Ontario · Receivership (court-appointed)
First Report of the Receiver dated March 25, 2026
Court officer report · 25 March 2026
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What we verified from this filing7 verified
- secured creditorsnote: Amount is approximate ('approximately $2.9 million'), with interest and costs continuing to accrue; sole arm's-length/secured creditor per Receiver; Blaney has opined the security is a valid and enforceable charge · page: 6 · as of: 2026-03-25 · amount: 2900000 · debtor: 1351 Queen Street East Corp. · creditor: KingSett Mortgage Corporation · currency: CAD · security: First-ranking mortgage registered on title October 4, 2021 (registered principal amount $3,125,000) and general assignment of rents over the Real Property; general security agreement over all assets and undertaking of the Company
- secured creditorsnote: No evidence that any amount is owed to the City of Toronto under this Encroachment Charge · page: 6 · as of: 1936-07-24 · debtor: 1351 Queen Street East Corp. · creditor: City of Toronto (Encroachment Charge) · currency: CAD · security: Encroachment charge registered July 24, 1936 granting encroachment permissions over Queen Street, securing costs paid or incurred by the City and unpaid by the owners
- secured creditorsnote: Includes $91,476.95 of Vacant Home Tax (VHT) assessed for 2022, 2023 and 2024; VHT appeal period expired December 31, 2025 and no evidence of required occupancy has been produced. Receiver recommends this be paid from sale proceeds ahead of KingSett distribution. · page: 7 · as of: 2026-01-21 · amount: 145358.76 · debtor: 1351 Queen Street East Corp. · creditor: City of Toronto (Property Taxes) · currency: CAD · security: Municipal property tax arrears (statutory priority lien)
- unsecured creditorsnote: Loan made to the Company for renovations at the Real Property; expected to consent to no recovery on Transaction · page: 7 · basis: Based on information from Mr. Harmandayan (Receiver's understanding) · amount: 180000 · debtor: 1351 Queen Street East Corp. · creditor: 2739385 Ontario Limited d/b/a PivotCM · currency: CAD
- unsecured creditorsnote: Loan made to the Company for renovations at the Real Property; related party - company controlled by Gregory Harmandayan, sole officer/director of the debtor; expected to consent to no recovery on Transaction · page: 7 · basis: Based on information from Mr. Harmandayan (Receiver's understanding) · amount: 220000 · debtor: 1351 Queen Street East Corp. · creditor: Harmandayan Consulting Services Ltd. (HCS Ltd.) · currency: CAD
- fee scheduleengagements: form: time_summary · rows: Noah Goldstein; Martin Kosic; fees: 1206.75 · hours: 4.65 · quote: Other staff and administrative | | | 4.65 | 210 - 260 | 1,206.75 · rate max: 260 · rate min: 210 · row kind: bucket · rate kind: range · name as stated: Other staff and administrative · money: fees: quote: Total fees | | | 26.05 | | 14,746.75 · amount: 14746.75 · total: quote: Total fees and disbursements per attached time summary | $ 15,125.82 · amount: 15125.82 · includes tax: false · includes disbursements: true · approximate: false · disbursements: quote: Disbursements | | | | | 379.07 · amount: 379.07 · period: end: 2026-02-28 · kind: interim · quote: Schedule of Professionals' Time and Rates For the Period from January 7, 2026 to February 28, 2026 · start: 2026-01-07 · approval: state: unstated · averages: rate: 566.09 · quote: The average hourly rate of the Receiver is $566.09. · scope: the Receiver · currency: · invoices: · firm text: KSV Restructuring Inc. · firm quote: First Report to Court of KSV Restructuring Inc. as Receiver and Manager of 1351 Queen Street East Corp. · hours total: quote: Total hours | | | | | 26.05 · value: 26.05 · context quote: appointed KSV Restructuring Inc. (' KSV ') as the receiver and manager (in such capacity, the ' Receiver '), without security, of all of the property, assets and undertakings; form: invoice_listing · rows: rate: 900 · quote: Eric Golden | 1996 | $900.00 · row kind: level · rate kind: standard · year of call: 1996 · name as stated: Eric Golden; rate: 750 · quote: Chad Kopach | 2003 | $750.00 · row kind: level · rate kind: standard · year of call: 2003 · name as stated: Chad Kopach; rate: 400 · quote: Matthew Tapia | 2019 | $400.00 · row kind: level · rate kind: standard · year of call: 2019 · name as stated: Matthew Tapia · money: total: quote: TOTAL $15,931.45 · amount: 15931.45 · includes tax: true · includes disbursements: true · approximate: false · period: kind: unstated · approval: state: unstated · averages: rate: 701.52 · quote: $701.52 for Blaney · scope: Blaney · currency: · invoices: tax: 1651.65 · date: 2026-01-31 · fees: 12705 · quote: January 31, 2026 | $12,705.00 | $180.66 | $1,651.65 | $14,537.31 · total: 14537.31 · disbursements: 180.66; tax: 158.19 · date: 2026-03-24 · fees: 1185 · quote: March 24, 2026 | $1,185.00 | $50.95 | $158.19 | $1,394.14 · total: 1394.14 · disbursements: 50.95 · firm text: Blaney · firm quote: Corresponding with Blaney, Cassels and KingSett regarding the APS; · context quote: The average hourly rate for the referenced billing period was (i) $566.09 for the Receiver; and (ii) $701.52 for Blaney.; form: time_summary · rows: Eric Golden; Chad Kopach; Matthew Tapia; Dawn Kearns · money: fees: quote: Total | | 18.10 | | $12,705.00 · amount: 12705 · total: quote: 2026-01-31 | 847565 | $14,537.31 · amount: 14537.31 · includes tax: true · includes disbursements: true · approximate: false · period: kind: invoice · quote: Invoice Date: | January 31, 2026 · approval: state: unstated · averages: · currency: · invoices: · firm text: Blaney · firm quote: Corresponding with Blaney, Cassels and KingSett regarding the APS; · hours total: quote: Total | | 18.10 · value: 18.1 · context quote: The average hourly rate for the referenced billing period was (i) $566.09 for the Receiver; and (ii) $701.52 for Blaney.
- recovery outcomeentries: basis: estimated · quote: The Unsecured Creditors have both been directly advised by Blaney of the pending motion for approval of the Transaction, which will result in no recovery for the Company's unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: receiver · class label: the Company's unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2026-03-25 · table missing: