Abingdon Meat Packers Limited and DeSimone Investments Limited

Abingdon Meat Packers Limited and DeSimone Investments Limited are in a court-appointed receivership commenced on May 26, 2015 in the Ontario Superior Court of Justice in Bankruptcy and Insolvency under court file 35-1799420T, brought under section 243 of the BIA and provincial Judicature Act authority. The proceeding remains active. Bank of Montreal holds general security agreements dated October 30, 2006 over the assets of each debtor, together with a charge/mortgage of land over the Premises in the registered principal sum of $4,300,000 and cross-guarantees; as of May 7, 2015 its claims stood at $2,392,545.89 against Abingdon and $2,130,434.28 against DeSimone. Counsel to the Receiver has opined that BMO's security is valid and enforceable, subject to standard assumptions and qualifications. Canada Revenue Agency has advanced deemed trust claims of $146,210 for unremitted source deductions against Abingdon and $2,925 for unremitted HST against DeSimone, the latter figure one the Receiver expects CRA to amend to approximately $9,000 once HST returns filed by the Private Receiver are taken into account. The Township of West Lincoln is owed $333,275.59 in unpaid municipal property taxes on the Premises as of April 23, 2015, and the Receiver has made no payments to the Township on that account.