Ontario · Receivership (court-appointed)
Motion Record of the Receiver dated September 1, 2026
Application / notice of application · 1 September 2026
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 filing6 verified
- secured creditorsnote: Principal amount only; excludes accrued interest, professional fees, property tax payments made by Foremost and other costs, which continue to accrue. Foremost advised accrued interest on its loan to 214 totals approximately $2.2 million. Foremost also holds mortgages on the Barakaa and Lerrato properties (now sold). Total owed including Receiver's Borrowing Charge advances stated at approximately $7.8 million before interest, fees and costs (see separate entry). Amounts are subordinate to the Receiver's Borrowing Charge. · page: 24 · amount: 6185000 · debtor: 2145499 Ontario Inc. (the Project / Doric Units) · creditor: Foremost Mortgage Holding Corporation · currency: CAD · security: Mortgage registered against the Project, registered prior to all other mortgages on title; principal amount stated in Sixth Report table of secured charges registered against the Project.
- secured creditorsnote: Approximate amount stated as 'approximately $1.6 million'. The majority of the funding has been used for construction costs on the Project. Receiver will allocate borrowings among estates when recoveries are available. Including these advances and the mortgage, Foremost is owed approximately $7.8 million before interest, fees and other costs. · page: 24 · as of: date of the Sixth Report (August 31, 2026) · amount: 1600000 · debtor: Barakaa Developer Inc., Lerrato Inc., 2145499 Ontario Inc. · creditor: Foremost Mortgage Holding Corporation (Receiver's Borrowing Charge) · currency: CAD · security: Receiver's Borrowing Charge under the Receivership Order: fixed and specific charge over the whole of the Property, ranking ahead of all other security interests, subordinate only to the Receiver's Charge and BIA ss. 14.06(7), 81.4(4), 81.6(2) charges. Order authorised borrowings up to $250,000 or such greater amount as the Court authorizes.
- secured creditorsnote: Amount is the principal amount of the registered charge as stated; excludes accrued interest and costs. Subordinate to Receiver's Borrowing Charge. Report does not state whether the amount is an outstanding balance or a registered principal. · page: 24 · amount: 1500000 · debtor: 2145499 Ontario Inc. (the Project) · creditor: Tripta Dhingra · currency: CAD · security: Mortgage/charge registered against the Project (subsequent to Foremost)
- secured creditorsnote: Principal amount of registered charge as stated; excludes accrued interest and costs. Subordinate to Receiver's Borrowing Charge. · page: 24 · amount: 2000000 · debtor: 2145499 Ontario Inc. (the Project) · creditor: BIP Management Inc. · currency: CAD · security: Mortgage/charge registered against the Project
- secured creditorsnote: Principal amount of registered charge as stated; excludes accrued interest and costs. Subordinate to Receiver's Borrowing Charge. · page: 24 · amount: 1000000 · debtor: 2145499 Ontario Inc. (the Project) · creditor: BIP Management Inc. and Galidan Inc. · currency: CAD · security: Mortgage/charge registered against the Project, held jointly by BIP and Galidan Inc.
- secured creditorsnote: Excluded from the secured charges table: these mortgages were ordered to be vacated pursuant to a decision of Justice Koehnen dated March 27, 2025 (discharged; not current security). The $5 million is the registered mortgage amount, not a stated balance. · page: 24 · debtor: 2145499 Ontario Inc. (the Project) · creditor: Sanjive Joshi, Xpert Credit Control Solutions Inc. and Xpert Law Inc. · currency: CAD · security: Mortgages totalling $5 million registered on title at the outset of the proceedings