Nova Scotia · Proposal
Trustee's Report on Preliminary Administration
Court officer report · 12 November 2020
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What we verified from this filing7 verified
- secured creditorsnote: Unrelated to TFDC; Nova Scotia affiliate of Singapore firm SEED Global Investment. PFL obtained Orders for Foreclosure and Sale on four PIDs (title now transferred, no longer TFDC-owned security); only PID 45401965 remains registered to TFDC and subject to the mortgage. · page: 6 · debtor: Terra Firma Development Corporation Limited · creditor: Project Forest Lakes Pte. Ltd. (PFL) · currency: CAD · security: Collateral mortgage recorded against PID 45401965; previously held collateral mortgages over PIDs 45407459, 45402518, 45401957 and 45382736
- secured creditorsnote: Validity/ownership of mortgages disputed by S+C Treuhandgesellschaft MBH, who has filed Certificates of Lis Pendens against certain PIDs and claims the underlying funds were S+C's, with RII improperly recording the mortgages for its own benefit. RII initiated a private receivership in March 2020 (PwC appointed receiver). Trustee requires proof of claim and security before further action. · page: 6 · debtor: Terra Firma Development Corporation Limited · creditor: Resort Invest International GmbH (RII) · currency: CAD · security: Recorded mortgages on 17 PIDs
- secured creditorsnote: Original loan stated as $3 million plus interest (approximation); exact outstanding balance stated as $2,493,750. · page: 6 · amount: 2493750 · debtor: Terra Firma Development Corporation Limited · creditor: Steiner & Co GmbH · currency: CAD · security: Mortgage over approximately 25-acre parcel, PID 45394814
- secured creditorsnote: Related party — TFDC AsiaCorp Berhad is a wholly owned subsidiary of TFDC; debt believed owed to TFDC Asia and its underlying international investors. · page: 6 · amount: 7884806 · debtor: Terra Firma Development Corporation Limited (Canada) · creditor: TFDC AsiaCorp Berhad (TFDC Asia) · currency: CAD · security: Mortgages over PIDs 45405552 and 45405560; TFDC AsiaCorp also separately owns PID 45382728
- secured creditorsnote: Order for Foreclosure and Sale granted February 19, 2020 — enforcement of security already underway/completed. · page: 7 · debtor: Terra Firma Development Corporation Limited · creditor: JW Lindsay Construction Ltd. · currency: CAD · security: Collateral security over PID 45396892 (Welcome Lodge), financed for construction of the Lodge
- secured creditorsnote: TFDC conveyed the noted PIDs to Signallia by Warranty Deed on September 27, 2019 — security satisfied/discharged via conveyance rather than currently enforceable mortgage. · page: 7 · debtor: Terra Firma Development Corporation Limited · creditor: Signallia Group DMCC · currency: CAD · security: Secured by PIDs 45404548, 45404613, 45404621, 45404704, 45404902 (Woodlands Condominium); financing provided in 2017
- secured creditorsnote: Individual creditors; Trustee has not yet reviewed validity of the security. Notice of foreclosure filed November 5, 2020 (Supreme Court of Nova Scotia Hfx No. 499019); hearing scheduled November 30, 2020. · page: 7 · debtor: Terra Firma Development Corporation Limited · creditor: Issa Mohamad Mohamad Matar and Sahar Ismail Issa Ayyash · currency: CAD · security: Collateral mortgages over PID 45403276 and PID 45398914, granted in 2018 in respect of prior unsecured advances made in 2016 under a plot purchase agreement