Ontario · Receivership (court-appointed)
First Report of the Receiver – March 9, 2026
Court officer report · 9 March 2026
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What we verified from this filing3 verified
- secured creditorsnote: Stated as 'approximately $14.9 million' owing as of June 4, 2025; further interest, expenses and legal fees continued to accrue after that date. Original 2023 commitment was for principal of $10.25 million plus a soft-cost credit facility to a maximum total loan amount of $15 million. Debtors defaulted under a Sept 30, 2025 Forbearance Agreement, leading to the Dec 17, 2025 Receivership Order. Ahmed (director) is personal guarantor/covenantor (related-party guarantor, not a corporate creditor). PPSA and land title searches (Appendix D) confirm no other secured creditors registered against the Debtors as of the report date; Ahmed separately asserted the Debtors have no other creditors, but the Receiver could not confirm this due to incomplete books and records. · page: 8 · as of: 2025-06-04 · amount: 14900000 · debtor: AG (1000 & 1024 Dundas St. E.) GP Inc., AG (1000 & 1024 Dundas St. E.) LP and AG (1000 & 1024 Dundas St. E.) Inc. (assumed liability from original borrowers Ahmed Group (1000 Dundas St. E.) Inc. and Ahmed Group (1024 Dundas St. E.) Inc. pursuant to March 12, 2024 assumption agreement) · creditor: Morrison Financial Mortgage Corporation · currency: CAD · security: First-ranking mortgages registered April 25, 2023 (Instrument Nos. PR4192518 and PR4192520) in the registered principal amount of $15,000,000 against 1000 Dundas and 1024 Dundas respectively (facility ceiling, not outstanding balance); General Security Agreement (GSA) over property/assets of the Original Debtors; General Assignment of Rents (GSR) against title to both properties
- secured creditorsnote: Deemed trust class claim: CRA verbally confirmed (as of March 4, 2026) that the GST/HST account of AG Inc. is in arrears of approximately $110,000 in total, of which approximately $91,000 is recognized as a deemed trust; GST/HST returns not filed for 2024. AG Inc. also has a separate (non-deemed-trust) corporate income tax arrears of approximately $44,000, with T2 returns not filed since year ended Dec 31, 2022 (not included in this entry's amount as it is not a deemed-trust/priority claim). Status of AG LP and AG GP Inc. CRA accounts remained unconfirmed as of the report date. · page: 12 · as of: 2026-03-04 · amount: 91000 · debtor: AG (1000 & 1024 Dundas St. E.) Inc. · creditor: Canada Revenue Agency (CRA) · currency: CAD
- fee scheduleengagements: form: report_table · rows: · money: fees: quote: the amount of $66,693.50 and $183.28 (all excluding HST) · amount: 66693.5 · approximate: false · disbursements: quote: the amount of $66,693.50 and $183.28 (all excluding HST) · amount: 183.28 · period: end: 2026-02-28 · kind: interim · label: the Period · quote: during the period from December 7, 2025 to February 28, 2026 (the ' Period ') · start: 2025-12-07 · approval: state: unstated · averages: rate: 506.79 · quote: The average hourly rate billed by the Receiver during the Period is $506.79. · scope: billed by the Receiver during the Period · currency: · invoices: · firm text: Albert Gelman Inc. · firm quote: FIRST REPORT OF ALBERT GELMAN INC. IN ITS CAPACITY AS RECEIVER AND MANAGER · context quote: AGI, in its capacity as Receiver of the Debtors, has provided services and incurred disbursements · context unverified: true; form: time_summary · rows: · money: approximate: false · period: kind: invoice · quote: Fees and Disbursements Summary of Robins Appleby LLP for the period from January 19, 2026 up to February 28, 2026 · approval: state: unstated · averages: · currency: · invoices: · firm text: Robins Appleby LLP · firm quote: Robins Appleby LLP (' Robins Appleby ') is acting as counsel to the Receiver. · context quote: Robins Appleby has provided services and incurred disbursements throughout these proceedings in a manner consistent with the instructions of the Receiver · firm unverified: true · context unverified: true