Ontario · Bankruptcy
Trustee's Preliminary Report to Creditors dated November 19, 2025
Court officer report · 19 November 2025
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What we verified from this filing19 verified · 1 withheld
- applicantKingSett Mortgage Corporation
- appointee roletrustee in bankruptcy
- commencement date10 October 2025
- courtOntario Court of Justice, in Bankruptcy and Insolvency
- court file no31-459531
- provinceOntario
- financial positionnote: Assets consist of $1,000 in a bank account at Manulife Bank of Canada; liabilities approximate per Statement of Affairs · page: 2 · basis: Sworn Statement of Affairs · scope: Individual debtor (Carlo Taurasi) only · currency: CAD · total assets: 1000 · total liabilities: 303000000
- secured creditorsnote: Registration date only; no balance stated · page: 2 · as of: 2022-12-09 · debtor: Carlo Taurasi · creditor: 797377 Ontario Inc. · currency: CAD · security: PPSA registration
- secured creditorsnote: Registration date only; no balance stated; also listed as major unsecured creditor for guarantee claim · page: 2 · as of: 2017-01-16 · debtor: Carlo Taurasi · creditor: TD Bank · currency: CAD · security: PPSA registration
- secured creditorsnote: Multiple blanket registrations; amount not stated · page: 2 · debtor: Carlo Taurasi · creditor: Dorr Capital Corporation · currency: CAD · security: PPSA registrations (6), dates ranging October 16, 2021 to December 7, 2022
- secured creditorsnote: Registration date only; no balance stated; also filed bankruptcy application against CT and is a major unsecured creditor for guarantee claim · page: 2 · as of: 2021-12-20 · debtor: Carlo Taurasi · creditor: KingSett Mortgage Corporation · currency: CAD · security: PPSA registration
- secured creditorsnote: Amount not stated · page: 2 · debtor: Carlo Taurasi · creditor: Firm Capital Mortgage Fund Inc. · currency: CAD · security: PPSA registrations (2), dates July 20, 2022 and December 15, 2022
- unsecured creditorsnote: Guarantee liability re debts of entities in Receivership Proceedings; approximate figure; also holds PPSA registration · page: 2 · as of: Statement of Affairs · basis: Statement of Affairs as reported · amount: 21000000 · debtor: Carlo Taurasi · creditor: KingSett Mortgage Corporation · currency: CAD
- unsecured creditorsnote: Guarantee liability re debts of entities in Receivership Proceedings; approximate figure · page: 2 · as of: Statement of Affairs · basis: Statement of Affairs as reported · amount: 177200000 · debtor: Carlo Taurasi · creditor: Tarion Warranty Corporation · currency: CAD
- unsecured creditorsnote: Guarantee liability re debts of entities in Receivership Proceedings; approximate figure · page: 2 · as of: Statement of Affairs · basis: Statement of Affairs as reported · amount: 37500000 · debtor: Carlo Taurasi · creditor: MCO Management Inc. · currency: CAD
- unsecured creditorsnote: Guarantee liability re debts of entities in Receivership Proceedings; also holds PPSA registration; approximate figure; related to alleged cheque kiting scheme loss to TD · page: 2 · as of: Statement of Affairs · basis: Statement of Affairs as reported · amount: 37500000 · debtor: Carlo Taurasi · creditor: Toronto-Dominion Bank · currency: CAD
- unsecured creditorsnote: Guarantee liability re debts of entities in Receivership Proceedings; approximate figure · page: 2 · as of: Statement of Affairs · basis: Statement of Affairs as reported · amount: 21000000 · debtor: Carlo Taurasi · creditor: Meridian Credit Union Ltd. · currency: CAD
- unsecured creditorsnote: Total approximate unsecured claims per sworn Statement of Affairs; the five named creditors above are the major creditors within this total, remaining creditors not individually named · page: 2 · as of: Statement of Affairs · basis: Statement of Affairs as reported · amount: 303000000 · debtor: Carlo Taurasi · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- recovery outcomeentries: basis: estimated · quote: Unless the Trustee determines there are material undisclosed assets or actions available to the estate, no distribution can be expected for the unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: unsecured creditors · claims amount: 303000000 · interim final: unstated · conditional on: Unless the Trustee determines there are material undisclosed assets or actions available to the estate · claims qualifier: listed · stated on: 2025-11-19 · table missing:
1 extracted value is withheld: either a trap-shaped field where models produce confident wrong numbers, or an identity value whose quotation could not be found in the document. Withheld values are shown to no one.