Lake Trading Welland Inc.
Follow- Proceeding
- Receivership (court-appointed)BIA s. 243 / prov. Judicature Acts
- File
- CV-24-00014901-0000
Lake Trading Welland Inc. was placed in court-appointed receivership by order of the Ontario Superior Court of Justice on May 24, 2024, under BIA s. 243 and provincial Judicature Act authority, in Court File No. CV-24-00014901-0000. The secured lender is Ally Awadh, an individual rather than a corporate lender, whose indebtedness was stated at $6,200,000.00 as of March 26, 2024 under a loan agreement dated January 1, 2020. The security comprises a charge/mortgage of land in the principal sum of $6,200,000.00, registered as instrument SN781651 on October 10, 2023 over 90 Lincoln Street, Welland (PIN 64103-0270 LT), and a revolving demand facility of $6,200,000.00 repayable on demand. A notice of intention to enforce security under BIA s. 244(1) was delivered October 11, 2023. The proceeding is closed.
Motion Record - Approval of Sales Process dated November 5, 2024 — Application / notice of application
Ontario Superior Court of Justice made a receivership order over Lake Trading Welland Inc., commencing the proceeding under Court File No. CV-24-00014901-0000.
5 earlier updates, back to 24 May 2024 — subscribers.
Debtor
Lake Trading Welland Inc.
Receiver
msi Spergel inc.
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Gambacorta | Ontario Superior Court of Justice | 2 orders, May 2024 | 1 case on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| Receivermsi Spergel inc. | Goldman Sloan Nash & Haber LLP | 7 Nov 2024 | Factum · 7 Nov 2024 |
| CreditorAlly Awadh | Harrison Pensa LLP | 21 May 2024 | Factum · 21 May 2024 |
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | Ally AwadhCharge/Mortgage of Land, principal sum $6,200,000.00, registered as instrument SN781651 on October 10, 2023, governed by Standard Charge Terms 200033, over real property municipally known as 90 Lincoln Street, Welland, Ontario (PIN 64103-0270 LT); Revolving Demand Facility in the sum of $6,200,000.00 repayable on demand — Lender is an individual (personal name), not a corporate lender; indebtedness stated as of March 26, 2024 pursuant to Loan Agreement dated January 1, 2020; Notice of Intention to Enforce Security under s.244(1) BIA delivered October 11, 2023 — debtor: Lake Trading Welland Inc · as of 26 Mar 2024 | $6.2M | Application Record of Ally Awadh dated May 9, 2024 |
This proceeding was commenced by a secured creditor. The record does not include the debtor’s own statement of assets and liabilities — that ceiling is the record’s, not this page’s.
Closed · the record states no distribution outcome.
1 engagement · 1 firm — msi Spergel Inc., to 30 Sep 2024Motion Record - Approval of Sales Process · 5 Nov 2024
| Firm | Period | Hours | Fees | Rates | Source |
|---|---|---|---|---|---|
| msi Spergel Inc.Receiver | to 30 Sep 2024Sought | ••• | ••• | •••4 people | Motion Record - Approval of Sales Process · 5 Nov 2024 |
| Date | Document | File |
|---|---|---|
Factum of the Plantiff - Approval of SISP dated November 7, 2024
| PDF · Subscribers | |
Motion Record - Approval of Sales Process dated November 5, 2024
| PDF · Subscribers | |
Endorsement of the Honourable Justice Gambacorta dated May 24, 2024
| PDF · Subscribers | |
| Receiver's Discharge Certificate | PDF · Subscribers | |
Receivership Order dated May 24, 2024
| PDF · Subscribers | |
| Book of Authorities of Ally Awadh dated May 21, 2024 | PDF · Subscribers | |
Factum of Ally Awadh dated May 21, 2024
| PDF · Subscribers | |
Application Record of Ally Awadh dated May 9, 2024
| PDF · Subscribers | |
Filing titles and dates are public, and so is each filing's own page. The figures read from them are for subscribers.
CiteProceedings., “Lake Trading Welland Inc.” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 21 September 2026, https://proceedings.ca/case/lake-trading-welland-inc