Ontario · Foreign recognition (BIA)
Application Record of the Applicants - Volume 1 of 4 dated November 10, 2025
Application / notice of application · 10 November 2025
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
- unsecured creditorsnote: FLOOR - document states the 79th Group 'raised in excess of £200 million' from 'more than 2,500 investors', primarily via Loan Notes offering a fixed return of up to 18% over a one- or two-year term, through six Loan Note Companies (incl. named Debtors The 79th GRP Client Ltd., 79th Luxury Living Four Ltd., Seventy Ninth UK Ltd., 79th Luxury Living Five Ltd., 79th Commercial Three Ltd., and 79th Luxury Living Six Ltd.). Marketed as SECURED by underlying assets (investors told they would be secured creditors on default) but the Administrators found 'no evidence that this security exists' - recorded unsecured. Group-level fundraising figure recited in a recognition/receivership application; no individual investor names or itemized amounts stated. Subject of City of London Police fraud investigation announced 28 Feb 2025. · page: 14 · as of: affidavit sworn 2025-11-10 (Administrators' preliminary findings) · basis: Recognition application grounds and supporting affidavit - Administrators' preliminary investigation findings; no statement of affairs filed · amount: 200000000 · debtor: The Debtors / Loan Note Companies (79th Group) · creditor: Loan Note investors (aggregate as reported) · currency: GBP
- unsecured creditorsnote: APPROXIMATE and intercompany/related-party - 'These transfers amount to approximately £6.5 million' of investor funds transferred from the Administration Companies to the Canadian Entities (detailed in Schedule E / Exhibit H 'Summary of Transfers', not in this volume). Administrators assert the transferred funds/assets are held in trust for the Administration Companies. Document states 'the only known material creditors of the Canadian Entities are the Administration Companies.' · page: 21 · as of: affidavit sworn 2025-11-10 (Administrators' preliminary findings) · basis: Recognition application - stated as 'the only known material creditors of the Canadian Entities' · amount: 6500000 · debtor: The Canadian Entities (79th GRP Ltd., Lusso Tesoro Ltd., 79th Resources Ltd., Seventy Ninth Corporation) · creditor: The Administration Companies (79th Group UK) · currency: GBP
- financial positionnote: No debtor balance sheet is stated (recognition/receivership application). The draft Supplemental Order (Appointing Receiver) recites: 'to the best of the Foreign Representatives' knowledge, no secured creditors exist' (in respect of the Canadian Entities) - hence secured_creditors returned as an empty array. Grounds state the only known material creditors of the Canadian Entities are the Administration Companies (~£6.5m of traced transfers). Group level: the 79th Group raised in excess of £200 million from more than 2,500 investors via Loan Notes. Note: this is Volume 1 of 4; the exhibit/schedule volumes (Schedule C list of companies, Schedule D org chart, Schedule E / Exhibit H Summary of Transfers, corporate profile reports) are not in this PDF. Court File No. CL-25-00753552-0000, Ontario Superior Court of Justice (Commercial List); Notice of Application issued October 28, 2025; hearing scheduled November 19, 2025. · page: 37 · basis: Application under s.269 of the BIA for recognition of the UK administration proceedings as a foreign main proceeding and appointment of a receiver over the Canadian Entities; no statement of affairs or balance sheet is filed - the figures are the Administrators' preliminary investigation findings recited on the face · scope: Debtors = eight UK 'Administration Companies' (79th Group); receivership targets = four 'Canadian Entities' - 79th GRP Ltd. and Lusso Tesoro Ltd. (wholly owned by Administration Companies), and 79th Resources Ltd. and Seventy Ninth Corporation (owned/controlled by the Websters) · currency: GBP
- secured creditors