Al-Cheragh International Corporation

Al-Cheragh International Corporation was placed under court-appointed receivership in the Ontario Superior Court of Justice on February 1, 2018, under BIA s. 243 and provincial Judicature Act authority; the proceeding is closed. The Bank of Montreal, holding general security agreements dated January 24, 2011 from ACIC, 6413340 Canada Inc. and 7149816 Canada Inc., together with a mortgage over the Property registered May 5, 2011 as Instrument No. SC899724 in the principal amount of $1,725,000, demanded payment on May 14, 2015 and served BIA s. 244 notices the same date: $1,410,045.76 from ACIC, $192,028.27 from 641 and $10,020.70 from 714, each plus accrued interest, the last arising from an unauthorized overdraft caused by cheque kiting. A Canada Revenue Agency garnishment for $121,133 in HST arrears had frozen the 641 operating account and triggered default under the ACIC term loan. Registrations behind the Bank include a Minister of National Revenue lien of $24,253 and a Snap Commercial Finance Corp. security interest of $10,320; a first-in-time Toronto-Dominion Bank PPSA registration was understood by the Bank to have been repaid in full, with a May 26, 2015 discharge request unanswered.