Ontario · Receivership (court-appointed)
Receiver’s First Report to Court (for motion returnable July 19, 2023)
Court officer report · 7 July 2023
AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
What we verified from this filing13 verified
- secured creditorsnote: Security Opinion confirms valid and enforceable first charge, subject to standard assumptions/qualifications · page: 11 · debtor: 1526400 Ontario Inc. (152Co.) · creditor: 2046245 Ontario Inc. (204), 2222228 Ontario Inc. (222), 2473560 Ontario Inc. (560) - Lenders · currency: CAD · security: First charge/mortgage on the Airport Road Property in the amount of $10,750,000 (registered charge amount)
- secured creditorsnote: Security Opinion confirms valid and enforceable second charge, subject to standard assumptions/qualifications · page: 11 · debtor: 1526400 Ontario Inc. (152Co.) · creditor: 2046245 Ontario Inc. (204), 2222228 Ontario Inc. (222), 2473441 Ontario Inc. (441) - Lenders · currency: CAD · security: Second charge/mortgage on the Airport Road Property in the amount of $2,000,000 (registered charge amount)
- secured creditorsnote: Security Opinion by Paliare Roland confirms valid and enforceable first charge, subject to standard assumptions/qualifications · page: 11 · debtor: 2244039 Ontario Inc. (224Co.) · creditor: 2046245 Ontario Inc. (204), 2222228 Ontario Inc. (222), 2473560 Ontario Inc. (560) - Lenders · currency: CAD · security: First charge/mortgage on the Cherrycrest Property in the amount of $10,750,000 (registered charge amount)
- secured creditorsnote: Security Opinion confirms valid and enforceable second charge, subject to standard assumptions/qualifications · page: 11 · debtor: 2244039 Ontario Inc. (224Co.) · creditor: 2046245 Ontario Inc. (204), 2222228 Ontario Inc. (222), 2473441 Ontario Inc. (441) - Lenders · currency: CAD · security: Second charge/mortgage on the Cherrycrest Property in the amount of $3,800,000 (registered charge amount)
- secured creditorsnote: Assessment for unpaid HST had not been completed by CRA as of the report date; Receiver's preliminary calculation is that the assessment will be approximately $140,000 plus penalties and interest based on 2022 HST returns filed pre-receivership; forecast figure, may differ materially · page: 12 · debtor: 224Co. · creditor: Canada Revenue Agency (HST - unassessed) · currency: CAD · security: Deemed trust (HST), once assessed by CRA
- secured creditorsnote: Deemed trust class - ranks in priority to claims, secured or otherwise, of all creditors; total unpaid DAS claimed was $19,082.50, of which this portion is deemed trust · page: 12 · as of: 2023-06-20 · amount: 8606.59 · debtor: 224Co. · creditor: Canada Revenue Agency (DAS deemed trust) · currency: CAD · security: Deemed trust portion of unpaid source deductions (DAS)
- secured creditorsnote: Receiver continues to take steps to ascertain the status of certain PPSA registrations; will report further in next report - status not yet known · page: 12 · debtor: 224Co. and 152Co. · creditor: PPSA registrants (status unconfirmed) · currency: CAD · security: Personal Property Security Act (Ontario) registrations
- secured creditorsnote: Receiver's estimate based upon the most recent realty tax statement · page: 12 · as of: 2023-07-31 · amount: 125000 · debtor: 224Co. · creditor: City of Brampton (realty tax arrears) · currency: CAD · security: Statutory municipal property tax lien
- secured creditorsnote: Receiver's estimate based upon the most recent realty tax statement · page: 12 · as of: 2023-07-31 · amount: 40000 · debtor: 152Co. · creditor: Town of Caledon (realty tax arrears) · currency: CAD · security: Statutory municipal property tax lien
- unsecured creditorsnote: Explicitly stated by Receiver to be an unsecured liability · page: 12 · as of: 2023-06-20 · basis: CRA audit claim issued to the Receiver June 20, 2023 · amount: 16004.6 · debtor: 224Co. · creditor: Canada Revenue Agency (corporate income tax) · currency: CAD
- secured creditorsnote: Deemed trust class - ranks in priority to claims, secured or otherwise, of all creditors; total unpaid DAS claimed was $9,244.32, of which this portion is deemed trust · page: 13 · as of: 2023-06-20 · amount: 2684.85 · debtor: 152Co. · creditor: Canada Revenue Agency (DAS deemed trust) · currency: CAD · security: Deemed trust portion of unpaid source deductions (DAS)
- secured creditorsnote: Deemed trust class - ranks in priority to claims, secured or otherwise, of all creditors; total unpaid HST claimed was $194,053.88, of which this portion is deemed trust · page: 13 · as of: 2023-06-20 · amount: 164555.98 · debtor: 152Co. · creditor: Canada Revenue Agency (HST deemed trust) · currency: CAD · security: Deemed trust portion of unpaid HST
- unsecured creditorsnote: Explicitly stated by Receiver to be an unsecured liability. Receiver states it is not aware of any material unsecured creditors of 224Co. or 152Co. beyond the unsecured portions of the CRA liabilities set out in the report; potential further unsecured CRA liability may arise from capital gains/recapture on the property sales but quantum could not be estimated (page 13) · page: 13 · as of: 2023-06-20 · basis: CRA audit claim issued to the Receiver June 20, 2023 · amount: 91191.5 · debtor: 152Co. · creditor: Canada Revenue Agency (corporate income tax) · currency: CAD