Ontario · CCAA
Prefiling Report of the Monitor dated July 14, 2026
Court officer report · 14 July 2026
What we verified from this filing5 verified
- secured creditorsnote: One of three 'Unaffected Secured Creditors' exempted from the CCAA stay; subject to a 90-day forbearance agreement conditional on being kept current; Administration Charge ranks in fourth position, subsequent to the Windsor Charge; no individual balance stated - balance sheet reports 'Mortgages payable' of $103,496,456 (aggregate, as at Dec 31, 2024) without allocation among mortgagees · page: 12 · debtor: 1682 Victoria Park Avenue Inc. · creditor: Windsor Family Credit Union Limited · currency: CAD · security: First mortgage (the "Windsor Charge") over the Debtor's properties
- secured creditorsnote: One of three 'Unaffected Secured Creditors' exempted from the CCAA stay; subject to a 90-day forbearance agreement conditional on being kept current; Administration Charge ranks in fourth position, subsequent to the Firm Capital Charge; no individual balance stated - balance sheet reports aggregate 'Mortgages payable' of $103,496,456 (as at Dec 31, 2024) without allocation among mortgagees · page: 12 · debtor: 1682 Victoria Park Avenue Inc. · creditor: Firm Capital Mortgage Inc. · currency: CAD · security: Second mortgage (the "Firm Capital Charge") over the Debtor's properties
- secured creditorsnote: One of three 'Unaffected Secured Creditors' exempted from the CCAA stay; described as supportive of the proposed Sale Process (no forbearance agreement mentioned); Administration Charge ranks in fourth position, subsequent to Windsor, Firm Capital and Westmount Charges; no balance stated · page: 12 · debtor: 1682 Victoria Park Avenue Inc. · creditor: Westmount · currency: CAD · security: Westmount Charge (registered security, ranking ahead of the proposed Administration Charge)
- financial positionnote: Balance sheet shows Mortgages payable of $103,496,456 (aggregate, not broken down by mortgagee), Purchasers' deposits of $11,349,732, Accounts payable of $3,485,315, Bank overdraft of $615,704, Loans payable of $186,828, and Advances from shareholders of $70,509 within Total Liabilities; Total Shareholders' Deficiency of $(5,810,501) · page: 23 · as at: 2024-12-31 · basis: Unaudited, compiled financial information (Compilation Engagement Report per CSRS 4200; management-prepared on cash and historical cost basis with modifications per Note 1); the Applicant advised this is the most recent financial statement obtained by Victoria Park · scope: Entity-level - 1682 Victoria Park Avenue Inc. only · currency: CAD · total assets: 113394043 · total liabilities: 119204544
- recovery outcomeentries: basis: estimated · quote: the HST Trust Claim (as defined in the Heller Affidavit) will no longer rank in priority to the claims of secured creditors, thereby conferring a benefit to the Applicant, who will still suffer a significant shortfall even after the reversal occurs; · pct of: unstated · outcome: shortfall · class key: secured · stated by: monitor · class label: Findev Lending Inc. (Applicant, HST Trust Claim priority holder) · creditor name: Findev Lending Inc. · interim final: unstated · claims qualifier: unstated · table missing: