Ontario · Receivership (court-appointed)
Application Record
Application / notice of application · 10 September 2026
AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
What we verified from this filing9 verified
- applicantBANK OF MONTREAL
- courtSUPERIOR COURT OF JUSTICE (COMMERCIAL LIST)
- court file noCL-26-00000390-0000
- provinceONTARIO
- statutory basissubsection 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act
- commencement date28 August 2026
- secured creditorsnote: $550,000 is the registered charge amount, not a stated outstanding balance. Second-ranking behind BMO. Registered without notice to or consent of BMO, contrary to s.12 of the Charge Terms and the Credit Agreement covenant. · page: 58 · as of: 2025-12-05 · debtor: 2619355 Ontario Inc. (owner of the Real Property) · creditor: 1001239988 Ontario Ltd. · currency: CAD · security: Subsequently registered charge of $550,000 on PIN 58616-0119 (LT), registered December 5, 2025 (the 'Subsequent Encumbrance')
- secured creditorsnote: Amount is the 'Demanded Indebtedness' stated in the July 29, 2026 demand letters/BIA notices, as at July 27, 2026, exclusive of legal fees, disbursements and accruing interest. Affidavit also states indebtedness of approximately $3.12 million as of Sept 4, 2026 (exclusive of costs and expenses), which includes the following stated components of default: July and August 2026 term loan payments totalling approx. $56,000 unpaid; corporate MasterCard facility balance $61,062.54; overdraft facility balance approx. $137,000. Demand not honoured; 10-day BIA s.244(2) period expired. · page: 60 · as of: 2026-07-27 · amount: 3102215.52 · debtor: 1001128764 Ontario Inc. (Borrower); guaranteed by 2619355 Ontario Inc. · creditor: Bank of Montreal · currency: CAD · security: General security agreements from each debtor (dated Feb 28, 2025; PPSA registered; BMO the only PPSA registrant); charge/mortgage on the Real Property registered Feb 28, 2025 (instrument SC2116810) in the principal amount of $3,180,000 (registered principal, not a balance) and general assignment of rents (SC2116811); guarantee of 2619355 Ontario Inc. limited to $3,180,000 plus interest and costs; personal guarantees by Inderdeep and Manwinder Klotia, each limited to $3,180,000 (registered/guarantee limits, not balances). BMO is first-ranking over the Real Property.
- unsecured creditorsnote: Municipal taxes; the document does not name the taxing authority or characterize the class. Separately, BMO states it has no visibility into whether any amounts are owing to the Canada Revenue Agency, which could rank in priority; no CRA amount stated. · page: 60 · as of: 2026-07-24 · basis: Affidavit: 'property tax arrears on the Real Property totalled $35,833.68' as of July 24, 2026 · amount: 35833.68 · debtor: 2619355 Ontario Inc. (owner of the Real Property) · creditor: Municipality (property tax arrears on the Real Property) · currency: CAD