Ontario · Receivership (court-appointed)
Second Report of the Receiver dated November 26, 2024
Court officer report · 26 November 2024
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What we verified from this filing3 verified
- secured creditorsnote: KingSett advised it was owed $2,522,866 as of March 20, 2024, as set out in the Pollack Affidavit; interest, fees and costs continue to accrue. As of November 19, 2024, KingSett was the only party with a charge registered against the Real Property. Security opinion confirmed: Bennett Jones provided the Receiver with an opinion that KingSett's security, as registered on title to the Real Property, creates valid and enforceable charges, subject to standard assumptions and qualifications. · page: 5 · as of: 2024-03-20 · amount: 2522866 · debtor: Churchill Lands United Inc. · creditor: KingSett Mortgage Corporation · currency: CAD · security: Charge registered against the Real Property (PIN 16265-0869 (LT), Town of Whitby) on July 10, 2023 in the registered amount of $3,000,000 (a registered amount, not a balance). The underlying loan is a $2,390,000 non-revolving demand loan (principal amount, not a balance) under a commitment letter dated September 15, 2021, as amended January 11, 2023 and June 16, 2023.
- unsecured creditorsnote: Approximate figure ('approximately $1,278,000'); the document names no individual unsecured creditors. The same aggregate appears in the appended First Report as approximately $1,278,000 owing to unsecured creditors per the Company's books and records. · page: 6 · basis: According to the Debtor's books and records · amount: 1278000 · debtor: Churchill Lands United Inc. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- fee scheduleengagements: form: time_summary · rows: Noah Goldstein; Jordan Wong; fees: 9076.5 · hours: 25.8 · quote: Other Staff and administration | | 195-750 | 25.80 | 9,076.50 · rate max: 750 · rate min: 195 · row kind: bucket · rate kind: range · name as stated: Other Staff and administration · money: tax: label: HST · quote: HST | 3,975.88 · amount: 3975.88 · total: quote: Total | 34,559.55 · amount: 34559.55 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: Out-of-pocket disbursements (photocopies, postage, other) | | | | 394.67 · amount: 394.67 · period: end: 2024-11-19 · kind: invoice · label: For the Period ending November 19, 2024 · quote: For the Period ending November 19, 2024 · approval: state: unstated · averages: rate: 453.18 · quote: Average hourly rate | | | 453.18 · currency: · invoices: · firm text: KSV Restructuring Inc. · firm quote: Second Report to Court of KSV Restructuring Inc. as Receiver · hours total: quote: 44.55 | | | 20,189.00 · value: 44.55 · context quote: Second Report to Court of KSV Restructuring Inc. as Receiver of the real property legally described as:; form: invoice_listing · rows: John van Gent; Sean Zweig; Aiden Nelms; Meg Tweedlie; Vanessa Colton; Shawn Kirkman; Isaih Scipio; Jing Zhang; Olivia D'Innocenzo · money: tax: label: GST/HST · quote: TOTAL | TOTAL | 50,745.00 $ | 624.55 $ | 6,633.98 $ · amount: 6633.98 · fees: quote: TOTAL | TOTAL | 50,745.00 $ · amount: 50745 · total: quote: TOTAL | TOTAL | 50,745.00 $ | 624.55 $ | 6,633.98 $ | 58,003.53 $ · amount: 58003.53 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: TOTAL | TOTAL | 50,745.00 $ | 624.55 $ · amount: 624.55 · period: end: 2024-11-15 · kind: cumulative · quote: Invoice # Date of | Account | Fees | Expenses/Disbursements | GST/HST | Total · start: 2024-06-06 · approval: state: unstated · averages: rate: 780.69 · quote: Blended Rate (excluding expenses and HST) $50,745.00 ÷ 65 | 780.69 $ · scope: excluding expenses and HST · currency: · invoices: tax: 1348.63 · date: 2024-06-06 · fees: 10252.5 · quote: #1575884 | 6-Jun-24 | 10,252.50 $ | 121.55 $ | 1,348.63 $ | 11,722.68 $ · total: 11722.68 · disbursements: 121.55; tax: 3699.48 · date: 2024-07-18 · fees: 28293.5 · quote: #1583442 | 18-Jul-24 | 28,293.50 $ | 503.00 $ | 3,699.48 $ | 32,495.98 $ · total: 32495.98 · disbursements: 503; tax: 822.77 · date: 2024-08-15 · fees: 6329 · quote: #1587765 | 15-Aug-24 | 6,329.00 $ | - $ | 822.77 $ | 7,151.77 $ · total: 7151.77; tax: 763.1 · date: 2024-11-15 · fees: 5870 · quote: #1602194 | 15-Nov-24 | 5,870.00 $ | - $ | 763.10 $ | 6,633.10 $ · total: 6633.1 · firm text: Bennett Jones LLP · firm quote: Bennett Jones LLP · hours total: quote: TOTAL | | | | 65 | 50,745.00 $ · value: 65 · context quote: Lawyers for KSV Restructuring Inc., solely in its capacity as Court-appointed Receiver and not in its personal capacity; form: time_summary · rows: Aiden Nelms; Shawn Kirkman · money: tax: label: GST/HST · quote: GST/HST $ 763.10 · amount: 763.1 · fees: quote: Total Professional Services $ 5,870.00 · amount: 5870 · total: quote: Total Due in CAD $ 6,633.10 · amount: 6633.1 · includes tax: true · approximate: false · period: end: 2024-11-15 · kind: invoice · quote: Date: November 15, 2024 Invoice : 1602194 · approval: state: unstated · averages: · currency: code: CAD · quote: Total Due in CAD · invoices: · firm text: Bennett Jones LLP · firm quote: Bennett Jones LLP · context quote: Lawyers for KSV Restructuring Inc., solely in its capacity as Court-appointed Receiver and not in its personal capacity