Ontario · Receivership (court-appointed)
Application Record Part 2
Application / notice of application · 6 December 2023
What we verified from this filing7 verified
- secured creditorsnote: Figures are registered principal/charge ceiling amounts on title, not a stated outstanding balance. Loan structured as Facility 'A' ($50,000,000) and Facility 'B' ($24,700,000) per Sept 2017 Borrower Disclosure Form (interest 9.79% p.a., due in 9 months, gross advance $74,700,000, fees $569,500). Personal guarantees given by Wenyi Wang (limited to $50,120,000 plus interest/costs per Dec 2018 amendment), Guanghua Chen (limited to $12,580,000), Dundas Kwok (limited to $500,000) and Patrick Chan (limited to $500,000). On Phase 2/3 lands, postponed to Am-Stat Corporation per YR2896... · page: 127 · as of: 2014-11-24 (original registration; amount increased through 2018) · debtor: King Square Ltd. and Markland Residential Corporation · creditor: Firm Capital Mortgage Fund Inc. · currency: CAD · security: Charge on Phase 1 lands (PIN 29946-0149) and Phase 2/3 lands (PIN 03047-1659), registered as YR2219897, registered principal $50,000,000.00, increased to $62,900,000.00 (YR2620961/YR2620962, 2017), to $74,700,000.00 (YR2748059, 2017), to $82,200,000.00 (YR2947715, 2018). Original charge document (page 10) also names King Square Hotel Corporation as an additional chargor, balance due date stated as 2016/12/01.
- secured creditorsnote: Postponed to Firm Capital Mortgage Fund Inc. pursuant to YR2220419. · page: 127 · as of: 2012-07-19 · debtor: King Square Ltd. and Markland Residential Corporation · creditor: Aviva Insurance Company of Canada · currency: CAD · security: Charge YR1856579 on Phase 1 lands (PIN 29946-0149), registered principal $50,000,000.00
- secured creditorsnote: Postponed to Firm Capital and Aviva Insurance. FAAN Administrators Inc. appointed Trustee over the B&D mortgages by Ontario Superior Court of Justice order (YR3021154, registered 2019-10-17), assuming all prior obligations. · page: 127 · as of: 2014-06-30 · debtor: King Square Ltd. and Markland Residential Corporation · creditor: Building & Development Mortgages Canada Inc. (C Mortgage Inc.) and Olympia Trust Company · currency: CAD · security: Charge YR2148700 (multiply transferred) on Phase 1 lands, registered principal $7,462,867.00, amended to $8,562,687.00 by instrument YR2241139
- secured creditorsnote: Postponed to Aviva Insurance Company of Canada; also postponed to Am-Stat Corporation on Phase 2/3 lands. · page: 127 · as of: 2014-11-24 · debtor: King Square Ltd. and Markland Residential Corporation · creditor: OYSX Inc. · currency: CAD · security: Charge YR2219900 on Phase 1 lands, registered principal $5,000,000.00; Charge YR2219902 on Phase 2/3 lands, registered principal $6,000,000.00
- secured creditorsnote: Postponed to Building & Development Mortgages, OYSX Inc., Aviva Insurance Company of Canada, and Firm Capital Mortgage Fund Inc. · page: 127 · as of: 2011-10-17 · debtor: King Square Ltd. and Markland Residential Corporation · creditor: First Source Mortgage Corporation (transferred to 2198136 Ontario Ltd., then to Wu Family Holdings Inc.) · currency: CAD · security: Two charges (YE1728033/YR1728072) on Phase 1 and Phase 2/3 lands, each registered principal $7,000,000.00; transferred via YR1873804/YR1873806 (2012) to 2198136 Ontario Ltd., then via YR3075419/YR3075422 to Wu Family Holdings Inc.
- secured creditorspage: 144 · as of: 2018-11-09 · debtor: King Square Ltd. and Markland Residential Corporation · creditor: Am-Stat Corporation · currency: CAD · security: Charge YR2896323 on Phase 2/3 lands (PIN 03047-1659), registered principal $20,000,000.00
- secured creditorsnote: Indicated Firm Capital's consent per instrument YR3020457. · page: 144 · as of: 2020-12-30 · debtor: King Square Ltd. and Markland Residential Corporation · creditor: Stateview Homes Inc. · currency: CAD · security: Charge YR3188395 on Phase 2/3 lands, registered principal $4,500,000.00