Ontario · Receivership (court-appointed)
Third Report of the Receiver dated June 14, 2024
Court officer report · 14 June 2024
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What we verified from this filing13 verified
- secured creditorsnote: Loan Agreement principal ranks senior to all other creditors (pari passu with FSRA Loan), other than Receiver's charge for fees; subsequently repaid in March 2024 per page 8-9 · page: 8 · as of: June 2023 · amount: 341000 · debtor: KSV Restructuring Inc., as Receiver · creditor: Investors (Loan Agreement lenders, ~30 investors) · currency: CAD · security: Receiver's Borrowing Charge
- secured creditorsnote: Interest-free advance; repaid in March 2024 per page 8-9; related-party/regulatory lender to the receivership estate · page: 8 · as of: March 2023 · amount: 50000 · debtor: KSV Restructuring Inc., as Receiver · creditor: Financial Services Regulatory Authority of Ontario (FSRA) · currency: CAD · security: Receiver's Borrowing Charge, pari passu with Investor Loan principal
- secured creditorsnote: Realty taxes also in arrears in the approximate amount of $179,000, ranking ahead in priority as municipal claim · page: 9 · amount: 643000 · debtor: 2412379 Ontario Inc. (Property Owner) · creditor: First Swiss Mortgage Corp. (first mortgage over Rockland Property, held for benefit of Investors) · currency: CAD · security: First mortgage registered on title to Rockland Property; principal balance before accrued interest, approximately $643,000
- unsecured creditorsnote: Claim of $40,000 net of a setoff of $26,143 · page: 10 · basis: Proof of claim filed in the bankruptcy estate · amount: 13857 · debtor: First Swiss Mortgage Corp. · creditor: Shinhan Bank Canada · currency: CAD
- unsecured creditorspage: 10 · basis: Proof of claim filed in the bankruptcy estate · amount: 3215 · debtor: First Swiss Mortgage Corp. · creditor: Veranova Properties Limited · currency: CAD
- unsecured creditorsnote: Represents Company's own reported balances to Investors, not verified registrations on title; distinct from actual registered mortgage portfolio; Receiver determined trust claims should fail and Investors be treated as unsecured pari passu creditors; total mortgage portfolio per Appendix E reconciliation as of 06/06/24 was $26,196,045 · page: 10 · as of: 2023-02-28 · basis: Excel spreadsheet/Mortgage Schedule provided by former VP Trading with monthly mortgage balance reconciliations; February 2023 tab reflected total mortgage balance of $26.3 million · amount: 26300000 · debtor: First Swiss Mortgage Corp. · creditor: Investors (mortgage investors, aggregate per Mortgage Schedule as of receivership date) · currency: CAD
- unsecured creditorsnote: Deemed trust / CRA claim class; separate from the ~$150,000 unremitted source deductions claim reviewed and paid by the Receiver referenced elsewhere in the report · page: 10 · as of: 2023-10-11 · basis: Proof of claim filed in the bankruptcy estate, per letter sent by CRA to the Receiver · amount: 411796 · debtor: First Swiss Mortgage Corp. · creditor: Canada Revenue Agency (CRA) · currency: CAD
- unsecured creditorsnote: Regulator claim · page: 10 · basis: Proof of claim filed in the bankruptcy estate · amount: 44159 · debtor: First Swiss Mortgage Corp. · creditor: Financial Services Regulatory Authority of Ontario (FSRA) · currency: CAD
- financial positionnote: Shareholders' deficit of approximately $446,000; Audited Statements reported a mortgage portfolio of only $1.9 million ("principle due from borrowers"), inconsistent with the ~$26 million represented to Investors per the Company's own account statements and Mortgage Schedule · page: 54 · as at: 2022-08-31 · basis: Audited financial statements (unqualified opinion, but including going-concern note) · scope: First Swiss Mortgage Corp. (entity level) · currency: CAD · total assets: 61000 · total liabilities: 507000
- fee scheduleengagements: form: prose · rows: · money: approximate: false · period: end: 2023-05-31 · kind: invoice · quote: For professional services rendered during the period ended, May 31, 2023 by KSV Restructuring Inc. · approval: state: unstated · averages: · currency: · invoices: · firm text: KSV Restructuring Inc. · firm quote: KSV Restructuring Inc., in its capacity as receiver and manager (the 'Receiver') · context quote: For professional services rendered during the period ended, May 31, 2023 by KSV Restructuring Inc., in its capacity as receiver and manager (the 'Receiver') of the Company's assets, undertakings and properties appointed pursuant to an order of the Ontario Su; form: prose · rows: · money: approximate: false · period: end: 2023-06-30 · kind: invoice · quote: For professional services rendered during the period ended June 30, 2023 by KSV Restructuring Inc. · approval: state: unstated · averages: · currency: · invoices: · firm text: KSV Restructuring Inc. · firm quote: KSV Restructuring Inc., in its capacity as receiver and manager (the 'Receiver') · context quote: For professional services rendered during the period ended June 30, 2023 by KSV Restructuring Inc., in its capacity as receiver and manager (the 'Receiver') of the Company's assets, undertakings and properties appointed pursuant to an order of the Ontario Su; form: prose · rows: · money: approximate: false · period: end: 2023-07-31 · kind: invoice · quote: For professional services rendered during the period ended July 31, 2023 by KSV Restructuring Inc. · approval: state: unstated · averages: · currency: · invoices: · firm text: KSV Restructuring Inc. · firm quote: KSV Restructuring Inc., in its capacity as receiver and manager (the 'Receiver') · context quote: For professional services rendered during the period ended July 31, 2023 by KSV Restructuring Inc., in its capacity as receiver and manager (the ' Receiver' ) of the Company' s assets, undertakings and properties appointed pursuant to an order of the Ontario; form: prose · rows: · money: approximate: false · period: kind: unstated · approval: state: unstated · averages: rate: 503 · quote: The average hourly rate for the Receiver and Bennett Jones for the referenced billing period was $503 and $751, respectively. · scope: Receiver · currency: · invoices: · firm text: KSV Restructuring Inc. · firm quote: KSV Restructuring Inc. as Receiver of First Swiss Mortgage Corp. · context quote: The average hourly rate for the Receiver and Bennett Jones for the referenced billing period was $503 and $751, respectively.; form: prose · rows: · money: approximate: false · period: kind: unstated · approval: state: unstated · averages: rate: 751 · quote: The average hourly rate for the Receiver and Bennett Jones for the referenced billing period was $503 and $751, respectively. · scope: Bennett Jones · currency: · invoices: · firm text: Bennett Jones · firm quote: Bennett Jones · context quote: The average hourly rate for the Receiver and Bennett Jones for the referenced billing period was $503 and $751, respectively.; form: prose · rows: · money: approximate: false · period: kind: unstated · approval: state: unstated · averages: rate: 518 · quote: The average hourly rate for the Receiver and Bennett Jones for the referenced billing period was $518 and $685, respectively. · scope: Receiver · currency: · invoices: · firm text: KSV Restructuring Inc. · firm quote: KSV Restructuring Inc. as Receiver of First Swiss Mortgage Corp. · context quote: The average hourly rate for the Receiver and Bennett Jones for the referenced billing period was $518 and $685, respectively.; form: prose · rows: · money: approximate: false · period: kind: unstated · approval: state: unstated · averages: rate: 685 · quote: The average hourly rate for the Receiver and Bennett Jones for the referenced billing period was $518 and $685, respectively. · scope: Bennett Jones · currency: · invoices: · firm text: Bennett Jones · firm quote: Bennett Jones · context quote: The average hourly rate for the Receiver and Bennett Jones for the referenced billing period was $518 and $685, respectively.; form: prose · rows: · money: approximate: false · period: end: 2024-05-31 · kind: cumulative · label: For the Period Ending May 31, 2024 · quote: For the Period Ending May 31, 2024 · approval: state: unstated · averages: rate: 503.41 · quote: The average hourly rate of the Receiver is $503.41. · scope: Receiver · currency: · invoices: · firm text: KSV Restructuring Inc. · firm quote: KSV Restructuring Inc. as Receiver of First Swiss Mortgage Corp. · context quote: The average hourly rate of the Receiver is $503.41.
- purchaserZayoun Group Inc.
- sale advisorRoyal LePage Team Realty
- sale outcometext: Receiver recommends Court approve the Transaction with Zayoun for the Rockland Property, unconditional except for Court approval · scope: parcel · status: pending_approval