Ontario · Receivership (court-appointed)
Receiver's First Report - March 31, 2021.pdf
Court officer report · 31 March 2021
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What we verified from this filing6 verified
- secured creditorsnote: Described as the senior secured creditor of Nascent; amount owing not stated in these pages · page: 4 · debtor: Nascent (Tisdale) Inc. and Nascent (Tisdale) LP · creditor: Fiera FP Real Estate Financing Fund, L.P. · currency: CAD · security: Senior secured creditor; security under Loan Documents and Security over the Property (78 Tisdale Avenue, Toronto)
- secured creditorsnote: Surety on a bond, not a conventional secured lender; amount not stated · page: 4 · debtor: Nascent (Tisdale) Inc. and Nascent (Tisdale) LP · creditor: Aviva Insurance Company of Canada · currency: CAD · security: Deposit surety bond in relation to Pre-Construction Deposits
- secured creditorsnote: Aggregate/individual amounts not stated; blanket lien claimants · page: 4 · debtor: Nascent (Tisdale) Inc. and Nascent (Tisdale) LP · creditor: Unpaid suppliers/contractors with registered liens · currency: CAD · security: Registered liens against the Property
- unsecured creditorsnote: Amount not stated in these pages · page: 4 · basis: Unpaid property taxes as reported by Receiver · debtor: Nascent (Tisdale) Inc. and Nascent (Tisdale) LP · creditor: City of Toronto · currency: CAD
- unsecured creditorsnote: Receiver believes deposits were fully expended prior to Appointment Order with no remainder in the estate; Pre-Construction Purchasers likely have valid claim for residual deposit amounts following recourse under the Aviva bond; individual purchaser names/amounts not itemized · page: 9 · basis: Claims for residual Pre-Construction Deposits following disclaimer of Pre-Construction Agreements, likely to be asserted in a claims process · debtor: Nascent (Tisdale) Inc. and Nascent (Tisdale) LP · creditor: Pre-Construction Purchasers (19 Pre-Construction Agreement holders) · currency: CAD
- unsecured creditorsnote: Uncertainty exists regarding the exact amount of the deposit payable by Sage; Sage Agreement disclaimed by Receiver on May 19, 2021 on same terms as Pre-Construction Agreements · page: 11 · basis: Deposit paid under the Sage Agreement (purchase price $4,400,000) for Blocks 5 & 6, fully dissipated by Nascent prior to Appointment Order · amount: 250000 · debtor: Nascent (Tisdale) Inc. and Nascent (Tisdale) LP · creditor: Sage Development Corporation · currency: CAD