Ontario · Receivership (court-appointed)
Fourth report of the Receiver dated March 4, 2025
Court officer report · 4 March 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 filing14 verified
- secured creditorsnote: Senior secured lender of 2557 and the applicant in the receivership. No outstanding balance is stated on these pages. The Court-approved sale of the York Property (purchase price $16.5 million) was structured as a credit bid by MarshallZehr for a portion of its debt, with the balance of the price payable by assumption of the Secured Debt. Independent counsel (Reconstruct) opined that the real property security granted by 2557, including the MZ Mortgage, is valid and enforceable. VanRooyen's construction lien has priority over the MZ Mortgage to the extent of any deficiency in Construction Act holdbacks. MarshallZehr funded the Receiver's fees and expenses by Receiver's certificate. · page: 36 · debtor: 2557386 Ontario Inc. (borrower); 2363823 Ontario Inc. o/a Mariman Homes (guarantor) · creditor: MarshallZehr Group Inc. · currency: CAD · security: First-ranking charge/mortgage against the York Property in the principal amount of $35 million (the 'MZ Mortgage' — registered principal, not a stated balance); guarantee from Mariman secured by a general security agreement against Mariman's personal property
- secured creditorsnote: Approximate lien amount ('approximately $1.7 million'). Reconstruct concluded that under s.78 of the Construction Act (Ontario) VanRooyen has priority over the MZ Mortgage to the extent of any deficiency in the required holdbacks; a distribution of $171,909 (the 10% holdback owing by 2557) was recommended and authorized by the October 1, 2024 Discharge Order on account of its priority holdback claim. Remainder of the lien claim ranks behind the MZ Mortgage. VanRooyen indicated it may seek banking records to assert breach-of-trust claims against principals of the Companies. · page: 36 · amount: 1700000 · debtor: 2557386 Ontario Inc. · creditor: VanRooyen Earthmoving Ltd. · currency: CAD · security: Construction lien registered on title to the York Property in respect of the supply of topsoil and grading services
- unsecured creditorsnote: Approximate aggregate; individual purchasers and per-purchaser amounts not named. Deposits were not held in trust. The Transaction does not assume the pre-construction APSs, and the Receiver advised the York Purchasers it would seek authorization to repudiate them following closing. · page: 36 · basis: Deposits of approximately $10 million provided by the purchasers of the lots, as reported in the Receiver's appended Third Report; Mr. Bettiol advised the Receiver the deposits were spent prior to commencement of the proceeding · amount: 10000000 · debtor: 2557386 Ontario Inc. · creditor: York Purchasers (home buyers under 54 pre-receivership agreements of purchase and sale for Grand York Estates lots) · currency: CAD
- secured creditorsnote: No amount stated; to be satisfied on closing of the Transaction. The Receiver states it is not aware of any other secured creditors or claims ranking, or that may rank, in priority to MarshallZehr and VanRooyen other than property taxes, a commission of $200,000 plus HST payable to Colliers under its listing agreement (a receivership-period obligation), and the Receiver's Charge. · page: 39 · debtor: 2557386 Ontario Inc. · creditor: Municipal property taxes on the York Property (taxing authority not named) · currency: CAD · security: Statutory priority ranking ahead of the MarshallZehr and VanRooyen claims (municipal/regulatory class)
- unsecured creditorsnote: No amount stated. · page: 40 · basis: Commission claim associated with the terminated Prior Vickery APS; the Receiver's counsel (Chaitons) advised Pauls that the agreement had been terminated and any claim would be unsecured · debtor: 2363823 Ontario Inc. o/a Mariman Homes · creditor: Jim Pauls Real Estate Ltd. ('Pauls') · currency: CAD
- secured creditorsnote: Amount owing per a mortgage statement provided by Morris Wright. Chaitons opined the mortgage is validly registered. Colliers advised there is likely little to no equity in the property beyond the amount owing. Morris Wright intends to sell under power of sale and requested the property be excluded from the receivership; the Receiver was discharged over the Mariman Properties by the Discharge Orders. · page: 41 · as of: 2024-10-01 · amount: 880247 · debtor: 2363823 Ontario Inc. o/a Mariman Homes · creditor: Morris Wright Mortgage Company Ltd. · currency: CAD · security: First-ranking charge/mortgage against the Moore's Property (178 Moores Road, Haldimand), registered November 4, 2022 in the principal amount of $1.5 million; evidence provided that a principal amount of $725,000 was advanced under the mortgage on November 4, 2022
- unsecured creditorsnote: No amounts stated. The Receiver has not dealt with the individual pre-sale agreements other than to direct these purchasers to Tarion and to the mortgagees on title, and has not taken steps to terminate the existing agreements of purchase and sale. · page: 41 · basis: Mariman pre-sold residential homes at both developments and received deposits for such sales which it did not hold in trust, as stated in the Receiver's appended Third Report · debtor: 2363823 Ontario Inc. o/a Mariman Homes · creditor: Home buyers at Hunter Estates and Mariman Estates (deposit claims) · currency: CAD
- secured creditorsnote: Subordinated by postponement; effectively the third and fourth mortgages. No balances stated. Because the Hunter Estates listing price of $5.8 million attracted no acceptable offers and does not appear sufficient to pay out the first and second mortgages, the Receiver did not request a security review of these charges. · page: 42 · debtor: 2363823 Ontario Inc. o/a Mariman Homes · creditor: 2441026 Ontario Inc. ('244 Ont') · currency: CAD · security: Two charges against each of the Hunter Estates lots, both registered December 16, 2014: BC267839 in the principal amount of $1,300,000 and BC267840 in the principal amount of $1,900,000 (registered principal amounts, not stated balances); both postponed to the 249 Charge (BC313338 and BC325589) and to the OTC Charge (BC325586)
- secured creditorsnote: Municipal claim (regulatory class); registered after the January 16, 2024 Receivership Order. · page: 43 · amount: 2980 · debtor: 2363823 Ontario Inc. o/a Mariman Homes · creditor: The Corporation of the County of Brant · currency: CAD · security: Certificate registered June 21, 2024 against the Hunter Estates lots
- secured creditorsnote: Approximate balance per 249 Ont.'s discharge statement as at July 31, 2022; no payments since July 2022, when Notices of Sale were issued, and the amount continues to accrue with interest — the stated balance exceeds the registered principal. The charge is in default; 249 Ont. asked that Hunter Estates be excluded from the receivership so it can sell under power of sale, and Olympia Trust is prepared to allow that. Chaitons opined 249 Ont. has a validly registered mortgage. The registration table names the registrant 2496582 Ontario Inc. while the text calls the same creditor '249 Ont.'. · page: 43 · as of: 2022-07-31 · amount: 6300000 · debtor: 2363823 Ontario Inc. o/a Mariman Homes · creditor: 2496582 Ontario Inc. (referred to in the report as '249 Ont.'; holder of the '249 Charge') · currency: CAD · security: Charge BC313337 against the Hunter Estates lots, registered March 28, 2017, in the principal amount of $4,313,267 (originally $7,000,000, decreased to $4,313,267 in BC337788); postponed to the OTC Charge in BC325588
- secured creditorsnote: Approximate balance per Olympia Trust's discharge statement as at October 1, 2024. The OTC Charge is in default; Olympia Trust listed Hunter Estates with CBRE on April 25, 2023 at a $5.8 million listing price and no offers were accepted. Chaitons opined Olympia Trust has a validly registered mortgage. · page: 43 · as of: 2024-10-01 · amount: 1900000 · debtor: 2363823 Ontario Inc. o/a Mariman Homes · creditor: Olympia Trust Company · currency: CAD · security: Charge BC325584 (the 'OTC Charge') against the Hunter Estates lots, registered September 29, 2017, in the principal amount of $2,686,733 (originally $2,133,000, increased via BC337784); ranks ahead of the 244 Ont charges and the 249 Charge by postponements
- secured creditorsnote: Approximate amount owing under the loan per a letter dated July 29, 2024. Chaitons opined 268 Ont. has a validly registered mortgage against the Mariman Lots. Colliers advised the value of Mariman Estates is likely below the amount owing to 268 Ont., leaving no equity for subsequent chargeholders. On the date of the Receivership Order, Mariman transferred 19 of the lots to related company 2753904 Ontario Inc. for nominal consideration of $2. · page: 44 · as of: 2024-07-29 · amount: 4400000 · debtor: 2363823 Ontario Inc. o/a Mariman Homes · creditor: 2689918 Ontario Inc. ('268 Ont.') · currency: CAD · security: First mortgage (the '268 Mortgage') against the Mariman Estates lots in the principal amount of $5.5 million
- secured creditorsnote: Individual mortgagees; full names not stated in the document. Colliers advised there is likely no equity for holders of charges subsequent to the 268 Mortgage. · page: 44 · debtor: 2363823 Ontario Inc. o/a Mariman Homes · creditor: Individuals with the last names Montemurro and Baxter (vendor take-back mortgagees) · currency: CAD · security: Second mortgage (vendor take-back) against the Mariman Estates lots in the principal amount of $2.72 million (registered principal, not a stated balance)
- secured creditorsnote: Registered after the January 16, 2024 Receivership Order. The Receiver understands Mr. Dishke was Mariman's real estate agent (related party in that sense). Colliers advised there is likely no equity beyond the 268 Mortgage. · page: 44 · debtor: 2363823 Ontario Inc. o/a Mariman Homes · creditor: Paul Dishke · currency: CAD · security: Mortgage registered May 24, 2024 against the Mariman Estates lots in the principal amount of $1.725 million (registered principal, not a stated balance)