Ontario · Receivership (court-appointed)
First Report of the Receiver dated August 21 2024
Court officer report · 21 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 creditorsnote: Amount is the Receiver's 'approximately $6.5 million' as of March 22, 2024; indebtedness continues to accrue interest and other costs. Loan matured unpaid November 2023; forbearance agreement December 4, 2023 breached. · page: 10 · as of: 2024-03-22 · amount: 6500000 · debtor: Ashcroft Homes entities (101RR/108RR/111RR; charges registered against the Real Property) · creditor: DUCA Financial Services Credit Union Ltd. · currency: CAD · security: DUCA Charges: mortgages/charges registered December 21, 2018 in the principal amount of $8,800,000 against the Real Property (registered principal, not the balance); non-revolving five-year term loan, maximum principal $8.8 million, advanced November 30, 2018, matured November 30, 2023; Additional Real Properties are not subject to the DUCA Charges
- secured creditorsnote: Amount not stated. Receiver understands the registration is subordinate to the DUCA Charges. · page: 10 · debtor: Ashcroft Homes – 108 Richmond Road Inc. · creditor: Canadian Imperial Bank of Commerce · currency: CAD · security: PPSA registration dated July 21, 2015
- secured creditorsnote: Amount not stated. Receiver understands the registration is subordinate to the DUCA Charges. · page: 10 · debtor: Ashcroft Homes – 108 Richmond Road Inc. · creditor: Royal Bank of Canada · currency: CAD · security: PPSA registration dated March 18, 2021
- unsecured creditorsnote: Includes approximately $33.6 million reported as owing to related parties, including 111RR. Figures are approximate and unaudited; no individual creditors named. · page: 11 · as of: 2024-06-17 · basis: Company's books and records report unsecured claims of approximately $34.0 million · amount: 34000000 · debtor: Ashcroft Homes – 108 Richmond Road Inc. · creditor: Unsecured creditors of Ashcroft Homes – 108 Richmond Road Inc. (aggregate per books and records, largely related parties) · currency: CAD
- unsecured creditorsnote: Includes $19.6 million reported as owing to related parties. Figures are approximate and unaudited; no individual creditors named. Unit of '$19.7' is stated without 'million' in the source text but read as million by context. · page: 11 · as of: 2024-06-17 · basis: Company's books and records report unsecured claims of approximately $19.7 (million, as written) · amount: 19700000 · debtor: Ashcroft Homes – 111 Richmond Road Inc. · creditor: Unsecured creditors of Ashcroft Homes – 111 Richmond Road Inc. (aggregate per books and records, largely related parties) · currency: CAD