Ontario · Receivership (court-appointed)
Application Record
Application / notice of application · 22 February 2024
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What we verified from this filing16 verified
- applicantAFC MORTGAGE ADMINISTRATION INC.
- commencement date22 February 2024
- courtSUPERIOR COURT OF JUSTICE (COMMERCIAL LIST)
- court file noCV-24-00713287-00CL
- statutory basissection 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act
- appointeeROSEN GOLDBERG INC.
- appointee roleProposed Receiver
- secured creditorsnote: Total indebtedness under loan agreements and Mortgages as of stated date; AFC acquired 1st Elmvale Mortgage (originally $1,960,000 principal to 5023018 Ontario Inc.) by transfer; 2nd Elmvale Mortgage principal $2,010,000 · page: 40 · as of: 2024-02-12 · amount: 4665083.81 · debtor: Sunrise Acquisitions (Elmvale) Inc., Sajjad Hussain, Mahvesh Hussain, Muzammil Kodwavi, Safana Kodwavi · creditor: AFC Mortgage Administration Inc. · currency: CAD · security: 1st, 2nd Elmvale Mortgages and collateral mortgages over Cicada, Grand Vellore, Abbruzze and Longshore Properties; per diem of $2,280.31 accruing thereafter
- secured creditorsnote: Transferred to AFC on June 30, 2022; registered principal amount, not a balance · page: 43 · debtor: Sunrise Acquisitions (Elmvale) Inc. · creditor: 5023018 Ontario Inc. (original 1st Elmvale Mortgage lender, later transferred to AFC) · currency: CAD · security: 1st Elmvale Mortgage, registered principal $1,960,000.00, registered as SC1797693 (corrected by SC2023765)
- secured creditorsnote: Result of settlement in Kingsett Receivership (CV-21-00663051-00CL); registered principal, not a stated balance; also 2nd Mortgagee on 74 Yonge Street per service list · page: 45 · debtor: Sunrise Acquisitions (Elmvale) Inc. · creditor: KSV Restructuring Inc. · currency: CAD · security: 3rd Elmvale Mortgage, registered as SC1978659, registered principal $10,000,000.00
- secured creditorsnote: Registered charge amount, not a stated balance · page: 47 · debtor: Muzammil Kodwavi and Safana Kodwavi · creditor: Scugog Developments Inc. · currency: CAD · security: Second charge on Grand Vellore Property, registered as YT3262835, registered amount $1,280,750.00
- secured creditorsnote: Registered charge amount, not a stated balance · page: 47 · debtor: Muzammil Kodwavi and Safana Kodwavi · creditor: Italian Canadian Savings & Credit Union Limited · currency: CAD · security: First charge on Grand Vellore Property, registered as YR2914399, registered amount $779,800.00
- secured creditorsnote: Registered charge amount, not a stated balance · page: 47 · debtor: Muzammil Kodwavi and Safana Kodwavi · creditor: Computershare Trust Company of Canada · currency: CAD · security: First charge on Abbruzze Property, registered as YR3261530, registered amount $1,980,000.00
- secured creditorsnote: Construction lien claimant · page: 47 · amount: 140634 · debtor: Sajjad Hussain and Mahvesh Hussain · creditor: Mason's Masonry Supply Ltd. · currency: CAD · security: Construction lien on Cicada Property, instrument AT6465836
- secured creditorsnote: Registered charge amount, not a stated balance · page: 47 · debtor: Sajjad Hussain and Mahvesh Hussain · creditor: Home Trust Company · currency: CAD · security: First charge on Cicada Property, registered as AT503572, registered amount $995,000.00
- secured creditorsnote: Registered charge amount, not a stated balance · page: 48 · debtor: Sajjad Hussain · creditor: The Bank of Nova Scotia · currency: CAD · security: First mortgage on Longshore Property, registered as DR1894254, registered amount $422,500.00