Ontario · Receivership (court-appointed)
Motion Record returnable May 2, 2017
Application / notice of application · 2 May 2017
Also filed as: Motion Record returnable May 2, 2017; Motion Record returnable May 2, 2017; Motion Record returnable May 2, 2017; Motion Record returnable May 2, 2017; Motion Record returnable May 2, 2017
What we verified from this filing8 verified · 2 withheld
- courtSUPERIOR COURT OF JUSTICE (COMMERCIAL LIST)
- court file noCV-17-11689-00CL
- provinceONTARIO
- secured creditorsnote: Existence of the Lien is to be determined by the Receiver; $58,000 is a stated ceiling, not a confirmed balance. If determined to exist, to be discharged from sale proceeds (not to exceed $58,000) generated from the Original Debtor's Property. · page: 41 · debtor: Scollard Development Corporation (Original Debtor) · creditor: Leeswood Design Build Ltd. · currency: CAD · security: Special priority construction lien under section 78 of the Construction Lien Act (Ontario), capped at not to exceed $58,000
- secured creditorsnote: Order directs all amounts owing under the Firm Capital Boathaus Mortgage be repaid in full within 2 business days from proceeds of the Scollard Borrowings (Receiver authorized to borrow up to $3,500,000, which also funds other purposes including a construction lien); exact mortgage balance owed to Firm Capital is not separately stated in the document. · page: 43 · debtor: Scollard Development Corporation (Original Debtor) · creditor: Firm Capital Mortgage Fund Inc. · currency: CAD · security: Firm Capital Boathaus Mortgage - registered mortgage encumbrance on title to the Property of the Original Debtor
- secured creditorsnote: Order directs all amounts owing under the 217 Memory Care Mortgages be repaid in full within 7 business days from proceeds of the MC Borrowings. Corrected (per Second Supplemental Report) MC Borrowing caps used to fund the discharge: MC Kitchener $1,475,000 (originally misstated as $1,357,000), MC Oakville $1,662,000 (originally misstated as $1,632,000), MC Burlington $1,775,000 (originally misstated as $1,643,000). These are borrowing/discharge caps, not a stated mortgage balance for 217. 217 is represented as a Respondent (Minden Gross LLP); relationship to debtors not specified as related party in the document. · page: 44 · debtor: Memory Care Investments (Kitchener) Ltd., Memory Care Investments (Oakville) Ltd. and Memory Care Investments (Burlington) Ltd. · creditor: 2174217 Ontario Inc. ("217") · currency: CAD · security: 217 Memory Care Mortgages - registered mortgages on title to the Properties of MC Kitchener, MC Oakville and MC Burlington
- secured creditorsnote: Order directs Trisura be paid in full for losses, damages, liabilities, costs and expenses owed under the Tarion Bonds/Indemnity Agreements from proceeds of any Transaction; no dollar amount of Trisura's claim is stated in the document (existence/priority only). · page: 46 · debtor: Scollard Development Corporation (Original Debtor) · creditor: Trisura Guarantee Insurance Company · currency: CAD · security: Tarion Bond No. TDS0990142 and Indemnity Agreements dated October 19, 2015 and May 11, 2015; contractual priority right to payment from sale proceeds of any Transaction involving the Original Debtor's Property
- recovery outcomeentries: basis: actual · quote: THIS COURT ORDERS that all amounts owing under and secured by the Firm Capital Boathaus Mortgage (as defined in the Fourth Report) in favour of Firm Capital shall be repaid in full by the Receiver within two (2) business days of the date of this Order from the proceeds of the Scollard Borrowings. · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: court · class label: Firm Capital (Firm Capital Boathaus Mortgage) · creditor name: Firm Capital · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: THIS COURT ORDERS that all amounts owing under and secured by the 217 Memory Care Mortgages (as defined in the Sixth Report) in favour of 217 shall be repaid in full by the Receiver within seven (7) business clays following April 28, 2017 from the proceeds of the MC Borrowings. · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: court · class label: 217 (217 Memory Care Mortgages) · creditor name: 217 · interim final: unstated · claims qualifier: unstated · table missing:
2 extracted values are withheld: either a trap-shaped field where models produce confident wrong numbers, or an identity value whose quotation could not be found in the document. Withheld values are shown to no one.