Ontario · Receivership (court-appointed)
First Report of the Receiver dated October 3, 2024
Court officer report · 3 October 2024
A plain-language read of this filing opens with a subscription.
What we verified from this filing5 verified
- secured creditorsnote: Stated as 'approximately $4.2 million' as at the Filing Date (March 8, 2024), plus interest and costs continuing to accrue; no more precise dated balance provided in these pages. Also secured by an unlimited personal guarantee of Noorallah Nawrozada, the Company's principal (personal guarantor, related party). TD made formal demand and served a Notice of Intention to Enforce Security under s.244 BIA on February 1, 2024. Receiver's counsel (Aird & Berlis LLP) provided an independent Security Opinion confirming valid and perfected security interests in the Real Properties and Ontario personal property. · page: 3 · as of: 2024-03-08 · amount: 4200000 · debtor: 1000108549 Ontario Inc. · creditor: The Toronto-Dominion Bank · currency: CAD · security: General Security Agreement dated April 6, 2022; collateral mortgage (registered principal $4,340,000.00, described elsewhere as 'approximately $4.3 million') registered on title August 26, 2022, instrument no. DT8308; Assignment of Rents and Leases registered August 26, 2022, instrument no. DT83809; Assignment of term deposits and credit balances in the sum of $50,000.00 dated April 6, 2022; postponement and assignment of creditors' claims executed by related companies 2492029 Ontario Inc., 2516077 Ontario Inc. and 2846256 Ontario Inc., each dated April 6, 2022; Environmental Indemnity Agreement dated April 6, 2022. Underlying facilities: operating loan credit limit $100,000.00 and term loan (two tranches) with an original advance amount of $4,290,000.00 (facility limits, not balances).
- secured creditorsnote: Identified via title subsearch conducted February 21, 2024 as the only other encumbrance on title besides the TD mortgage; ranks behind TD's security. · page: 6 · as of: 2024-02-21 · amount: 250000 · debtor: 1000108549 Ontario Inc. · creditor: Syed Fazil Abbas · currency: CAD · security: Subsequent mortgage registered on title to the Real Properties
- secured creditorsnote: Stated as 'approximately $20,000' in property tax arrears; to be satisfied on closing from Transaction proceeds. · page: 6 · amount: 20000 · debtor: 1000108549 Ontario Inc. · creditor: City of Temiskaming Shores · currency: CAD · security: Statutory municipal property tax lien on the Real Properties
- fee scheduleengagements: form: prose · rows: · money: approximate: false · period: kind: cumulative · label: the Period · quote: The average hourly rate billed by AGI/the Receiver during the Period is $461.39. · approval: state: unstated · averages: rate: 461.39 · quote: The average hourly rate billed by AGI/the Receiver during the Period is $461.39. · scope: AGI/the Receiver during the Period · currency: · invoices: date: 2024-04-30 · quote: An account dated April 30, 2024, for the period from March 25, 2024 to April 3, 2024 in the amount of $5,355.43, inclusive of HST and disbursements · total: 5355.43 · period end: 2024-04-03 · period start: 2024-03-25 · firm text: Albert Gelman Inc. · firm quote: This report (the ' First Report ') is filed by Albert Gelman Inc. (' AGI ') , in its capacity as receiver and manager · context quote: Albert Gelman Inc. (' AGI ') , in its capacity as receiver and manager (in such capacities, the ' Receiver '); form: prose · rows: · money: approximate: false · period: kind: unstated · approval: state: unstated · averages: rate: 626.13 · quote: The average hourly rate is $626.13 · currency: · invoices: · firm text: Kestenberg Litigation LLP · firm quote: TD and its counsel, Kestenberg Litigation LLP (' Kestenberg ') · context quote: corresponding extensively with A&B and TD and its counsel, Kestenberg Litigation LLP (' Kestenberg ') , regarding all aspects of this mandate
- recovery outcomeentries: basis: estimated · quote: TD is projected to incur a shortfall on its advances to the Company and has consented to the Transaction; and · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: TD · creditor name: The Toronto-Dominion Bank · interim final: unstated · related party: false · claims qualifier: unstated · stated on: 2024-10-03 · table missing: