Ontario · Receivership (court-appointed)
First Report of the Receiver dated September 30, 2024
Court officer report · 30 September 2024
A plain-language read of this filing opens with a subscription.
What we verified from this filing9 verified
- secured creditorsnote: Approximate figure per Receiver ('owed approximately $51.6 million'); interest and fees continue to accrue; KingSett is principal financial stakeholder in both loans · page: 6 · as of: 2024-09-30 · amount: 51600000 · debtor: Maplequest Ventures Inc. · creditor: KingSett Mortgage Corporation · currency: CAD · security: First ranking mortgage charge against the Heritage Real Property; first ranking mortgage charge over Dotchson, Portman, Breckonwood and Phyllis Real Properties (Digram) as collateral security; second ranking mortgage charge (behind First Source) against the Countryside Real Property
- secured creditorsnote: Approximate figure per Receiver ('owed approximately $49 million'); interest and fees continue to accrue; KingSett holds a participation interest of approximately $31.5 million in this loan, in first position within the loan structure · page: 6 · as of: 2024-09-30 · amount: 49000000 · debtor: Maplequest Ventures Inc. · creditor: First Source Financial Management Inc. · currency: CAD · security: First ranking mortgage charge against the Countryside Real Property
- secured creditorspage: 6 · amount: 791768 · debtor: Digram Developments Caledon Inc. · creditor: Niran Construction Ltd. · currency: CAD · security: Registered construction lien on the Dotchson Real Property
- secured creditorspage: 7 · amount: 80709 · debtor: Digram Developments Caledon Inc. · creditor: Penco Drywall Ltd. · currency: CAD · security: Registered construction lien on the Phyllis Real Property
- secured creditorsnote: Receiver understands certain of this personal property may not form part of the Property over which the Receiver was appointed · page: 7 · debtor: Maplequest Ventures Inc. · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: Various PPSA registrations against personal property related to Maplequest's business, restaurant equipment, food-related equipment, phone systems and equipment, and a specific vehicle
- unsecured creditorsnote: CRA asserts approximately $154,526.62 of this amount forms a priority trust claim (deemed trust class); Receiver has not conducted diligence or formed conclusions on these claims · page: 7 · basis: Receiver's understanding of unremitted source deductions owing · amount: 215709.75 · debtor: Maplequest Ventures Inc. · creditor: Canada Revenue Agency · currency: CAD
- unsecured creditorsnote: CRA asserts approximately $14,801.65 of this amount forms a priority trust claim (deemed trust class); Receiver has not conducted diligence or formed conclusions on these claims · page: 7 · basis: Receiver's understanding of unremitted source deductions owing · amount: 57217.54 · debtor: Digram Developments Caledon Inc. · creditor: Canada Revenue Agency · currency: CAD
- unsecured creditorsnote: Document names no individual creditors; primarily owing to construction trade vendors and professional advisors · page: 7 · as of: date of the Receivership Order · basis: Based on the Debtors' books and records, approximate aggregate unsecured and other obligations · amount: 2100000 · debtor: Maplequest Ventures Inc. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Document names no individual creditors; primarily owing to construction trade vendors and professional advisors · page: 7 · as of: date of the Receivership Order · basis: Based on the Debtors' books and records, approximate aggregate unsecured and other obligations · amount: 2300000 · debtor: Digram Developments Caledon Inc. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD