Ontario · Receivership (court-appointed)
Notice and Statement of Receiver – dated November 10, 2022
Notice to creditors · 10 November 2022
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
- financial positionnote: Document states One8One has no secured obligations and Northern Citadel has no unsecured creditors (Nil). The Debtors have no active business activities. · page: 1 · as at: 2022-10-31 · basis: Information provided by the Debtors; book value only, 'do not necessarily represent realizable values'; Receiver has not been provided the Debtors' books and records · scope: Entity-level, two debtors, no consolidated statement. Northern Citadel Capital Inc.: assets $10,591,263 (Accounts Receivable, Mizrahi Enterprises Inc.); total liabilities $57,119,483 (all secured; unsecured Nil). One8One Davenport Inc.: assets $10,100 (Deposits, City of Toronto); total liabilities $11,573,586 (secured Nil; unsecured $11,573,586). Totals are left null because the document states them per entity and they are not combined here. · currency: CAD
- secured creditorsnote: Amount per Schedule A, as provided by the Debtors; inclusive of accrued interest on the principal amount of the loan but does not include legal and enforcement costs owed to Bridging. Paragraph 6 states approximately $57 million. One8One Davenport Inc. is stated to have no secured obligations. The Receiver has not been provided the Debtors' books and records. · page: 4 · as of: Appointment Date (October 31, 2022) · amount: 57119483 · debtor: Northern Citadel Capital Inc. · creditor: Bridging Finance Inc. et al (Bridging Finance Inc. as agent for Bridging Income Fund LP and related investment funds) · currency: CAD · security: Security held by Bridging Finance Inc., as agent, in the Property of the Debtors
- unsecured creditorsnote: Name suggests a related party to the debtor group, but the document does not say so. Northern Citadel's book-value asset is an account receivable from Mizrahi Enterprises Inc. ($10,591,263), a separate debtor-entity relationship. · page: 4 · as of: Appointment Date (October 31, 2022) · basis: Schedule A list of creditors, based on information provided by the Debtors; Receiver has not been provided the Debtors' books and records · amount: 11436444 · debtor: One8One Davenport Inc. · creditor: Mizrahi Enterprises Inc. · currency: CAD
- unsecured creditorspage: 4 · as of: Appointment Date (October 31, 2022) · basis: Schedule A list of creditors, based on information provided by the Debtors; Receiver has not been provided the Debtors' books and records · amount: 137142 · debtor: One8One Davenport Inc. · creditor: Mizrahi Inc. · currency: CAD