11977636 Canada Inc.

11977636 Canada Inc. has been in court-appointed receivership under section 243 of the Bankruptcy and Insolvency Act since February 11, 2025, and the proceeding remains active. The Bank of Montreal, the sole PPSA registrant against the debtor, stated indebtedness of $2,042,243.48 as of September 17, 2024, exclusive of legal fees, disbursements and accruing interest, in demand letters and a section 244(1) notice dated September 20, 2024. The facilities were extended under a Letter of Agreement dated November 22, 2023 with a total limit of $2,060,000; an overdraft facility with a $60,000 principal limit had been over its limit since February 26, 2024 and stood at $105,000 as at November 5, 2024. BMO holds first-priority collateral charges on properties at Watford and Hamilton, Ontario, general assignments of rents and leases, and a December 14, 2023 general security agreement over all present and after-acquired property. Taibah Chaudhary, the sole director, officer and shareholder, gave a limited personal guarantee dated December 14, 2023 of up to $2,060,000.