Ontario · Receivership (court-appointed)
Receiver's First Report
Court officer report · 11 April 2024
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 filing4 verified
- secured creditorsnote: Amount is the balance per updated mortgage discharge statement received March 5, 2024 ($13,328,411.82 plus legal and professional costs). Earlier balance was $12,426,346.31 as at December 5, 2023 plus costs of enforcement, legal and professional costs and interest (RBC application materials); RBC engagement letter (PDF p.27) puts it at approximately $12,500,000.00 as at December 5, 2023. The $13,500,000 is a registered principal/registration figure, not a balance. Receiver had undertaken no security reviews as of this report; security to be reviewed prior to any distribution (security opinion pending). · page: 5 · as of: 2024-03-05 · amount: 13328411.82 · debtor: Vandyk-Vanmills Plaza Inc. · creditor: Royal Bank of Canada (RBC) · currency: CAD · security: First position Charge/Mortgage over the Real Property (1900-1944 Fowler Drive, Mississauga), registered principal sum $13,500,000.00 (instrument PR3507208, registered July 15, 2019); Site-Specific Security Agreement dated December 30, 2014; General Assignment of Rents dated July 15, 2019. First mortgagee.
- secured creditorsnote: Amount per Kay Family mortgage discharge statement indicating indebtedness of $15,590,479.46 plus legal and professional costs as of February 27, 2024. The $14,500,000 is a registered principal/registration figure, not a balance. Security review not yet undertaken by Receiver (security opinion pending). · page: 5 · as of: 2024-02-27 · amount: 15590479.46 · debtor: Vandyk-Vanmills Plaza Inc. · creditor: Kay Family Investments Inc. · currency: CAD · security: Mortgage over the Real Property registered July 19, 2019, in the principal amount of $14,500,000. Second mortgagee.
- secured creditorsnote: Amount is a FLOOR: the Receiver understands O Canada 'claims outstanding debt totaling over $3.9 million' (operative word 'over'); an exact balance and its date are not stated. The $3,000,000 is a registered principal/registration figure, not a balance. Security review not yet undertaken by Receiver (security opinion pending). · page: 5 · amount: 3900000 · debtor: Vandyk-Vanmills Plaza Inc. · creditor: O Canada Capital Inc. · currency: CAD · security: Mortgage over the Real Property registered March 31, 2021, in the principal amount of $3,000,000. Third mortgagee.
- secured creditorsnote: Stated as approximately $753,000 owing (municipal-tax priority class). SATISFIED: subsequent to filing its motion materials, RBC paid this amount to the City of Mississauga in full and the City's rent attornment was withdrawn — not current; the amount effectively rolls into RBC's recovery costs, so do not double-count against RBC's claim. · page: 5 · amount: 753000 · debtor: Vandyk-Vanmills Plaza Inc. · creditor: City of Mississauga (municipal realty taxes) · currency: CAD · security: Municipal realty tax arrears on the Real Property (statutory municipal-tax priority, ranking ahead of the mortgages); Barton & Company appointed tax collector under a City tax warrant issued October 23, 2023.