Ontario · Receivership (court-appointed)
First Report of the Receiver dated August 8, 2025
Court officer report · 8 August 2025
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 filing7 verified
- unsecured creditorsnote: Municipal tax claim; Receiver intends to pay the Arrears, plus further arrears accruing to closing, from sale proceeds. Not stated to be preferred or secured in the document; listed as a known claim against the Lands. · page: 9 · as of: 2025-04-07 · basis: Receiver's understanding of property tax arrears owing to the City of Markham on the Lands · amount: 51966.98 · debtor: King David Inc. · creditor: City of Markham (property tax arrears) · currency: CAD
- secured creditorsnote: $19 million is the registered amount, not a stated outstanding balance. Postponed to the Mortgage pursuant to postponements registered on the Lands and an interlenders agreement dated November 30, 2021. Described in the affidavit as a second mortgage. · page: 10 · debtor: King David Inc. · creditor: Slovak Greek Catholic Church Foundation (Foundation Mortgage) · currency: CAD · security: Instrument No. YR1466785, registered April 19, 2010, for $19 million (registered on 2 of the 4 parcels comprising the Lands)
- secured creditorsnote: Amount not stated. Receiver is not aware of any priority claims over the Lands asserted by the PPSA registrants and has served them with the motion. · page: 10 · debtor: King David Inc. · creditor: Vector Financial Services Limited · currency: CAD · security: PPSA registration: security interest in property on or about the lands at 101 Cathedral High Street, Markham (Cathedral Courtyards Project); Dec 2023 affidavit describes collateral as all present and after-acquired personal property, registered November 18, 2020
- secured creditorsnote: Amount not stated. Classification as secured rests solely on the PPSA registration. · page: 11 · debtor: King David Inc. · creditor: Royal Bank of Canada · currency: CAD · security: PPSA registration (collateral not specified), registered July 22, 2022
- secured creditorsnote: Amount not stated. PPSA search dated June 30, 2025. Receiver is not aware of any priority claims asserted over the Lands. · page: 12 · debtor: King David Inc. · creditor: HF Markham (CC2) LP · currency: CAD · security: PPSA registration: general security agreement, assignment of rents, assignments of plans, permits and contracts and other security agreements relating to the property at 100 Cathedral High Street (Cathedraltown Courtyard 2 Project)
- secured creditorsnote: Figure is total Indebtedness per payout statement as of December 4, 2023, plus legal fees and a per diem of $27,602.82. The $54,000,000 facility was fully advanced; $2 million partial principal repayment made under the Third Forbearance Agreement. Home Trust Company holds the 'A' position with a priority proportionate share of $32,000,000 of principal under the Participation Agreement (First Source holds the 'B' position); HTC terminated First Source as administrator in fall 2024. Receiver obtained an NRF opinion that the Mortgage is a valid first ranking charge on the Lands, subject to assumptions and qualifications. First Source applied for judgment against the Borrower and the Guarantor. The 'as_of' date is from the December 2023 affidavit; no later balance is stated in this report. · page: 35 · as of: 2023-12-04 · amount: 55855203.58 · debtor: King David Inc. · creditor: First Source Financial Management Inc. / Home Trust Company (first-ranking Mortgage; Loan) · currency: CAD · security: First ranking Mortgage, Instrument No. YR3349360, registered 2021-12-01, principal amount $54,000,000 (registration principal, not balance); General Assignment of Rents (YR3349361); general security agreement; assignment of net proceeds of Phase 1 of the Project up to a maximum of $10,000,000; guarantee by Helen Roman-Barber (officer/director/shareholder). A further charge YR3458534 for $7,725,000 (registered 2022-07-28, King David Inc. to First Source) also appears on title.
- secured creditorsnote: $7.5 million is the registered amount, not a stated outstanding balance. Postponed to the Mortgage pursuant to postponements registered on the Lands. · page: 36 · debtor: King David Inc. · creditor: The Sovereign General Insurance Company (Sovereign Mortgage) · currency: CAD · security: Instrument No. YR3170075, registered November 17, 2020, $7.5 million charge. Also holds a personal property security interest in deposit monies and warranty retention monies under a Deposit Trust Agreement and Indemnity Agreement (April 8, 2020) for the 103-unit Cathedral Courtyards project at 101 Cathedral High Street.