Ontario · Receivership (court-appointed)
Second Report to the Court dated
Court officer report · 6 March 2026
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What we verified from this filing18 verified
- applicant1000877740 ONTARIO INC.
- courtSUPERIOR COURT OF JUSTICE (COMMERCIAL LIST)
- court file noCV-24-727009-00CL
- provinceONTARIO
- statutory basissection 243(1) of the Bankruptcy and Insolvency Act, RSC 1985, c B-3, as amended and section 101 of the Courts of Justice Act
- appointeeMNP Ltd.
- appointee rolereceiver
- commencement date23 November 2023
- unsecured creditorsnote: Comprises outstanding condominium fees $49,026.11, legal fees $157,917.88, repairs and maintenance chargeback $267,017.54, and accrued interest $456,231.58; Receiver has confirmed validity of $775,497.33 of this claim, with $154,694.98 remaining under investigation (disputed/unconfirmed portion); secured portion limited to registered lien of $5,055.00 for unpaid common expenses (see secured_creditors) · page: 10 · as of: 2025-12-31 · basis: Condo Corporation's detailed statement of account as at December 31, 2025 · amount: 930193.11 · debtor: Florentine Financial Corporation · creditor: Peel Condominium Corporation #346 (Condo Corporation) · currency: CAD
- unsecured creditorsnote: Comprises unpaid repair costs of $26,151.49 (up to June 24, 2020) and storage fees of $76,614.00 (Jan 25, 2021 to Feb 29, 2024); additional repairs of approximately $38,811.00 plus taxes stated as required but not included; disputed/abandoned - Receiver determined recovery on Rolls-Royce (appraised at $33,000) would not exceed these costs and formally abandoned the vehicle June 3, 2025 · page: 11 · as of: 2024-06-24 (repairs) / storage through 2024-02-29 · basis: Claim asserted by GTA for unpaid repair costs and storage fees · amount: 102765.49 · debtor: A&H Asset Auctions Inc. · creditor: Grand Touring Automobiles (GTA) · currency: CAD
- unsecured creditorsnote: Amount not stated; claim asserted via FAS Ontario Action (Court File No. 10-8895-00CL) and FAS BC Action (Action No. S125137); nature and priority of claim under Receiver/counsel review · page: 13 · basis: Constructive trust claim asserted in litigation · debtor: Florentine Financial Corporation · creditor: Amir Durrani and 3283313 Canada Inc. c.o.b. as Federal Auction Service (FAS Claimants) · currency: CAD
- secured creditorsnote: Related party - directing mind of 740 Ontario (William Hristovski, deceased Dec 30, 2025) was also President of the Condo Corporation; security opinion confirmed valid and enforceable against Florentine, subject to usual qualifications · page: 15 · as of: registered amount · amount: 900000 · debtor: Florentine Financial Corporation · creditor: 1000877740 Ontario Inc. (740 Ontario, assigned from TD) · currency: CAD · security: Charge/mortgage registered against the Devon Property; also first-ranking general security agreements over Florentine's and A&H's inventory, equipment, accounts, and other property including motor vehicles (Loan Agreement principal CAD $900,000 dated Dec 17, 2020, amended Jan 24, 2023, accruing interest ~3.60% per annum plus costs); PPSA registrations Feb 2, 2021 (Nos. 20210202 0929 1590 3019 and 20210202 0930 1590 3020) assigned from TD to 740 Ontario per Financing Change Statement dated May 28, 2024
- secured creditorsnote: Registered lien amount only; separate broader unsecured/disputed claim of $930,193.11 as at Dec 31, 2025 also asserted (see unsecured_creditors) · page: 16 · as of: registered amount · amount: 5055 · debtor: Florentine Financial Corporation · creditor: Peel Condominium Corporation #346 (Condo Corporation) · currency: CAD · security: Statutory lien registered on title for the Devon Property for unpaid common expenses
- closing confirmedscope: the Dunbar Property · outcome: completed · purchaser: South Coast British Columbia Transportation Authority · date basis: unstated · approval order date: 2025-03-31
- fee scheduleengagements: form: prose · rows: · money: approximate: false · period: kind: unstated · approval: state: unstated · averages: rate: 529.49 · quote: The average hourly rate in respect of the account is $529.49. · currency: · invoices: · firm text: MNP Ltd. · firm quote: SECOND REPORT OF MNP LTD. AS RECEIVER OF THE ASSETS, UNDERTAKINGS AND PROPERTIES OF THE RESPONDENTS · context quote: SECOND REPORT OF MNP LTD. AS RECEIVER OF THE ASSETS, UNDERTAKINGS AND PROPERTIES OF THE RESPONDENTS; form: prose · rows: · money: approximate: false · period: kind: unstated · approval: state: unstated · averages: rate: 492 · quote: RECON incurred a total of 168.7 hours, at an average hourly rate of $492 exclusive of HST. · scope: exclusive of HST · currency: · invoices: · firm text: RECON · firm quote: RECON incurred a total of 168.7 hours, at an average hourly rate of $492 exclusive of HST. · hours total: quote: RECON incurred a total of 168.7 hours, at an average hourly rate of $492 exclusive of HST. · value: 168.7 · context quote: RECON incurred a total of 168.7 hours, at an average hourly rate of $492 exclusive of HST.
- purchaserprice: sealed: false · scope: the Devon Property · status: proposed · name note: unnamed purchaser of the Devon Property, to be sold via listing process · structure: real_property · name source: operative · relationship: unstated
- sale advisorCBRE
- sale outcometext: the Dunbar Property has been sold with the approval of the Court; the Devon Property is nearly ready to be marketed and sold · scope: parcel · status: closed