Ontario · Receivership (court-appointed)
Second Report to Court of the Receiver dated May 12, 2023
Court officer report · 12 May 2023
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A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
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- fee scheduleengagements: form: report_table · rows: · money: · period: end: 2023-03-31 · kind: invoice · quote: For professional services rendered during the period ended March 31, 2023 by KSV Restructuring Inc., in its capacity as receiver · approval: state: unstated · averages: rate: 518.05 · quote: The average hourly rate of the Receiver is $518.05. · scope: Receiver · currency: · invoices: tax: 1300.36 · fees: 10002 · quote: Invoice # 1 March 16, 2023 $10,002.00 $35.60 $1,300.36 $11,337.86 · total: 11337.86 · period end: 2023-03-16 · disbursements: 35.6; tax: 11066.78 · fees: 79367.5 · quote: Invoice # 2 March 31, 2023 $79,367.50 $5,761.59 $11,066.78 $96,195.87 · total: 96195.87 · period end: 2023-03-31 · disbursements: 5761.59 · firm text: KSV Restructuring Inc. · firm quote: SECOND REPORT OF KSV RESTRUCTURING INC. AS RECEIVER · context quote: in its capacity as receiver (the 'Receiver') of the Company's assets, undertakings and properties appointed pursuant to an order of the Ontario Superior Cour; form: report_table · rows: · money: · period: kind: unstated · approval: state: unstated · averages: rate: 684.88 · quote: Average hourly rate = $684.88 · currency: · invoices: · firm text: Bennett Jones · firm quote: Bennett Jones · context quote: The average hourly rate for the Receiver and Bennett Jones for the referenced billing period was $518 and $685, respectively.
- financial positionnote: Shareholders' deficit of $446,000 also reported. This financial position appears in the First Report (Appendix 'C'), included within the Second Report. Mortgage portfolio reported at $1.9 million 'principle due from borrowers' as of August 31, 2022, versus Investor-reported balances of approximately $26 million per the Mortgage Schedule - Receiver disputes the Audited Statements as inconsistent with actual Investor account balances. · as at: 2022-08-31 · basis: Audited Statements (audited, not qualified, but include a going-concern note) · scope: entity - First Swiss Mortgage Corp. · currency: CAD · total assets: 61000 · total liabilities: 507000
- operational summaryThe Company, a mortgage lender/administrator, ceased operations following its assignment in bankruptcy; the Receiver is investigating alleged wrongdoing (mortgage discharges without investor repayment, under-registered mortgages, misappropriated funds transferred to a related company) and pursuing recoveries for Investors and other creditors, funded by an investor loan facility.
- professional feesnote: Excludes disbursements and HST. Bennett Jones (Receiver's counsel) fees for the same period totalled $141,292, also excluding disbursements and HST. · party: KSV Restructuring Inc. (Receiver) · amount: 126766 · period: commencement of proceeding to April 30, 2023 · currency: CAD
- report date12 May 2023
- report noSecond Report