Ontario · Receivership (court-appointed)
First Receiver's Report
Court officer report · 12 September 2025
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What we verified from this filing6 verified
- secured creditorsnote: Credit Agreement dated June 18, 2021 for Construction Loan and Letter of Credit facilities ('Credit Facility'); Desjardins is the first secured senior lender; demand for repayment and s.244 BIA notice issued leading to receivership; also holds assignment/postponement of claims (PPSA reg. 776409417) from related-party guarantors Green City Investment Inc. and SNJ Investment and Asset Management Co., Ltd. · page: 8 · as of: 2025-08-31 · amount: 27900000 · debtor: GC King Bond Limited Partnership / GC King Bond GP Inc. · creditor: Caisse Desjardins Ontario Credit Union Inc. · currency: CAD · security: Collateral mortgage against the King Bond Site; general security agreement; general assignment of agreements of purchase and sale; personal and corporate guarantees from at least 12 parties; registered charge (instrument YR3383732) of $62,000,000 (registration ceiling, not balance)
- secured creditorsnote: Provides credit support for Tarion/Ontario New Home Warranties Plan Act registrations; Receiver states it will report on amounts due to Westmount and the Westmount Collateral in a future report · page: 9 · debtor: GC King Bond Limited Partnership / GC King Bond GP Inc. · creditor: Westmount Guarantee Services Inc. · currency: CAD · security: Charge over deposits paid by pre-construction purchasers ('Westmount Collateral', excluded from the Property per Receivership Order); charge against the Real Property; registered charge (instrument YR3380650) of $9,000,000 (registration ceiling, not balance)
- secured creditorsnote: Related-party/individual lenders; Mr. Li is an employee of Green City and member of Management; amount relates to funds advanced in lieu of a unit deposit; Receiver seeking independent legal review of this security via Blaney McMurtry LLP · page: 9 · as of: 2025-05-01 · amount: 400000 · debtor: GC King Bond GP Inc. · creditor: Song Shao and Yingjie Li (Third Mortgagees) · currency: CAD · security: Third mortgage registered against the Real Property (instrument YR3791133)
- process resultsbids: 3 · note: Broker selection process, not the SISP itself: four brokers contacted, three proposals received to market and sell the property. · as of: 2025-09-12 · solicited: 4
- sale advisorCBRE
- sale outcometext: The Receiver recommends the Court approve the SISP for the sale of the King Bond Site · scope: whole_business · status: process_approved