Ontario · Receivership (court-appointed)
Application Record of the Applicant, KingSett Mortgage Corporation dated December 17, 2025
Application / notice of application · 17 December 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 filing1 verified
- secured creditorsnote: Loan facility (principal) amount is $2,390,000 as amended (originally $2,500,000 under the 2021 Commitment Letter); these are facility/registered principal figures, not the outstanding balance. Indebtedness was earlier stated as $2,522,866.45 as at March 20, 2024 in the 2024 Demand Notice; the $2,844,495.48 figure as of Nov 30, 2025 reflects application of a partial deposit paydown. Loan is also personally guaranteed by Gregory Harmandayan (sole director/officer of the Debtor) - related-party guarantor. Additional share pledges (not asset security over the Debtor) were also obtained from Mike Warner, Conor McCreery & Crystal Luxmore, and De Cartier Development Projects Limited as part of the same Loan security package. Churchill Lands United Inc. (and the Whitby Real Property security) was already subject to a separate receivership order dated May 14, 2024. · page: 8 · as of: 2025-11-30 · amount: 2844495.48 · debtor: 1351 Queen St East Corp. (joint and several non-revolving demand loan with co-borrower Churchill Lands United Inc.) · creditor: KingSett Mortgage Corporation · currency: CAD · security: Charge/Mortgage (registered principal $3,125,000, registered Oct 4, 2021 as AT5875641) against the Queen Real Property (1349 & 1351 Queen Street East, Toronto); Notice of Assignment of Rents-General (AT5875642); General Security Agreement dated Sept 28, 2021 over all present and after-acquired property of the Debtor; Assignment of Material Agreements (Sept 28, 2021); Assignment of Moneys Payable Under Insurance Policies (Sept 28, 2021); Environmental Indemnity (Debtor, Gregory Harmandayan and Alexander de Cartier, Sept 28, 2021). Additional security granted by co-borrower Churchill Lands United Inc. for the same Loan: Charge/Mortgage (registered principal $3,000,000, registered July 10, 2023 as DR2245016) against the Whitby Real Property; General Security Agreement (May 5, 2023) over Churchill's present and after-acquired property; Share Pledge Agreement from Churchill (Sept 28, 2021); Guarantee and Postponement of Claim from Gregory Harmandayan and Alexander de Cartier (Sept 28, 2021).