British Columbia · CCAA
Affidavit #3 of Daniel Pollack sworn October 1, 2026
Affidavit · 1 October 2026
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 filing2 verified
- secured creditorsnote: Post-filing interim financing, not pre-filing debt. Amount drawn is not stated; the Monitor's Fourth Report recommends increasing availability from $1,000,000 to $7,500,000 (a facility limit, not a balance). KingSett alleges events of default under the interim financing (letter of July 24, 2026) arising from bank withdrawals over the ARIO thresholds. · page: 6 · debtor: Symphony Homes (Moonlight Sonata) Limited, 1197062 B.C. Ltd., 1197030 B.C. Ltd., 1168386 B.C. Ltd., 663466 B.C. Ltd., Symphony Homes (Wayburne) Ltd. · creditor: KingSett Mortgage Corporation (interim lender, DIP charge) · currency: CAD · security: Interim financing charge under the ARIO (June 26, 2026) over the Petitioners' assets, ranking ahead of all other security except the Administration Charge, s. 11.8(8) CCAA claims, and claims against 466's assets validly secured and perfected as at the ARIO date.
- secured creditorsnote: $59,121,710.51 is the amount demanded as at May 4, 2026 from guarantor 466 (and the personal guarantors) under the guarantee, 'plus legal costs'; the document does not state this as the Borrowers' own balance. It is stated against the $95,300,000 credit facilities; the document does not reconcile the figure to the facility limits. KingSett's Notice of Intention to Enforce Security against 466 lists GSA dated June 5, 2025, Form B Mortgage and Form C Assignment of Rents (charges CB2089781/CB2089782, registered June 6, 2025), and Guarantee and Postponement of Claims dated June 5, 2025. Related party: guarantors are the principals (Gurmel and Gurdeep Kainth). The Facility 2 Conditions Precedent are disputed (number of Qualified Presales) and the Borrowers say they have been met; KingSett says they have not, so 466's security is not discharged. Borrowers' dispute (Nov 2025 emails) that the loan is 'in arrears'; KingSett asserted approx. $995K interest arrears (Dec 2025). In Dec 2025 the parties discussed a $16.5M paydown to release 466's security, but no agreement was reached. · page: 19 · as of: 2026-05-04 · amount: 59121710.51 · debtor: Symphony Homes (Moonlight Sonata) Limited, 1168386 B.C. Ltd., 1197030 B.C. Ltd., 1197062 B.C. Ltd. (Borrowers); guaranteed by 663466 B.C. Ltd., Gurmel Kainth and Gurdeep Kainth · creditor: KingSett Mortgage Corporation (senior secured creditor; construction lender) · currency: CAD · security: Commitment Letter dated Sept 27, 2024, as amended Apr 15, 2025, for Credit Facilities of $95,300,000 (Facility 1 up to $75,100,000; Facility 2 $20,200,000) — these are facility limits, not balances. Security includes unlimited guarantees and postponement of claims from the guarantors, a mortgage, general assignment of leases and rents and GSA over 466's lands at 416 East Columbia Street, New Westminster, and GSAs from the personal guarantors. Interest, fees and legal costs continue to accrue. Per diems stated in the demand letter: $12,661.82 and $863.11.