Ontario · Receivership (court-appointed)
First Report of the Receiver, dated February 10, 2025
Court officer report · 10 February 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 filing6 verified
- secured creditorsnote: Amount exclusive of accrued interest and costs; described in Bridge Affidavits as an 'unauthorized mortgage registered by the Second Mortgagee' - disputed/default item cited by BOCC. · page: 6 · amount: 5000000 · debtor: 13995291 Canada Inc. · creditor: 1000386642 Ontario Inc. ("Second Mortgagee") · currency: CAD · security: second ranking mortgage registered on title to the Moatfield Property
- secured creditorsnote: Inclusive of accrued interest but excluding fees, costs and expenses ('BOCC Loan'). Guaranteed first by Visionary (parent/sole shareholder) and second by Fan Zhou (director of Visionary/directing mind of 139) - personal guarantor. · page: 6 · as of: 2024-07-04 · amount: 59800000 · debtor: 13995291 Canada Inc. ("139") · creditor: Bank of China (Canada) ("BOCC") · currency: CAD · security: general assignment of rents; first-ranking mortgage registered on title to the Moatfield Property; general security agreement in respect of 139's property
- secured creditorsnote: In connection with an incomplete parking garage repair project. · page: 7 · as of: 2023-05-05 · amount: 1500000 · debtor: 13995291 Canada Inc. · creditor: Arguson Projects Inc. ("Arguson") · currency: CAD · security: construction lien registered on title to the Moatfield Property (the 'Arguson Lien')
- secured creditorsnote: Per tax certificate dated August 2, 2024; arrears for years 2023 and 2024; current annual property tax approximately $1.46 million. Municipal property tax arrears constitute a statutory lien; not explicitly described as registered lien in this passage. · page: 7 · as of: 2024-08-01 · amount: 2700000 · debtor: 13995291 Canada Inc. · creditor: City of Toronto (property tax arrears) · currency: CAD
- secured creditorsnote: HST arrears; deemed-trust class claim. · page: 7 · amount: 1180000 · debtor: 13995291 Canada Inc. · creditor: Canada Revenue Agency (CRA) · currency: CAD · security: lien registered by CRA on title to the Moatfield Property (the 'CRA Lien')
- fee scheduleengagements: form: prose · rows: · money: approximate: false · period: kind: unstated · approval: state: unstated · averages: rate: 698.31 · quote: The average hourly rate of Aird & Berlis LLP is $698.31. · currency: · invoices: · firm text: Aird & Berlis LLP · firm quote: its legal counsel, Aird & Berlis LLP (' A&B ') · context quote: the activities of the Receiver and its legal counsel, Aird & Berlis LLP (' A&B '), as described herein