British Columbia · Receivership (court-appointed)

First Report of the Receiver dated June 12, 2025

Court officer report · 12 June 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 filing1 verified

secured creditorsnote: Loan principal was $4,160,000 (non-revolving demand loan per commitment letter dated June 9, 2020, as amended); total indebtedness of $4,339,747 as at April 2, 2025 per Pollack Affidavit, accruing interest at $1,119.91/day plus professional fees. Also secured by unlimited, personal, joint and several guarantees from Manoj Sikka, Mark Joseph Catroppa and Samira Perera (personal guarantors), dated June 17, 2020. Security review by Receiver pending as of report date. · page: 5 · as of: 2025-04-02 · amount: 4339747 · debtor: 1069016 B.C. Ltd. and 1183011 B.C. Ltd. · creditor: KingSett Mortgage Corporation · currency: CAD · security: Registered first mortgage and assignment of rents (principal $4,160,000) against the Lands; beneficial mortgage and direction to charge; general security agreement (PPR BC registration #284957M); pledge of securities over shares/LP units of the Debtors