Ontario · Interim receivership
Motion Record of the Interim Receiver returnable November 21, 2024
Application / notice of application · 21 November 2024
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What we verified from this filing18 verified
- appointeeTDB Restructuring Limited
- appointee roleInterim Receiver
- commencement date19 November 2024
- courtSUPERIOR COURT OF JUSTICE
- court file noBK-24-00208718-OT31
- provinceONTARIO
- applicantTDB Restructuring Limited
- secured creditorsnote: Court-ordered administration charge for fees and disbursements, not a pre-filing creditor claim · page: 32 · debtor: Thomas Dylan Suitor · creditor: TDB Restructuring Limited, as Interim Receiver, and its counsel · currency: CAD · security: Interim Receiver's Charge - first charge on the Property in priority to all security interests, subject to BIA ss. 14.06(7), 81.4(4), 81.6(2)
- secured creditorsnote: Facility limit for potential future borrowing by Interim Receiver, not a pre-filing creditor amount · page: 33 · debtor: Thomas Dylan Suitor · creditor: Interim Receiver's lender (credit facility, if drawn) · currency: CAD · security: Interim Receiver's Borrowings Charge - fixed and specific charge on Property, subordinate to Interim Receiver's Charge, priority to other security interests, up to $100,000 principal
- secured creditorsnote: Aggregate of five demanded amounts: 10 Norfolk $281,342.35; 388 Downie $130,980.21; Commercial Urkel $273,398.32; Happy Town $318,426.20; Up-town Funk $263,801.75; disputed - Suitor contests personal guarantor liability · page: 45 · as of: June 18, 2024 Demand Letter · amount: 1267948.83 · debtor: Thomas Dylan Suitor (as guarantor) / Suitor Lion's Share Borrowers (10 Norfolk St. Inc., 388 Downie St. Inc., Commercial Urkel, Happy Town, Up-town Funk) · creditor: Lion's Share Group Inc. (per Bankruptcy Application) · currency: CAD · security: Promissory notes secured by right to register on title to properties of Borrowers/Guarantors
- secured creditorsnote: Stated as indebtedness owed by Suitor as one of the Balboa Principals and pursuant to direct obligations and personal guarantees; disputed by Suitor who denies personal liability as Borrower/Guarantor; per diem interest and enforcement costs continuing to accrue · page: 45 · amount: 23169435.25 · debtor: Thomas Dylan Suitor · creditor: The Fuller Landau Group Inc., in its capacity as Court-appointed Receiver of The Lion's Share Group Inc. · currency: CAD · security: Promissory notes with personal guarantees; security registrable against properties of Borrowers/Guarantors upon default
- secured creditorsnote: Additional promissory note owed by Suitor and in default, principal balance; interest continuing to accrue; per Fourth Report para 19 · page: 46 · amount: 177974.69 · debtor: Thomas Dylan Suitor · creditor: Lion's Share Group Inc. · currency: CAD · security: Promissory note
- secured creditorsnote: Disputed - Suitor contests personal guarantor liability · page: 46 · as of: August 16, 2024 Demand Letter · amount: 1403393.17 · debtor: Thomas Dylan Suitor (as guarantor) · creditor: Lion's Share Group Inc. (per Bankruptcy Application) · currency: CAD · security: Promissory note dated February 16, 2023, secured by right to register on title to properties of Borrowers/Guarantors
- secured creditorsnote: Related party transaction; Suitor initially suggested value was given but failed to provide evidence when requested by Receiver · page: 50 · as of: May 21, 2024 · debtor: Happy Town Housing Inc. (LS Borrower) · creditor: Elevation Realty Network Inc. (Suitor holding company) · currency: CAD · security: Charges taken against properties owned by Happy Town Housing Inc.
- secured creditorsnote: Original mortgage amount, not stated as outstanding balance; use of proceeds unclear per Receiver · page: 50 · as of: May 2024 (mortgage granted) · amount: 1450000 · debtor: Thomas Dylan Suitor (personally, residential property) · creditor: National Bank · currency: CAD · security: Mortgage over residential property owned by Suitor
- secured creditorsnote: Original mortgage amount, not stated as outstanding balance; use of proceeds unclear per Receiver · page: 50 · as of: March 2024 (mortgage granted) · amount: 3200000 · debtor: Thomas Dylan Suitor (personally, residential property) · creditor: National Bank · currency: CAD · security: Mortgage over residential property owned by Suitor
- secured creditorsnote: BMO intends to proceed with sale as first ranking mortgagee and Notice of Intent to Enforce Security; amount not stated; property sold to Suitor's parents indirectly - related party transaction under investigation · page: 51 · debtor: Suitor-related entity (property known as 43 Centre) · creditor: Bank of Montreal (BMO) · currency: CAD · security: First ranking mortgagee
- fee scheduleengagements: form: invoice_listing · rows: · money: tax: label: HST · quote: $ 4,462.91 · amount: 4462.91 · fees: quote: Total | 67-4 | $ 34,312.00 · amount: 34312 · total: quote: $ 38,800.85 · amount: 38800.85 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: Total | 67-4 | $ 34,312.00 | $ 25.95 · amount: 25.95 · period: end: 2024-10-31 · kind: cumulative · label: the Period · quote: For the Period July 21, 2024 to October 31, 2024 · start: 2024-07-21 · approval: quote: in support of a motion for an Order approving the Interim Receiver's fees and disbursements · state: sought · averages: rate: 509.08 · quote: The average hourly rate charged during the Period was $509.08. · currency: · invoices: tax: 2837.83 · date: 2024-10-31 · fees: 21811.5 · quote: TDB #1 | 31-Oct-24 | July 21, to October 15, 2024 | 42.3 | $ 21,811.50 | $ 25.95 | $ 21,837.45 | $ 2,837.83 | $ 24,675.28 | $ 515.64 · total: 24675.28 · period end: 2024-10-15 · average rate: 515.64 · period start: 2024-07-21 · disbursements: 25.95; tax: 1625.07 · date: 2024-11-01 · fees: 12500.5 · quote: TDB#2 | 1-Nov-24 | October 16 to October 31, 2024 | 25.1 | $ 12,500.50 | $ | $ 12,500.50 | $ 1,625.07 | $ 14,125.57 | $ 498.03 · total: 14125.57 · period end: 2024-10-31 · average rate: 498.03 · period start: 2024-10-16 · firm text: TDB Restructuring Limited · firm quote: TDB Restructuring Limited · context quote: Court-Appointed Interim Receiver of Thomas Dylan Suitor; form: time_summary · rows: Bryan A. Tannenbaum; Jeff Berger; Nisan Thurairatnam; Tanveel Irshad; Anne Baptiste · money: tax: label: HST · quote: HST@ 1~% | 2,837.83 · amount: 2837.83 · fees: quote: Total hours and professional fees | 42.30 | $ 21,811.50 · amount: 21811.5 · total: quote: Total pay able | $24,675.28 · amount: 24675.28 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: Total disbursements | 25.95 · amount: 25.95 · period: end: 2024-10-15 · kind: invoice · quote: for the period July 21, 2024 to October 15, 2024 · start: 2024-07-21 · approval: state: unstated · averages: · currency: · invoices: · firm text: TDB Restructuring Limited · firm quote: TDB Restructuring Limited · hours total: quote: Total hours and professional fees | 42.30 · value: 42.3 · context quote: For professional services rendered with respect to the appointment of TDB Restructuring Limited as Court-Appointed Interim Receiver of Thomas Dylan Suitor (the "Debtor") for the period July 21, 2024 to October 15, 2024.; form: time_summary · rows: Jeff Berger; Nisan Thurairatnam · money: tax: label: HST · quote: HST@13% | 1,625.07 · amount: 1625.07 · fees: quote: Total hours and professional fees | 25.10 | $ 12,500.50 · amount: 12500.5 · total: quote: Total payable | $ 14,125.57 · amount: 14125.57 · includes tax: true · approximate: false · period: end: 2024-10-31 · kind: invoice · quote: for the period October 16, 2024 to October 31, 2024 · start: 2024-10-16 · approval: state: unstated · averages: · currency: · invoices: · firm text: TDB Restructuring Limited · firm quote: TDB Restructuring Limited · hours total: quote: Total hours and professional fees | 25.10 · value: 25.1 · context quote: For professional services rendered with respect to the appointment of TDB Restructuring Limited as Court-Appointed Interim Receiver of Thomas Dylan Suitor (the "Debtor") for the period October 16, 2024 to October 31, 2024.; form: time_summary · rows: Fred Tayar; Colby Linthwaite · money: tax: label: Total HST on Disbursements · quote: Total HST on Disbursements | $94.09 · amount: 94.09 · fees: quote: Total Fees Billed: | $12,867.50 · amount: 12867.5 · total: quote: Balance Now Due | $15,358.12 · amount: 15358.12 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: Totals | $723.75 · amount: 723.75 · period: kind: unstated · approval: state: unstated · averages: · currency: · invoices: · firm text: Fred Tayar & Associates Professional Corporation · firm quote: FRED TAYAR & ASSOCIATES PROFESSIONAL CORPORATION · context quote: Lawyers for the Receiver/Liquidator