Ontario · Receivership (court-appointed)
First Report of the Receiver (for motion returnable November 26, 2025)
Court officer report · 26 November 2025
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What we verified from this filing20 verified
- secured creditorsnote: Deemed trust class; Receiver advises Kindred Mortgages (advanced/registered before this taxation period) rank in priority to CRA on this HST Debt; no distribution to CRA expected given anticipated Kindred shortfall · page: 7 · as of: HST Notice of Assessment for taxation period January 1 to November 20, 2024 · amount: 4552.54 · debtor: 11393251 Canada Inc. · creditor: Canada Revenue Agency · currency: CAD · security: Deemed trust (HST) claim
- secured creditorsnote: Separate PPSA general security registration in addition to mortgage security; no distinct balance stated · page: 8 · debtor: 11393235 Canada Inc. · creditor: Kindred Credit Union Limited · currency: CAD · security: PPSA (Ontario) financing statement registered Nov 14, 2024 (blanket registration)
- secured creditorsnote: PPSA search conducted Nov 5, 2024 (file currency Nov 4, 2024); no balance stated · page: 8 · debtor: 10603503 Canada Inc. · creditor: Royal Bank of Canada · currency: CAD · security: PPSA (Ontario) financing statement registered Feb 28, 2019 (blanket registration)
- secured creditorsnote: Separate PPSA general security registration in addition to mortgage security; no distinct balance stated · page: 8 · debtor: 10603503 Canada Inc. · creditor: Kindred Credit Union Limited · currency: CAD · security: PPSA (Ontario) financing statement registered Oct 29, 2021 (blanket registration)
- secured creditorsnote: Separate PPSA general security registration in addition to mortgage security; no distinct balance stated · page: 8 · debtor: 11393251 Canada Inc. · creditor: Kindred Credit Union Limited · currency: CAD · security: PPSA (Ontario) financing statement registered Nov 14, 2024 (blanket registration)
- secured creditorsnote: Per Kindred payout/discharge statement dated Oct 21, 2025 (Appendix F); balance excludes accruing interest/costs after that date; legal opinion confirms Kindred first-ranking priority · page: 9 · as of: 2025-10-21 · amount: 1501584.55 · debtor: 11393251 Canada Inc. · creditor: Kindred Credit Union Limited · currency: CAD · security: First-ranking mortgage on 942-944 2nd Avenue East Property (Instrument No. GY237687, registered Oct 28, 2021) and mortgage on River Frontage Land (Instrument No. R565926, registered Feb 20, 2024)
- secured creditorsnote: Per tax certificate; Receiver has ordered updated tax certificates and figure may change · page: 9 · as of: 2024-12-02 · amount: 41928.58 · debtor: 10603503 Canada Inc. · creditor: City of Owen Sound · currency: CAD · security: Municipal property tax arrears (statutory lien) on 950-956 2nd Avenue East Property
- secured creditorsnote: Per tax certificate; Receiver has ordered updated tax certificates and figure may change · page: 9 · as of: 2024-12-02 · amount: 47334.43 · debtor: 11393251 Canada Inc. · creditor: City of Owen Sound · currency: CAD · security: Municipal property tax arrears (statutory lien) on 942-944 2nd Avenue East Property
- secured creditorsnote: Per tax certificate; Receiver has ordered updated tax certificates and figure may change · page: 9 · as of: 2024-12-02 · amount: 16670.1 · debtor: 11393235 Canada Inc. · creditor: City of Owen Sound · currency: CAD · security: Municipal property tax arrears (statutory lien) on 948 2nd Avenue East Property
- secured creditorsnote: Per Kindred payout/discharge statement dated Oct 21, 2025 (Appendix F); balance excludes accruing interest/costs after that date · page: 9 · as of: 2025-10-21 · amount: 909438.94 · debtor: 10603503 Canada Inc. · creditor: Kindred Credit Union Limited · currency: CAD · security: Mortgage on 950-956 2nd Avenue East Property, Instrument No. GY216022, registered Oct 28, 2021
- secured creditorsnote: Registered face value only, not an outstanding balance; a Subsequent Mortgagee; no legal opinion obtained · page: 10 · debtor: 11393235 Canada Inc. · creditor: Christina Kerr · currency: CAD · security: Second mortgage on 948 2nd Avenue East Property, registered face value $250,000
- secured creditorsnote: Registered face value only, not an outstanding balance; a Subsequent Mortgagee; Receiver has not obtained a legal opinion on this security given anticipated Kindred shortfall · page: 10 · debtor: 11393251 Canada Inc. · creditor: Christina Kerr · currency: CAD · security: Second mortgage on 942-944 2nd Avenue East Property, registered face value $250,000
- secured creditorsnote: Registered face value only, not a balance; Subsequent Mortgagee; no legal opinion obtained · page: 10 · debtor: 11393251 Canada Inc. · creditor: 2391628 Ontario Inc. (also referred to as 2391628 Ontario Ltd.) · currency: CAD · security: Third mortgage on 942-944 2nd Avenue East Property, registered face value $879,375
- secured creditorsnote: Registered face value only, not a balance; Subsequent Mortgagee; no legal opinion obtained · page: 10 · debtor: 11393235 Canada Inc. · creditor: 2391628 Ontario Inc. (also referred to as 2391628 Ontario Ltd.) · currency: CAD · security: Third mortgage on 948 2nd Avenue East Property, registered face value $879,375
- secured creditorsnote: Per Kindred payout/discharge statement dated Oct 21, 2025 (Appendix F); balance excludes accruing interest/costs after that date · page: 10 · as of: 2025-10-21 · amount: 544274.26 · debtor: 11393235 Canada Inc. · creditor: Kindred Credit Union Limited · currency: CAD · security: Mortgage on 948 2nd Avenue East Property, Instrument No. GY237685, registered Dec 15, 2022
- secured creditorsnote: Registered face value only, not a balance; Subsequent Mortgagee; no legal opinion obtained · page: 10 · debtor: 10603503 Canada Inc. · creditor: Oswald Emmanuel Real Estate Inc. · currency: CAD · security: Second mortgage on 950-956 2nd Avenue East Property, registered face value $350,000
- secured creditorsnote: Registered face value only, not a balance; Subsequent Mortgagee; no legal opinion obtained · page: 11 · debtor: 10603503 Canada Inc. · creditor: Maes Holdings Inc. · currency: CAD · security: Fourth mortgage on 950-956 2nd Avenue East Property, registered face value $600,000
- secured creditorsnote: Registered face value only, not a balance; Subsequent Mortgagee; no legal opinion obtained · page: 11 · debtor: 10603503 Canada Inc. · creditor: 2391628 Ontario Inc. · currency: CAD · security: Third mortgage on 950-956 2nd Avenue East Property, registered face value $879,375
- secured creditorsnote: DISCHARGED IN SUBSTANCE: Receiver advised by Horton & Horton (counsel for 2391628 Ontario Inc.) that this mortgage was not discharged from title through inadvertence and that no debt is secured by it · page: 11 · debtor: 11393251 Canada Inc. · creditor: 2391628 Ontario Inc. · currency: CAD · security: First mortgage on River Frontage Land, registered face value $670,000
- secured creditorsnote: Court-ordered super-priority charge securing Receiver's Certificates issued to Kindred (Dec 5, 2024; Feb 11, 2025; Jul 2, 2025) to fund receivership; cap of $250,000 principal · page: 14 · as of: November 12, 2025 (date of First Report) · amount: 245000 · debtor: 10603503 Canada Inc., 11393251 Canada Inc. and 11393235 Canada Inc. · creditor: Kindred Credit Union Limited (Receiver's Borrowings) · currency: CAD · security: Receiver's Borrowings Charge on the Property under paragraph 21 of the Appointment Order, ranking ahead of all other interests except the Receiver's Charge