUSTICE ACT, R.S.O. 1990 C. C.43, AS AMENDED
- commencement date24 October 2023
- appointeeMNP LTD.
- appointee roleCourt-appointed receiver
- secured creditorsnote: Statement of account from Owemanco (payable to 'Ontario Wealth Management Corporation') dated April 30, 2024 detailing payout as of May 1, 2024: principal $2,000,000.00, protective advances $18,144.32, interest on principal $325,584.21, interest on protective advances $2,721.06, lender's info statement fee $500.00, NSF fees $2,000.00, renewal fee $28,000.00, legal fees on renewal $3,452.00, interest on renewal fee $5,647.41, wire fees $15.00, Mand Rai LLP legal fees $6,039.61, manager's fee $8,160.00; per diem $726.76; excludes legal fees per Receiver's First Report para 20; independent legal opinion from Reconstruct LLP confirms security valid and enforceable; PPSA and title searches reveal no other registrations against the Property or Debtor; Receiver not aware of any prior-ranking liabilities · page: 146 · as of: 2024-05-01 · amount: 2400263.6 · debtor: 2642988 Ontario Inc. · creditor: Owemanco Mortgage Holding Corporation · currency: CAD · security: First-ranking general security agreement over the Debtor; Charge/Mortgage registered against the Property (2170 Ghent Avenue, Burlington, Ontario) under Land Titles; original loan amount $2,000,000
- fee scheduleengagements: form: prose · rows: · money: approximate: false · period: end: 2024-04-30 · kind: invoice · quote: for the period ended April 30, 2024 as set out on the attached time and billing summary · approval: state: unstated · averages: rate: 649.5 · quote: The average hourly rate for the services provided by MNP is $649.50. · currency: · invoices: · firm text: MNP Ltd. · firm quote: MNP Ltd. (' MNP ') the Court-appointed Receiver and Manager (the ' Receiver ') of 2642988 Ontario Inc. · context quote: MNP LTD. , in its capacity as the Court-appointed receiver (the ' Receiver ') of the assets, undertakings and properties of 2642988 Ontario Inc. (the ' Debtor '); form: prose · rows: · money: total: quote: DW's fees and disbursements in representing the Receiver during the period from its appointment until April 30, 2024, total $28,253.96, including HST. · amount: 28253.96 · includes tax: true · includes disbursements: true · approximate: false · period: end: 2024-04-30 · kind: cumulative · quote: DW's fees and disbursements in representing the Receiver during the period from its appointment until April 30, 2024, total $28,253.96, including HST. · approval: state: unstated · averages: · currency: · invoices: · firm text: Dickinson Wright LLP · firm quote: DICKINSON WRIGHT LLP · context quote: DW's fees and disbursements in representing the Receiver during the period from its appointment until April 30, 2024, total $28,253.96, including HST.