Key Points

• Objective: Hillmount seeks to appoint Krieger & Company Inc. as a receiver for the property at 15 Chuck Ormsby Crescent, King City, Ontario, due to a default on the first mortgage.
• Background:
  • Hillmount: First mortgagee; mortgage matured and default occurred.
  • Onsori: Registered owner; consents to the appointment.
  • Afkari: Claims ownership, alleging fraudulent transfer by Arash Missaghi; opposes immediate appointment and seeks adjournment.
  • Maxol Wealth Investments Inc.: Obtained a Mareva injunction against Onsori; supports appointment if surplus funds are preserved.

Facts

• Mortgage Default:
  • First mortgage matured without payment on June 1, 2024; amount due: $2,026,624.99.
  • Second mortgage of $400,000 registered July 27, 2023.
  • Realty taxes for 2023 and 2024 unpaid.
• Mareva Injunction: Registered May 9, 2024, preventing Onsori from using assets.
• Afkari's Allegations: Claims ownership; moved out in September 2022; requests adjournment to investigate fraud by Missaghi.

Legal Analysis

• Receiver Appointment Justification:
  • Just and convenient under Courts of Justice Act and Bankruptcy and Insolvency Act.
  • Default, accruing interest, and injunction necessitate appointment.
  • Transparent court-supervised sale ensures fair value and avoids disputes.
  • Hillmount and Maxol support the appointment.

Conclusion

• Decision: Application to appoint a receiver granted.
• Order: Krieger & Company Inc. appointed as receiver.

No explicit mention of awarded costs or damages is provided in the decision.