Court File No. CV-16-11541-00CL ONTARIO
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Court File No. CV-16-11541-00CL ONTARIO SUPERIOR COURT OF JUSTICE (COMMERCIAL LIST) IN THE MATTER OF THE COMPANIES' CREDITORS ARRANGEMENT ACT, R.S.C. 1985, c. C-36, AS AMENDED AND IN THE MATTER OF A PLAN OF COMPROMISE OR ARRANGEMENT OF URBANCORP CUMBERLAND 2 GP INC., URBANCORP CUMBERLAND 2 L.P., BOSVEST INC., EDGE ON TRIANGLE PARK INC., AND EDGE RESIDENTIAL INC. (the "Applicants") Supplement to the Seventeenth Report of the Monitor Dated October 24, 2018 (On motion returnable October 25, 2018 for Transfer of Assets, Bankruptcy of Triangle and Residential, and CCAA Protection of Westside Galley Lofts Inc.) DATE: October 24, 2018 GOLDMAN SLOAN NASH & HABER LLP Barristers and Solicitors Suite 1600, 480 University Avenue Toronto, Ontario, M5G 1V2 Fax: 416-597-3370 Mario Forte LSUC #: 27293F Tel: 416-597-6477 Email: [email protected] Robert J. Drake LSUC #: 57083G Tel: 416-597-5014 Email: [email protected] Lawyers for The Fuller Landau Group Inc. in its capacity as the Monitor for Urbancorp Cumberland 2 GP Inc., Urbancorp Cumberland 2 L.P., Bosvest Inc., Edge Residential Inc., and Edge on Triangle Park Inc. TO: THE SERVICE LIST INDEX Tab Document 1 Supplement to the Seventeenth Report of the Monitor dated October 24, 2018 A Unaudited Trial Balances for Westside: January 1, 2017 to December 1, 2017 B Cash Flow Forecast of Westside: October 14, 2018 to January 12, 2019 Page...1 Page...2 Page...3 Page...4 Page...5 Page...6 Trial Balance: Accrual Company: 0047 Westside Gallery Lofts Inc. Period Ending: 12/31/2017 Scope: YTD Balance Sheet Accounts * Account Account Opening Closing Code Name Cur Balance Debit Credit Balance 1055.06 Bank Account - TD Canada Trust 4,531.77 87,520.17 0.00 92,051.94 1080 Short-term Investments 239,320.38 0.00 0.00 239,320.38 1200 Accounts Receivable 15,255.00 177,088.81 0.00 192,343.81 1200.5 Trust #1- Harris Sheaffer LLP 19,040.99 44.30 0.00 19,085.29 1205 Accounts Receivable - Control 22,882.50 0.00 0.00 22,882.50 1215 Other Receivable -660.95 0.00 0.00 -660.95 1220.11 Advances - Others 709.62 0.00 0.00 709.62 1400.01 Loan Receivable II 215,550.66 0.00 -215,550.69 -0.03 1802 Inventory - Condominium 81,223.00 0.00 0.00 81,223.00 2100 Accounts Payable 16,372.33 0.00 0.00 16,372.33 2120 Account Payable - Control -655,507.29 0.00 0.00 -655,507.29 2130 Accrued Liabilities -45,393.63 0.00 0.00 -45,393.63 2330 GST - Input Tax Credit 4,117,282.16 0.00 0.00 4,117,282.16 2330.01 HST - ITC 1,306,547.15 0.00 0.00 1,306,547.15 2330.02 OHST - ITC 2,639,454.28 0.00 0.00 2,639,454.28 2335 GST Payable -3,193,296.53 0.00 0.00 -3,193,296.53 2335.01 HST Payable -1,440,006.07 0.00 0.00 -1,440,006.07 2335.02 OHST Payable -2,609,814.31 0.00 0.00 -2,609,814.31 2340 GST Remittance -3,103,429.54 0.00 0.00 -3,103,429.54 2340.01 HST Remittance 2,148,619.68 0.00 0.00 2,148,619.68 2500.100 I/C - Urbancorp (Patricia) Inc. 15,403.85 0.00 -15,404.00 -0.15 2500.103 I/C - Urbancorp (National) Inc. 56,072.35 0.00 0.00 56,072.35 2500.40 I/C - Urbancorp Toronto Mgt 2 -748,341.60 0.00 0.00 -748,341.60 2500.47A I/C- Westside Curve 5,146,501.79 82,245.32 0.00 5,228,747.11 2500.48 I/C - High Res -3,025.24 0.00 0.00 -3,025.24 2500.502 I/C - 25 Givins 395.50 0.00 0.00 395.50 2500.507 I/C - 85 Bellwoods 949.20 0.00 0.00 949.20 2500.51 I/C - Hoggs Hollow Inc. 529.75 0.00 -174.81 354.94 Page...7 2500.56 I/C - Urbancorp The Bridge Inc. 1,548.16 0.00 -1,548.00 0.16 2500.61 I/C - Urbancorp Management Inc 3,763.29 0.00 0.00 3,763.29 2500.67 I/C - Edge on Triangle Park Inc. 38,557.61 0.00 0.00 38,557.61 2500.68 I/C - Urbancorp (Leslieville) Devt's Inc 5,783.04 0.00 0.00 5,783.04 2500.69 I/C - Epic on Triangle Park Inc. 20,997.02 0.00 0.00 20,997.02 2500.72 I/C - Downsview 14,857.74 0.00 0.00 14,857.74 2500.75 I/C - 55 Howie Urbancorp (Riverdale) 1,243.00 0.00 0.00 1,243.00 2500.76 I/C - Urbancorp (The Beach) Dev Inc 5,446.60 0.00 0.00 5,446.60 2500.77 I/C - Urbancorp Renewable Power Inc. -7,000.00 0.00 0.00 -7,000.00 2500.86 I/C - Urbancorp (952 Queen West) Inc. 49,963.92 0.00 -49,964.00 -0.08 2500.87 I/C - Vestaco Homes Inc. 835.48 0.00 0.00 835.48 2500.88 I/C - Urbancorp (Valermo) Inc. -0.01 0.00 0.00 -0.01 2500.89 I/C - Urbancorp Residential Inc. 253,039.18 45,905.35 0.00 298,944.53 2500.90 I/C - Landmark Building Corporation 1,130.00 0.00 0.00 1,130.00 2500.92 I/C - Urbancorp (121 Avenue Road) Inc. 9,855.50 0.00 0.00 9,855.50 2500.94 I/C - Urbancorp (St. Clair Village) 21,953.24 0.00 -21,953.00 0.24 2500.95 I/C - Urbancorp (Lawrence) Inc. 25,420.46 0.00 -25,420.00 0.46 2500.96 I/C - King Residential Inc. 40,909.00 0.00 -40,909.00 0.00 2500.99 I/C - Urbancorp (Mallow) Inc. 21,716.30 0.00 -21,716.00 0.30 2700 Deferred Revenue 0.00 100.00 0.00 100.00 3600 Retained Earnings -2,943,256.52 0.00 0.00 -2,943,256.52 PROFIT (CURRENT YEAR) -264.45 3700 Capital Account -1,871,027.42 0.00 0.00 -1,871,027.42 3700.01 Capital Account - Others 0.23 0.00 0.00 0.23 3700.12 Capital a/c - withdrawals 57,097.38 0.00 0.00 57,097.38 ------------- ------------- ------------- ------------- Total Balance Sheet Accounts 0.00 392,903.95 -392,639.50 0.00 ------------- ------------- ------------- ------------- Profit & Loss Accounts * Account Account Opening Closing Code Name Cur Balance Debit Credit Balance 4200.02 Rental Income - Westside Gallery Lofts 0.00 0.00 -1,350.00 -1,350.00 4330 Interest Income 0.00 0.00 -1,923.53 -1,923.53 5615 Bank Charges 0.00 493.37 0.00 493.37 5616 Letter of Credit/Bond Fees 0.00 2,515.71 0.00 2,515.71 ------------- ------------- ------------- ------------- Total Profit & Loss Accounts 0.00 3,009.08 -3,273.53 -264.45 ------------- ------------- ------------- ------------- Total Report 0.00 395,913.03 -395,913.03 0.00 ------------- ------------- ------------- ------------- Page...8 Trial Balance: Accrual Company: 0047A Westside - Curve Period Ending: 12/31/2017 Scope: YTD Balance Sheet Accounts * Account Account Opening Closing Code Name Cur Balance Debit Credit Balance 1055 Bank Account - General 2,304.88 14,331.33 0.00 16,636.21 1200 Accounts Receivable 0.00 54,885.00 0.00 54,885.00 1200.5 Trust #1- Harris Sheaffer LLP 217,698.87 1,753.17 0.00 219,452.04 1204 Condo Closing Receivable 56,384.25 0.00 0.00 56,384.25 1205 Accounts Receivable - Control 2,438.09 0.00 0.00 2,438.09 1215 Other Receivable 800.00 0.00 0.00 800.00 1510 Work in Progress - Soft Cost 1,025.00 0.00 0.00 1,025.00 1802 Inventory - Condominium 986,547.74 0.00 0.00 986,547.74 1882 Heat Pumps Equipment 6,638.93 0.00 0.00 6,638.93 2100 Accounts Payable -10,876.58 300.00 0.00 -10,576.58 2120 Account Payable - Control -115,006.72 9,175.56 0.00 -105,831.16 2125 Accounts Payable - Holdback -252,026.87 0.00 0.00 -252,026.87 2130 Accrued Liabilities -26,856.27 0.00 0.00 -26,856.27 2330 GST - Input Tax Credit 101,012.85 0.00 0.00 101,012.85 2330.01 HST - ITC 1,499,849.25 80.02 0.00 1,499,929.27 2330.02 OHST - ITC 2,331,742.76 72.47 0.00 2,331,815.23 2335 GST Payable -2,470.00 0.00 0.00 -2,470.00 2335.01 HST Payable -1,842,776.13 0.00 0.00 -1,842,776.13 2335.02 OHST Payable -2,242,251.57 0.00 0.00 -2,242,251.57 2340 GST Remittance -65,090.50 0.00 0.00 -65,090.50 2340.01 HST Remittance 355,670.90 0.00 0.00 355,670.90 2500.10 I/C - Marina Townhomes of South Beach In 2,000.00 0.00 0.00 2,000.00 2500.100 I/C - Urbancorp (Patricia) Inc. -125,000.00 0.00 0.00 -125,000.00 2500.107 I/C - Urbancorp Inc. 256,791.86 0.00 0.00 256,791.86 2500.109 I/C - Urbancorp Holdco Inc.