1348441 Ontario Inc. (o/a Solutions Your Organized Living Store)

1348441 Ontario Inc., operating as Solutions Your Organized Living Store, filed a Notice of Intention to make a proposal after Bank of Nova Scotia issued demand letters and section 244 BIA notices, which were waived and followed by a Forbearance Agreement. As at the date of the NOI, Scotiabank held secured claims of $5,456,981 and USD $390,821 under a general security agreement tied to a June 25, 2018 Commitment Letter, guaranteed by related party 1008314 Ontario Limited. A general security agreement registered March 17, 2020 gave the company's principal, Gurmej (Rick) Walia, a subordinate secured claim of approximately $6.3 million on loans previously unsecured. The company also owed roughly $1.0 million to 179 unsecured creditors and about $80,000 in unpaid wages and vacation pay to approximately 150 employees, a claim carrying BIA priority status.