Ontario · Winding-up (provincial)
Liquidators First Report to Court (for motion returnable June 13, 2022)
Court officer report · 13 June 2022
A plain-language read of this filing opens with a subscription.
What we verified from this filing9 verified
- unsecured creditorsnote: Liability continues to accrue interest and penalties; not included in the original Trial Balance Report provided to the Liquidator; regulatory/tax (CRA) claim · page: 2 · as of: fiscal year ended October 31, 2021 (assessed amount per corporate tax return) · basis: Corporate income tax return for fiscal year ended October 31, 2021 provided by BDO; the 'Tax Liability' referenced in the motion; Liquidator located no evidence of, and has no reason to believe in, any other creditor of 1827403 besides CRA · amount: 557072 · debtor: 1827403 Ontario Inc. · creditor: Canada Revenue Agency (CRA) · currency: CAD
- secured creditorsnote: Stated as 'approximately $8.5 million' (approximation, not an exact dated balance); loan amortization schedule provided by CMHC on May 19, 2022 but exact figure not quoted in report · page: 3 · as of: First Report date (June 2, 2022) · amount: 8500000 · debtor: 1950979 Ontario Inc. · creditor: Canada Mortgage and Housing Corporation (CMHC) · currency: CAD · security: CMHC Mortgage registered against 888 Whitefield Drive, Peterborough, Ontario (the Whitefield Property); sole PPSA registration against 1950979 (per PPSA search dated April 4, 2022, file currency April 3, 2022) made by CMHC in respect of the CMHC Mortgage
- unsecured creditorsnote: Outstanding property taxes on the Whitefield Property · page: 4 · as of: 2022-05-12 · basis: Property tax statement received by the Liquidator from the City of Peterborough · amount: 2741 · debtor: 1950979 Ontario Inc. · creditor: City of Peterborough · currency: CAD
- unsecured creditorsnote: Related party - Parkview Homes Inc. is owned and operated by Steve McLaren, one of the Shareholders/directors of the Companies; amount stated as 'approximately' · page: 4 · as of: 2022-01-31 · basis: Trial Balance Report prepared by the Shareholders as at January 31, 2022 · amount: 700000 · debtor: 1950979 Ontario Inc. · creditor: Parkview Homes Inc. · currency: CAD
- unsecured creditorsnote: Quantum unknown; Liquidator cannot yet advise the amount; BDO engaged to assist; potentially material liability · page: 4 · basis: Liquidator became aware 1950979 may be subject to a potentially material HST liability for which a self-assessment was required but not filed as of the date of first tenancy occupation · debtor: 1950979 Ontario Inc. · creditor: Canada Revenue Agency (CRA) - HST self-assessment · currency: CAD
- unsecured creditorsnote: Related party - owned/operated by Steve McLaren, a Shareholder; amount stated as 'approximately' · page: 8 · as of: 2022-01-31 · basis: Trial Balance Report prepared by the Shareholders as at January 31, 2022 · amount: 1000000 · debtor: 1950941 Ontario Inc. · creditor: Parkview Homes Inc. · currency: CAD
- unsecured creditorsnote: Outstanding property taxes on the Brock Property · page: 8 · as of: 2022-05-12 · basis: Property tax statement received by the Liquidator from the City of Peterborough · amount: 2662 · debtor: 1950941 Ontario Inc. · creditor: City of Peterborough · currency: CAD
- unsecured creditorsnote: Related party - owned/operated by Steve McLaren, a Shareholder; described as 1950940 being 'a debtor of Parkview Homes' i.e. Parkview Homes is the creditor; amount stated as 'approximately' · page: 12 · as of: 2022-01-31 · basis: Trial Balance Report prepared by the Shareholders as at January 31, 2022 · amount: 49000 · debtor: 1950940 Ontario Inc. · creditor: Parkview Homes Inc. · currency: CAD
- fee scheduleengagements: form: time_summary · rows: Bryan Gelman; Joe Albert; Tom McElroy; Suzette Warner; Sudhanshu Marwaha; Ashely Robinson; Daphna Cherniak · money: fees: quote: The Liquidator's total fees are $106,943.50 · amount: 106943.5 · approximate: false · period: end: 2022-05-31 · kind: cumulative · quote: Detailed billings of the Liquidator up to May 31, 2022 · approval: quote: This Affidavit is made in support of a motion to approve the accounts of Albert Gelman Inc. · state: sought · averages: rate: 404.32 · quote: its average hourly rate is calculated to be $404.32 · currency: · invoices: date: 2022-04-30 · fees: 53133 · quote: An account dated April 30, 2022 for the period to April 30, 2022 of $53,133, plus HST thereon · period end: 2022-04-30; date: 2022-05-31 · fees: 53810.5 · quote: An account dated May 31, 2022 for the period to from May 1 to May 31, 2022 of $53,810.50, plus HST thereon · period end: 2022-05-31 · period start: 2022-05-01 · firm text: Albert Gelman Inc. · firm quote: Albert Gelman Inc. (' AGI ') in its capacity as liquidator · hours total: quote: its total hours spent is 264.5 · value: 264.5 · context quote: in its capacity as liquidator (in such capacity, the ' Liquidator '); form: time_summary · rows: Bryan A. Gelman; Daphna Cherniak; Joe E. Albert; Sudhanshu Marwaha; Suzette Warner; Tom McElroy · money: tax: label: HST · quote: TOTAL HST: $7,314.61 · amount: 7314.61 · fees: quote: Total Fees: | $53,133.00 · amount: 53133 · total: quote: TOTAL AMOUNT DUE: $63,750.47 · amount: 63750.47 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: Total Disbursements: $3,336.60 · amount: 3336.6 · period: end: 2022-04-30 · kind: invoice · quote: Billing Through: Apr 30, 2022 · approval: state: unstated · averages: · currency: · invoices: · firm text: Albert Gelman Inc. · firm quote: Albert Gelman Inc., Court-Appointed Liquidator · context quote: c/o Albert Gelman Inc., Court-Appointed Liquidator; form: time_summary · rows: Ashley Robinson; Bryan A. Gelman; Joe E. Albert; Sudhanshu Marwaha; Suzette Warner; Tom McElroy · money: tax: label: HST · quote: TOTAL HST: $7,009.58 · amount: 7009.58 · fees: quote: Total Fees: $53,810.50 · amount: 53810.5 · total: quote: TOTAL AMOUNT DUE: $60,963.93 · amount: 60963.93 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: Total Disbursements: $143.85 · amount: 143.85 · period: end: 2022-05-31 · kind: invoice · quote: Billing Through: May 31, 2022 · approval: state: unstated · averages: · currency: · invoices: · firm text: Albert Gelman Inc. · firm quote: Albert Gelman Inc., Court-Appointed Liquidator · context quote: c/o Albert Gelman Inc., Court-Appointed Liquidator; form: time_summary · rows: May May Co; Joel Turgeon; Brendan Bissell; Rodney Ikeda; fees: 10352.5 · hours: 25.7 · quote: | | 25.70 | | 10,352.50 · row kind: subtotal · rate kind: standard · name as stated: Total · money: tax: label: HST on Fees · quote: HST on Fees: 1,345.83 · amount: 1345.83 · approximate: false · period: end: 2022-05-31 · kind: cumulative · quote: incurred up to May 31, 2022 · approval: quote: approving the fees and disbursements of the Liquidator's independent counsel, Goldman Sloan Nash and Haber LLP (' GSNH '), incurred up to May 31, 2022. · state: sought · averages: · currency: · invoices: · firm text: Goldman Sloan Nash and Haber LLP · firm quote: Goldman Sloan Nash and Haber LLP (' GSNH ') · context quote: approving the fees and disbursements of the Liquidator's independent counsel, Goldman Sloan Nash and Haber LLP (' GSNH '), incurred up to May 31, 2022.