Ontario · Proposal
Supplementary Motion Record of the Trustee dated July 24, 2026
Application / notice of application · 24 July 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 filing9 verified
- financial positionnote: Table stated in $000s. Assets: cash 16; letters of credit 4,290 (two LCs held by The Toronto-Dominion Bank in favour of the City of Toronto); real property and development costs 325,742. Notional surplus 16,027. The two sides carry different as-at bases: assets are book value as at May 27, 2021 (Statement of Affairs), while the liabilities breakdown (same $314,021,000 total, p. 14) reflects claims as of the current date with interest on secured creditor claims projected to June 30, 2021 and is 'reflected as at June 30, 2021'. · page: 13 · as at: 2021-05-27 · basis: Book value; asset values based on the Statement of Affairs sworn on May 27, 2021; Proposal Trustee relied on unaudited financial information prepared by the Companies' representatives and their books and records, and has not performed an audit or other verification · scope: Consolidated — YG Limited Partnership and YSL Residences Inc. (NOI proceedings procedurally and substantively consolidated by the Consolidation Order) · currency: CAD · total assets: 330048000 · total liabilities: 314021000
- secured creditorsnote: Table figure ($000s) 112,446 with interest projected to June 30, 2021; prose approximation 'approximately $112.5 million' as at June 30, 2021. Westmount provides, among other things, condominium deposit insurance to the Companies. Security opinion issued by Davies: valid and enforceable subject to standard assumptions and qualifications. Unaffected Claim under the Amended Proposal (p. 40). · page: 14 · as of: 2021-06-30 · amount: 112446000 · debtor: YG Limited Partnership and YSL Residences Inc. (consolidated NOI proceedings) · creditor: Westmount Guarantee Services Inc. · currency: CAD · security: Mortgage, charge, lien or other security charging or encumbering the Real Property
- secured creditorsnote: Outstanding amount estimated at 'approximately $30.9 million as at June 30, 2021, including projected interest to that date'; table figure ($000s) 30,865. Security opinion issued by Davies: valid and enforceable subject to standard assumptions and qualifications. Unaffected Claim under the Amended Proposal (p. 40). · page: 14 · as of: 2021-06-30 · amount: 30865000 · debtor: YG Limited Partnership and YSL Residences Inc. (consolidated NOI proceedings) · creditor: 2576725 Ontario Inc. ("257 Ontario") · currency: CAD · security: Equitable mortgage encumbering the Real Property, securing the Fei Han Loan. Original loan principal advanced $20,000,000 (original advance, not the balance), with a preferred return due on completion of the YSL Project calculated at 12.5% per annum.
- secured creditorsnote: Municipal property taxes ($000s table figure 729); quasi-governmental/municipal class. Any Claim of the City of Toronto is an Unaffected Claim under the Amended Proposal (p. 41). · page: 14 · as of: 2021-06-30 · amount: 729000 · debtor: YG Limited Partnership and YSL Residences Inc. (consolidated NOI proceedings) · creditor: City of Toronto · currency: CAD · security: Property taxes — listed under 'Secured Creditors/Mortgagees' in the Proposal Trustee's liabilities table
- secured creditorsnote: Table figure ($000s) 106,799 with interest projected on secured creditor claims to June 30, 2021; prose approximation 'approximately $106.8 million' including interest to June 30, 2021. Security opinion issued by Davies Ward Phillips & Vineberg LLP: valid and enforceable as against a licensed insolvency trustee, subject to standard assumptions and qualifications. Unaffected Claim under the Amended Proposal. 'Timbercreek' defined collectively as Timbercreek Mortgage Servicing Inc. and 2292912 Ontario Inc. (p. 40). · page: 14 · as of: 2021-06-30 · amount: 106799000 · debtor: YG Limited Partnership and YSL Residences Inc. (consolidated NOI proceedings) · creditor: Timbercreek (Timbercreek Mortgage Servicing Inc. and 2292912 Ontario Inc.) · currency: CAD · security: Senior mortgagee — mortgage, charge, lien or other security charging or encumbering the Real Property (363-391 Yonge Street and 3 Gerrard Street East, Toronto)
- unsecured creditorsnote: Document names no individual creditors on these pages (list is in Appendix G, not included). The Report separately states unsecured claims total approximately $24.9 million excluding Related Party Claims, inclusive of Construction Lien Claimant amounts (p. 15). Certain claims are listed with a balance owing of $1, meaning the amount owing is unknown or not yet quantified (p. 15). Creditors owed approximately $16 million of unsecured or lien claims have conditionally agreed to assign their claims to the Sponsor or an affiliate (p. 20). · page: 14 · as of: as of the current date (Report dated June 4, 2021); table reflected as at June 30, 2021 · basis: Companies' books and records / creditor listing (Appendix G), as summarized in the Proposal Trustee's liabilities table · amount: 13043000 · debtor: YG Limited Partnership and YSL Residences Inc. (consolidated NOI proceedings) · creditor: Third party unsecured creditors (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Related parties — entities within the Cresford Group related to the Companies. Table figure ($000s) 38,274; prose approximation $38.3 million (p. 15). Only the aggregate is stated; no per-entity amounts. Status flags: the Proposal Trustee had not completed its review of the Related Party Claims or determined their treatment; the LPs contend the amounts should be treated as equity rather than debt (disputed characterization) (p. 15). Under BIA s. 54(3) a related creditor may vote against but not for the proposal (p. 19). · page: 14 · as of: as of the current date (Report dated June 4, 2021); table reflected as at June 30, 2021 · basis: Companies' books and records: 'the Related Party Creditors are presently owed approximately $38.3 million in respect of amounts that they have advanced to the Companies or expenses that they funded on the Companies' behalf' · amount: 38274000 · debtor: YG Limited Partnership and YSL Residences Inc. (consolidated NOI proceedings) · creditor: Related Party Creditors — Cresford (Rosedale) Developments Inc., East Downtown Redevelopment Partnership and Oakleaf Consulting Ltd. (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Trade creditors that registered liens against title to the Real Property under the Construction Act (Ontario); amounts included in the approximately $24.9 million unsecured claims balance stated at p. 15. Grouped under 'Other Creditors and Related Party Creditors' in the Report's table, but Construction Lien Claims are Secured Claims under the Amended Proposal to the extent perfected and valid (p. 40). Certain Construction Lien Claimants have conditionally agreed to assign their claims to Concord or a Concord affiliate, conditional on implementation of the Amended Proposal (p. 20). · page: 14 · as of: as of the current date (Report dated June 4, 2021); table reflected as at June 30, 2021 · basis: Companies' books and records / creditor listing (Appendix G), as summarized in the Proposal Trustee's liabilities table · amount: 11865000 · debtor: YG Limited Partnership and YSL Residences Inc. (consolidated NOI proceedings) · creditor: Construction Lien Claimants (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Estimated and conditional, NOT recorded as liabilities: the Companies lack records to support whether brokers satisfied the contractual criteria for commissions to be payable. Broker claimants may elect Conditional Claim treatment, with proof of completion of conditions due by 5:00 pm on September 13, 2021. No individual brokers named. · page: 20 · basis: 'An estimated $6 million of such claims are not recorded as liabilities on the Companies' books and records' · amount: 6000000 · debtor: YG Limited Partnership and YSL Residences Inc. (consolidated NOI proceedings) · creditor: Real estate brokers (condo sale commission claims, aggregate estimate) · currency: CAD