Ontario · Receivership (court-appointed)
First Receiver’s Report
Court officer report · 11 January 2024
What we verified from this filing12 verified
- courtSUPERIOR COURT OF JUSTICE
- court file noCV-23-00700497-00CL
- provinceONTARIO
- applicantC&K Mortgage Services Inc., Bamburgh Holdings Inc., Yerusha Investments Inc., 1008118 Ontario Limited, Canadian Western Trust Company, E. Manson Investments Ltd., Cory Noorlander, B & M Handelman Investments Ltd., Carol Handelman, Beatryce Spiegel, Randy Spiegel, Stacey Spiegel and Comfort Capital I
- appointeeAlvarez & Marsal Canada Inc.
- appointee roleReceiver
- commencement date15 August 2023
- secured creditorsnote: Payout statement showed approximately $492,000 as of January 9, 2024 (prose approximation); exact figure per table is $492,512. First-ranking charge. · page: 8 · as of: 2024-01-09 · amount: 492512 · debtor: Village Developments Inc. · creditor: Bronte Senior Lenders (Bamburgh Holdings Inc., Yerusha Investments Inc., 1008118 Ontario Limited) · currency: CAD · security: First charge (Bamburg Charge) registered against the Property; principal amount of $400,000
- secured creditorsnote: Payout statement showed approximately $366,000 as of January 9, 2024 (prose approximation); exact figure per table is $366,475. · page: 8 · as of: 2024-01-09 · amount: 366475 · debtor: Village Developments Inc. · creditor: Canadian Western Trust Company (CWTC) · currency: CAD · security: Second charge (CWTC Charge) registered against the Property; principal amount of $300,000
- secured creditorsnote: Receiver unable to obtain payout statement or loan documents; amount reflects principal balance registered on the Property only, not a calculated payout balance. Receiver does not expect sufficient realizations for distribution to this creditor. · page: 10 · as of: 2024-01-11 · amount: 200000 · debtor: Village Developments Inc. · creditor: John Robinson · currency: CAD · security: Fourth charge (Robinson Charge) registered against the Property on February 11, 2022; principal amount of $200,000
- secured creditorsnote: Text states approximately $539,000 as of November 30, 2023; report summary table gives $543,594; payout statement itself totals $539,100.93 (Appendix D, page 20) plus per diem of $109.59/day after Nov 30, 2023. Amount used is table figure per report summary; discrepancy between narrative ($539,000) and table ($543,594) noted. · page: 10 · as of: 2023-11-30 · amount: 539594 · debtor: Village Developments Inc. · creditor: GTA Solid Contracting Inc. · currency: CAD · security: Third charge (GTA Charge) registered against the Property; principal amount of $300,000
- fee scheduleengagements: form: time_summary · rows: S. Ferguson; E. Mann; K. Meng · money: tax: label: HST @ 13% · quote: Add: HST @ 13% · amount: 3464.88 · fees: quote: $26,462.00 · amount: 26462 · total: quote: TOTAL INVOICE | | | $30,117.83 · amount: 30117.83 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: 190.95 · amount: 190.95 · period: end: 2024-01-06 · kind: invoice · quote: the invoice rendered by A&M (the ' A&M Account ') in respect of these proceedings for the period from August 17, 2023 to January 6, 2024 · start: 2023-08-17 · approval: quote: This Affidavit is sworn in connection with a motion by the Receiver to have its fees and disbursements approved, in relation to these proceedings approved by this Court · state: sought · averages: · currency: · invoices: · firm text: Alvarez & Marsal Canada Inc. · firm quote: FIRST REPORT TO COURT OF ALVAREZ & MARSAL CANADA INC. IN ITS CAPACITY AS COURTAPPOINTED RECEIVER OF 17 BRONTE STREET SOUTH, MILTON, ONTARIO AND NOT IN ITS PERSONAL CAPACITY · hours total: quote: 44.2 · value: 44.2 · context quote: which was appointed as Licensed Insolvency Trustee (in such capacity, the ' Receiver ') of lands and premises municipally known as 17 Bronte Street South, Milton, Ontario; form: time_summary · rows: George Benchetrit · money: tax: label: Total Taxes (HST) · quote: Total Taxes (HST) | | | $822.77 · amount: 822.77 · fees: quote: Subtotal | $6,161.25 · amount: 6161.25 · total: quote: TOTAL | $7,269.05 · amount: 7269.05 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: Disbursements | $285.03 · amount: 285.03 · period: kind: unstated · approval: state: unstated · averages: rate: 795 · quote: Average Hourly Rate | | $795 | | · currency: · invoices: · firm text: Chaitons LLP · firm quote: CHAITONS LLP - TIME DOCKETS · context quote: Lawyers for Alvarez & Marsal Canada Inc., Courtappointed Receiver