Ontario · Receivership (court-appointed)
Application Record
Application / notice of application · 28 August 2024
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 filing5 verified
- secured creditorspage: 12 · as of: registered July 8, 2024 · amount: 1538083 · debtor: Woodington Estates Inc. · creditor: Silvio Construction Co. Ltd. · currency: CAD · security: Construction lien (Instrument SC2067923) registered July 8, 2024 against the Golf Course Lands
- secured creditorsnote: Guarantor: Joseph Chetti (personal guarantee). Mortgage principal was due August 12, 2020 per its terms; Notice of Sale issued for non-payment. · page: 25 · as of: Notice of Sale dated August 9, 2023 · amount: 5601652.09 · debtor: Woodington Estates Inc. · creditor: Goldy Metals Holdings Inc. · currency: CAD · security: Second charge/mortgage (Instrument SC1615589) in the principal amount of $5,500,000 registered August 12, 2019 against the Golf Course Lands; plus Notice of Assignment of Rents (Instrument SC1615590) registered the same date
- secured creditorsnote: Eisen holds the Mortgage in trust for a lending syndicate including WPC and WLP (Windsor), which together advanced ~$10.5M of the $11.5M loan. Mortgage matured March 1, 2020; continued informally on interest-only terms at 11% thereafter. Principal reduced to $10,750,000 following a $750,000 payment on Jan 18, 2024. The Notice of Application (p.11) states the amount owing as of the same date (July 24, 2024) as $11,649,377.11 - a $40 discrepancy from the affidavit figure used here. Demand letter dated May 16, 2024 demanded $11,408,768.58 due under the Mortgage. Guarantors: Joseph Chetti, Elena Salvatore, and Woodington Management Inc. (personal/related-party guarantees; individuals named for context only). · page: 26 · as of: 2024-07-24 · amount: 11649337.11 · debtor: Woodington Estates Inc. · creditor: Melvyn Eisen (as Trustee for syndicated lenders, including Windsor Private Capital Limited Partnership and Windsor II Limited Partnership) · currency: CAD · security: First charge/mortgage (Instrument SC1568887) in the principal amount of $11,500,000 registered January 11, 2019 against the Golf Course Lands (7110 4th Line, Tottenham); plus Notice of Assignment of Rents (Instrument SC1568888) registered the same date; incorporates Standard Charge Terms No. 200033
- secured creditorsnote: This charge secures the Hwy 27 Loan (a debt of another entity), not an independent balance owed by Woodington Estates Inc.; no separate outstanding balance stated for this collateral mortgage; will be deleted upon discharge of the source mortgage. · page: 137 · debtor: Woodington Estates Inc. · creditor: Melvyn Eisen and Windsor II Limited Partnership · currency: CAD · security: Collateral charge/mortgage (Instrument SC1916092) in the principal amount of $5,000,000 registered July 21, 2022 against the Golf Course Lands, given as collateral security for a separate $25,000,000 first mortgage loan (the 'Hwy 27 Loan') made to another Chetti-controlled entity, secured by 11720 Highway 27, Vaughan; guarantor Joseph Chetti
- secured creditorsnote: Represents property tax arrears for several years (2021 through 2024); regulatory/municipal tax lien class. · page: 144 · as of: 2024-07-10 · amount: 191596.02 · debtor: Woodington Estates Inc. · creditor: Corporation of the Town of New Tecumseth · currency: CAD · security: Tax arrears certificate registered February 16, 2024 (Instrument SC2039172) creating a statutory lien against the Golf Course Lands for unpaid property taxes