Alberta · Receivership (court-appointed)
Filed Amended Application
Application / notice of application · 23 August 2022
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What we verified from this filing5 verified
- secured creditorsnote: FMPC Direct Indebtedness under FMPC Credit Facilities, excludes CEBA facility of $60,000; demanded July 28, 2022; guaranteed by McIvor, 985, and Faissal personally up to $3,250,000 (personal guarantee by Faissal, an individual) · page: 3 · as of: 2022-08-10 · amount: 632627.73 · debtor: Faissal Mouhamad Professional Corporation (FMPC) · creditor: Royal Bank of Canada · currency: CAD · security: First FMPC GSA (May 16, 2012) and Second FMPC GSA (Aug 19, 2016) — first-ranking security interests over all present and after-acquired personal property
- secured creditorsnote: McIvor Direct Indebtedness under McIvor Credit Facilities; demanded Aug 15, 2022 but demand/notice period not yet expired as of application date; guaranteed by Faissal, FMPC, 985, and Paradise McIvor up to principal amount of $2,500,000 (personal guarantee by Faissal, an individual) · page: 4 · as of: 2022-08-15 · amount: 2504407.54 · debtor: McIvor Developments Ltd. · creditor: Royal Bank of Canada · currency: CAD · security: First McIvor GSA (Aug 12, 2016, GSA plus floating charge on land), Second McIvor GSA (Aug 9, 2016), and first-ranking Collateral Mortgage dated Aug 12, 2016 registered against McIvor Lands securing registered principal of $6,000,000 plus interest at prime+5%
- secured creditorsnote: 985 is also a guarantor of FMPC indebtedness (up to $3,250,000) and McIvor indebtedness (up to $2,500,000); Priority Agreement dated Aug 12, 2016 subordinates/postpones Bank of Montreal's security interest in 985's collateral to RBC's security · page: 4 · debtor: 985842 Alberta Ltd. · creditor: Royal Bank of Canada · currency: CAD · security: 985 GSA dated Aug 9, 2016 — first-ranking security interest over all present and after-acquired personal property
- secured creditorsnote: Paradise McIvor is a guarantor of McIvor Credit Facilities up to $2,500,000; no direct credit facility balance stated for Paradise McIvor · page: 4 · debtor: Paradise McIvor Developments Ltd. · creditor: Royal Bank of Canada · currency: CAD · security: Paradise McIvor GSA dated Oct 4, 2017 over all present and after-acquired personal property
- secured creditorsnote: Subordinated/postponed to RBC's security interest in 985's collateral pursuant to Priority Agreement dated Aug 12, 2016; no amount or balance stated · page: 4 · debtor: 985842 Alberta Ltd. · creditor: Bank of Montreal · currency: CAD · security: Security interest granted by 985 to BMO