2180672 Ontario Inc.

2180672 Ontario Inc. has been under court-appointed receivership since December 18, 2015, when the Ontario Superior Court of Justice appointed BDO Canada Limited as Receiver on the application of Royal Bank of Canada under section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act, court file CV15-11218-00CL. RBC's loan balance stood at $760,621.34 as of December 9, 2015, secured by a General Security Agreement dated September 10, 2008 over all of the debtor's property, assets and undertaking, with RBC the only PPSA registrant as of December 29, 2015. RBC advanced a further $35,000 under a Receiver's Certificate after the appointment. As of the Receiver's First Report of February 26, 2016, the landlord, Uxbridge Heights Plaza Ltd., claimed $60,000 in lease arrears, to be satisfied by $30,000 each from BPI and RBC out of closing proceeds as a condition of a new lease with the Purchaser, and CRA had advised of an HST balance of approximately $98,000, subject to a trust examination not yet conducted. RBC advised it would seek a bankruptcy application, which would render the HST claim unsecured. The receivership remains active.