Ontario · Receivership (court-appointed)
First Report of the Receiver dated April 10, 2025
Court officer report · 10 April 2025
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: Payout statement amount; per diem interest of $2,714.14 thereafter. Prior stated balances: $7,381,647.35 as of Nov 1, 2024 (affidavit); Notice of Sale demand of $7,322,727.65 by Nov 6, 2024; mortgage arrears demand of $69,269.83 (Sept 17, 2024). Also secured by GSA, corporate guarantee from CBJ Developments Inc., and personal guarantees from Jeffrey Burrell, Christopher Agagnier, and Kimberley Gayle Zacharias (guarantors, not creditors). Independent legal opinion (Loopstra Nixon LLP) confirms valid first-ranking charge. · page: 8 · as of: 2025-04-25 · amount: 7923102.54 · debtor: CBJ – Fort Erie Hills Inc. · creditor: Hillmount Capital Mortgage Holdings Inc. · currency: CAD · security: First-ranking mortgage/charge on Real Property (registered 2023/10/25, principal $8,000,000) and general security agreement
- secured creditorsnote: Receiver's certificates issued to the Applicant (Hillmount) for borrowings under court-approved Receiver's Borrowings Charge; related party as Applicant/first mortgagee. · page: 16 · as of: First Report date (April 10, 2025) · amount: 250000 · debtor: CBJ – Fort Erie Hills Inc. · creditor: Hillmount Capital Mortgage Holdings Inc. (Receiver's Borrowings Charge) · currency: CAD · security: Receiver's Borrowings Charge on Real Property, priority over other security but subordinate to Receiver's Charge and BIA ss.14.06(7), 81.4(4), 81.6(2)
- secured creditorsnote: Registered notice, not a confirmed balance; validity/enforceability not yet assessed by Receiver as of report date. Amount shown is registration amount, not a stated balance. · page: 17 · debtor: CBJ – Fort Erie Hills Inc. · creditor: Dennis Blain / Lakefront Developments Inc. · currency: CAD · security: Notice registered 2024/02/13 against Real Property, registered amount $5,000,000
- secured creditorsnote: Registered charge, not a confirmed balance; validity/enforceability disputed and not yet assessed by Receiver. Entity recently incorporated (Oct 25, 2024); authorized by person unknown to Applicant; sole director is also a director/officer of the Debtor (potential related party). Considered suspicious per Levinson affidavit. · page: 17 · debtor: CBJ – Fort Erie Hills Inc. · creditor: 1001045239 Ontario Inc. · currency: CAD · security: Charge registered 2024/10/29 against Real Property, registered principal amount $49,000,000