New Tecumseth Land Corporation

New Tecumseth Land Corporation was placed in court-appointed receivership in proceedings commenced April 23, 2020 in the Ontario Superior Court of Justice under section 243 of the Bankruptcy and Insolvency Act and provincial Judicature Act authority. The proceeding is closed. FirstOntario Credit Union Limited held first-priority security over the debtor, comprising a charge/mortgage, a general assignment of rents and a business loan general security agreement. Of the $6,000,000.00 mortgage loan principal originally advanced, FirstOntario stated a balance of $6,542,389.09 as of April 1, 2020 — principal of $6,000,000.00, accrued interest of $40,870.55, past due interest of $441,111.56 and collection fees of $60,406.98 — with interest continuing to accrue at prime plus 4.00% (7.95% per annum). The obligations were personally guaranteed by the debtor's president, Guery Goyo. P.D.R. Investments Ltd. held a second mortgage over the real property, postponed to FirstOntario.