Ontario · Receivership (court-appointed)
Application Record
Application / notice of application · 9 February 2024
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What we verified from this filing15 verified
- applicantC & K MORTGAGE SERVICES INC.
- commencement date9 February 2024
- courtSUPERIOR COURT OF JUSTICE
- court file noCV-24-00084397-0000
- provinceONTARIO
- statutory basissection 243(1) of the Bankruptcy and Insolvency Act, R.S.C. 1985, C. B-3, as amended, section 101 of the Courts of Justice Act, R.S.O. 1990 C. C.43, as amended
- appointeeRosen Goldberg Inc.
- appointee roleProposed Receiver
- secured creditorsnote: Written demand amount dated December 6, 2023; original principal advanced was $22,000,000 (May 30, 2022); order of priority 1 · page: 10 · as of: 2023-12-06 · amount: 22500179.1 · debtor: Kings Development Inc. · creditor: C & K Mortgage Services Inc. · currency: CAD · security: First-ranking charge registered May 30, 2022 as Instrument No. YR3431506 (the Rescom Charge); also a General Security Agreement (GSA), registered under PPSA (Ontario)
- secured creditorsnote: Face amount as stated in table; interest rate not specified; due on demand; order of priority 2 · page: 10 · amount: 27500000 · debtor: Kings Development Inc. · creditor: Cameron Stephens Mortgage Capital Ltd. · currency: CAD · security: Second-ranking charge against the Property
- secured creditorsnote: Face amount as stated in table; interest rate 13.5%; maturity August 1, 2024; order of priority 3; secures credit facilities to 2011836 Ontario Corp. as general partner of Jefferson Properties Limited Partnership, guaranteed by Fengxi Fanseay Wang · page: 10 · amount: 5000000 · debtor: Kings Development Inc. · creditor: WPC GP I Inc. · currency: CAD · security: Third-ranking charge against the Property; registered October 5, 2023 as Instrument No. YR3605535
- secured creditorsnote: Face amount as stated in table and registered principal (Provisions table shows Principal $1,000,000.00, Currency US); interest rate 35%; due on demand; order of priority 4; guarantors Ideal Developments Inc. and Shajiraj Nadarajalingam · page: 10 · amount: 1000000 · debtor: Kings Development Inc. · creditor: Amercan Corporation · currency: USD · security: Fourth-ranking charge against the Property; charge registered August 29, 2019 (YR3002005) and transferred August 24, 2020
- secured creditorsnote: Face amount as stated in table; interest rate 20%; maturity not specified; order of priority 5; related party - Amercan Corporation shares principal Fanseay Wang with the Debtor · page: 10 · amount: 5000000 · debtor: Kings Development Inc. · creditor: Amercan Corporation · currency: CAD · security: Fifth-ranking charge against the Property; charge registered November 3, 2021
- secured creditorsnote: Court-ordered charge for Receiver's fees and disbursements; amount not stated (accrues as incurred) · page: 12 · as of: Order appointing Receiver · debtor: Kings Development Inc. · creditor: Rosen Goldberg Inc. (as Receiver) · currency: CAD · security: Receiver's Charge - first charge on the Property in priority to all other security interests, subject to BIA ss.14.06(7), 81.4(4), 81.6(2)
- secured creditorsnote: Maximum authorized borrowing amount under Receiver's Certificates, not an actual balance; ceiling figure · page: 13 · as of: Order appointing Receiver · amount: 500000 · debtor: Kings Development Inc. · creditor: Rosen Goldberg Inc. (as Receiver) - borrowings · currency: CAD · security: Receiver's Borrowings Charge on the Property, subordinate to Receiver's Charge