Ontario · Receivership (court-appointed)
First Report of the Receiver dated April 23, 2025
Court officer report · 23 April 2025
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 filing5 verified
- report date23 April 2025
- report noFirst Report
- secured creditorsnote: Original Loan advance was $9,300,000 (2021 commitment letter); outstanding amount owed as of Jan 7, 2025 is $10,300,000, with interest and costs continuing to accrue. TCC is the only party with a registered charge against the Real Property (as of March 20, 2025) and the only creditor with a registered PPSA security interest. Loan guaranteed by 2633501 Ontario Inc. (related party debtor) and personal guarantors Emil Toma and Allen Toma pursuant to guarantee agreement dated Nov 4, 2021. · page: 6 · as of: 2025-01-07 · amount: 10300000 · debtor: Elderwood Holdings Inc. · creditor: TCC Mortgage Holdings Inc. · currency: CAD · security: First-ranking charge/mortgage on Real Property (originally granted to Computershare Trust Company of Canada as Trez's nominee, registered Nov 4, 2021; assigned to TCC Dec 6, 2024); also general security agreement (PPSA registered Nov 3, 2021), general assignment of rents, general assignment of contracts, assignment and pledge of interest reserve account
- unsecured creditorsnote: Document names no individual unsecured creditors; figure is approximate ('approximately $350,000') · page: 6 · basis: Based on the Company's books and records · amount: 350000 · debtor: Elderwood Holdings Inc. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- operational summaryThe Receiver's activities since the commencement of these proceedings have included reviewing the Receivership Order, corresponding with Trez, legal counsel, Socan, and the Company regarding operational and financial matters, opening a receivership bank account, corresponding with insurance and utility providers, preparing a request for proposals to select a realtor, reviewing proposals, negotiating and editing the Listing Agreement, corresponding with Bousfields regarding development potential, sending statutory notices to creditors, and drafting this Report.