Ontario · Receivership (court-appointed)
First Report of the Liquidator dated November 13, 2017 - 11/13/2017
Court officer report · 13 November 2017
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 filing8 verified
- secured creditorsnote: Approximate balance confirmed by Liquidator based on books and records of Tarn (no specific balance date stated); see also collective ~$25 million figure for both Secured Lenders · page: 12 · amount: 6000000 · debtor: Tarn Financial Corporation · creditor: Kingsett Mortgage Corporation · currency: CAD · security: Charge registered against the Real Property, registered principal $11,250,000 (instrument AT4443337, registered 2016-12-23)
- secured creditorsnote: Approximate balance confirmed by Liquidator based on books and records of Tarn (no specific balance date stated); Secured Lenders' (Meridian and Kingsett) combined outstanding indebtedness described elsewhere in the report as approximately $25 million · page: 12 · amount: 18000000 · debtor: Tarn Financial Corporation · creditor: Meridian Credit Union Limited · currency: CAD · security: Charge registered against the Real Property, registered principal $19,800,000 (instrument AT3740682, registered 2014-11-14)
- secured creditorsnote: Deemed trust class - HST collected but not remitted for August 2017 and September 1-24, 2017; paid by Liquidator post-appointment given super-priority status under the Excise Tax Act (subsequently paid/discharged) · page: 19 · as of: 2017-09-25 · amount: 383000 · debtor: Tarn Financial Corporation · creditor: Canada Revenue Agency · currency: CAD
- secured creditorsnote: Withholding tax withheld from Marriott royalty payments but not remitted to CRA; quantum to be determined under claims process (deemed trust/regulatory class) · page: 19 · debtor: Tarn Financial Corporation · creditor: Canada Revenue Agency (Non-Resident Withholding Tax) · currency: CAD
- secured creditorsnote: Liquidator consented to registration and perfection of these liens on the basis that no further enforcement steps be taken, notwithstanding the stay · page: 24 · as of: 2017-10-31 · amount: 1592526 · debtor: Tarn Financial Corporation / Tarn Construction Corporation · creditor: Construction lien claimants (Roni Excavating Limited, MCW Consultants Ltd., Skygrid Construction Inc., GFL Infrastructure Group Inc., The Fence People Limited) · currency: CAD · security: Construction liens registered against the Real Property pursuant to the Construction Lien Act (individual registered liens: $448,700, $124,300, $317,332, $1,627,409, $74,785 per parcel register)
- secured creditorsnote: Not identified in the narrative as a secured lender; appears only on the parcel register (Appendix J) · page: 89 · as of: 2016-06-09 · debtor: Tarn Financial Corporation · creditor: The Guarantee Company of North America · currency: CAD · security: Charge registered against the Real Property, registered principal $7,120,000 (instrument AT4242765) - registration ceiling, not a confirmed outstanding balance
- secured creditorsnote: Related party: SAMM is a shareholder of Tarn (40% of common shares), owned by Respondent Ali Akman · page: 90 · as of: 2017-07-11 · debtor: Tarn Financial Corporation · creditor: SAMM Capital Holdings Inc. · currency: CAD · security: Charge registered against the Real Property, registered principal $4,000,000 (instrument AT4623337) - registration ceiling, not a confirmed outstanding balance
- secured creditorsnote: Not identified in the narrative as a secured lender; appears only on the parcel register (Appendix J) · page: 90 · as of: 2017-03-23 · debtor: Tarn Financial Corporation · creditor: Trisura Guarantee Insurance Company · currency: CAD · security: Charge registered against the Real Property, registered principal $39,500,000 (instrument AT4518239) - registration ceiling, not a confirmed outstanding balance