1552906 Ontario Limited

1552906 Ontario Limited filed a notice of intention to make a proposal on April 4, 2016 under section 50.4(1) of the Bankruptcy and Insolvency Act, with Rosen Goldberg Inc. as licensed insolvency trustee. The proposal trustee valued the company's assets at $1,499,000.00, comprising real property with an estimated realizable value of $1,400,000.00 and two mortgages receivable totalling $99,000.00. Dunn Management Ltd., a company related to shareholder 803102 Ontario Limited, holds a secured mortgage claim of $264,500.00 bearing interest at 7.5% and due March 30, 2018. 803102 Ontario Limited filed a disputed unsecured claim of $486,017.75, having demanded payment in May 2015 and sued in July 2015; the company defended and counterclaimed, and 803 opposed approval of the proposal.