Ontario · Receivership (court-appointed)
Motion Record of the Receiver dated July 24, 2026 Part 2
Application / notice of application · 24 July 2026
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What we verified from this filing6 verified
- secured creditorsnote: Per Harrison Pensa LLP opinion (June 18, 2026), the Mortgage is a first-in-time registered charge on the Real Property, subject to any unregistered interest with priority, statutory deemed trust, charges under the Appointment Order, and s.78 Construction Act priorities. No stated current outstanding balance found in these pages; $4,670,000 is the registered principal amount of the Charge. · page: 52 · as of: 2021-03-01 · debtor: 10503452 Canada Inc. · creditor: DUCA Financial Services Credit Union Ltd. · currency: CAD · security: Charge registered 2021/03/01 (Instrument AT5664920) for $4,670,000 (registered principal amount of the Charge, not stated as a current outstanding balance); also General Security Agreement/PPSA registration (770016744, renewed to 2028) covering all present and after-acquired personal property, agreement for security on shares and deposits, interest reserve pledge agreement, cash collateral pledge agreement, assignment of insurance interests, and General Assignment of Rents and Leases respecting 740-748 Sheppard Avenue West, Toronto; also holder of registered Mortgage and Assignment of Rents (AT5664963) over the Real Property (PIN 10171-0602 LT).
- secured creditorsnote: DISCHARGED - the Charge and related registrations were completely deleted from title (Discharge of Charge AT5665997 registered 2021/03/02); not a current secured creditor. Personal parties named on the original charge: Asif Karimov, Gunel Aslanova (individuals). · page: 52 · as of: 2019-11-01 · debtor: 10503452 Canada Inc. · creditor: Hillmount Capital Inc. / Hillmount Capital Mortgage Holdings Inc. · currency: CAD · security: Charge (AT5280904) registered 2019/11/01, together with No Assgn Rent Gen (AT5280905), later Transfer of Charge (AT5361659, 2020/02/11) and Assignment of Assignment of Rents (AT5364816, 2020/02/14) to Hillmount Capital Mortgage Holdings Inc.
- secured creditorsnote: Construction lien claim; priority subject to s.78 of the Construction Act per Harrison Pensa LLP opinion. An earlier construction lien and application to delete same (registered 2023/06/21 and 2023/08/23) were completely deleted from title. · page: 53 · as of: 2024-02-15 · amount: 67869 · debtor: 10503452 Canada Inc. · creditor: Tregebov Cogan Architecture Ltd. · currency: CAD · security: Construction Lien (Instrument AT6514558) registered 2024/02/15 against the Real Property (740-748 Sheppard Avenue West, Toronto; PIN 10171-0602 LT); Certificate of Action (AT6520108) registered 2024/02/27.
- secured creditorsnote: No amount stated in the registration. This registration relates to a different property (940 Danforth Avenue) than the subject Real Property (740-748 Sheppard Avenue West) in this receivership; RBC is listed on the service list as a party with counsel (Gowling WLG). · page: 55 · as of: 2019-05-02 · debtor: 10503452 Canada Inc. · creditor: Royal Bank of Canada · currency: CAD · security: PPSA Form 1C Financing Statement (File No. 750794022, registered 2019/05/02, renewed 2024/04/11, expiry 2029/05/02) - collateral classification: Inventory, Equipment, Accounts, Other, Motor Vehicle Included; General Collateral Description: Assignment of Rents and Site Specific Security Agreement as it relates to 940 Danforth Avenue, Toronto, ON.
- secured creditorsnote: DISPUTED. The Receiver's counsel (Harrison Pensa LLP opinion and correspondence) takes the position that this trust/beneficial claim is not a registrable interest under s.62(1) of the Land Titles Act and is not a valid interest with priority; DUCA's Charge was registered first-in-time and is protected under s.93(3) LTA as a mortgagee for value without notice. Karimov's counsel has stated intent to assert priority and retain an insolvency specialist (per email correspondence, October 2025). Related trust documents referenced in filing index (Trust Agreement dated Oct 22, 2020; Trust Notice dated Oct 17, 2023) not provided in these pages. · page: 67 · as of: 2023-10-17 · amount: 2 · debtor: 10503452 Canada Inc. · creditor: Orkhan Karimov · currency: CAD · security: Notice (AT6441978) registered 2023/10/17 under s.71 of the Land Titles Act, asserting an unregistered estate, right, interest or equity (trust claim) in the Real Property (740-748 Sheppard Avenue West).
- fee scheduleengagements: form: time_summary · rows: Christian J. Hamber; Timothy C. Hogan; Melinda Vine; Thomas Masterson; Rob Danter; Sean Molnar; Victoria Adams; Kinsey Greenfield; Benjamin Hamber; Olivia Rajsp; Isabelle Stacey; Emma Benaway; Andrea Tingey; Sydney Inghelbrecht; Nicole Clayton; fees: 33007 · quote: TOTAL FEES | ... | $33,007.00 · row kind: subtotal · rate kind: standard · name as stated: TOTAL FEES; fees: 262.65 · quote: TOTAL TAXABLE DISBURSEMENTS | ... | $262.65 · row kind: subtotal · rate kind: standard · name as stated: TOTAL TAXABLE DISBURSEMENTS; fees: 69.95 · quote: TOTAL NON - TAXABLE DISBURSEMENTS | ... | $69.95 · row kind: subtotal · rate kind: standard · name as stated: TOTAL NON - TAXABLE DISBURSEMENTS · money: tax: label: HST ON FEES · quote: HST ON FEES | ... | $4,290.91 · amount: 4290.91 · fees: quote: TOTAL FEES | ... | $33,007.00 · amount: 33007 · total: quote: The total billed fees and disbursements of Harrison Pensa LLP in this matter from May 21 , 2024, to July 17, 2026, is $37,664.65. · amount: 37664.65 · includes tax: true · includes disbursements: true · approximate: false · period: end: 2026-07-17 · kind: cumulative · quote: (From May 21, 2024 to July 17, 2026) · start: 2024-05-21 · approval: quote: I make this Affidavit in support of among other things, approval of fees and disbursements of the counsel for the Receiver. · state: sought · averages: rate: 538.82 · quote: The weighted average hourly rate, excluding HST, charged by professionals at Harrison Pensa LLP is $538.82. · scope: excluding HST · currency: · invoices: · firm text: Harrison Pensa LLP · firm quote: who acts as counsel for msi Spergel inc., in its capacity as CourtAppointed Receiver · context quote: of the time incurred by professionals at Harrison Pensa LLP , the hourly rate and fees associated with such and disbursements in relation with this matter for the period of May 21, 2024, to July 17, 2026. · comparability quote: The hourly billing rates set out in the Exhibits are comparable to the hourly rates charged by Harrison Pensa LLP for services rendered in relation to similar proceedings.