Ontario · Receivership (court-appointed)
First Report of the Receiver dated December 5, 2024
Court officer report · 5 December 2024
AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
What we verified from this filing4 verified
- secured creditorsnote: Approximate figure per Court materials filed by Duca; interest and costs continuing to accrue; also owed approx. $200,000 under a letter of credit facility (separate entry below) · page: 5 · as of: 2024-06-12 · amount: 7500000 · debtor: 2460467 Ontario Inc. · creditor: DUCA Financial Services Credit Union Ltd. · currency: CAD · security: First-ranking mortgage on the Real Property; also general security agreement dated December 6, 2022
- secured creditorsnote: Approximate amount owing under letter of credit facility, in addition to mortgage debt · page: 5 · as of: 2024-06-12 · amount: 200000 · debtor: 2460467 Ontario Inc. · creditor: DUCA Financial Services Credit Union Ltd. (letter of credit facility) · currency: CAD · security: Letter of credit facility
- secured creditorsnote: Approximately $3.8 million presently owing, representing deposits released from escrow; $7 million is the registered charge amount, not the outstanding balance · page: 5 · as of: date of Receivership Order (2024-08-12) · amount: 3800000 · debtor: 2460467 Ontario Inc. · creditor: Westmount Guarantee Services Inc. · currency: CAD · security: Charge against Real Property registered in the amount of $7,000,000 (registration ceiling, not a balance) securing insurance on purchaser deposits; ranks behind Duca
- secured creditorsnote: Aggregate approximately $2 million per document; not itemised by individual lien claimant, so reported as one class total rather than summed component figures · page: 5 · as of: date of Receivership Order (2024-08-12) · debtor: 2460467 Ontario Inc. · creditor: Construction lien claimants (eight suppliers, nine liens) · currency: CAD · security: Nine construction liens registered against the Real Property by eight suppliers