Ontario · Receivership (court-appointed)
Application Record of DUCA returnable April 11, 2024
Application / notice of application · 5 April 2024
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
- applicantDUCA FINANCIAL SERVICES CREDIT UNION LTD.
- courtSUPERIOR COURT OF JUSTICE COMMERCIAL LIST
- court file noCV-24-00716425-00CL
- provinceONTARIO
- statutory basisSUBSECTION 243(1) OF THE BANKRUPTCY AND INSOLVENCY ACT, R.S.C. 1985, c. B-3, AS AMENDED, AND SECTION 101 OF THE COURTS OF JUSTICE ACT, R.S.O. 1990, c. C.43, AS AMENDED
- commencement date12 March 2024
- secured creditorsnote: Registered without DUCA's prior written consent, constituting a default under DUCA's Mortgage · page: 26 · as of: 2024-02-15 · amount: 67869 · debtor: 10503452 Canada Inc. · creditor: Tregebov Cogan Architecture Ltd. · currency: CAD · security: Construction lien registered against title to 740-748 Sheppard Avenue West, Toronto
- secured creditorsnote: No balance stated; registration disclosed by certified PPSA search results dated April 1, 2024 · page: 26 · as of: 2019-05-02 · debtor: 10503452 Canada Inc. · creditor: Royal Bank of Canada · currency: CAD · security: Assignment of Rents registered May 2, 2019 against 940 Danforth Avenue, Toronto (a separate property owned by the Debtor); PPSA registration
- secured creditorsnote: Original demand loan principal advanced was $4,242,000 (Feb 1, 2021 Commitment Letter). As at Dec 1, 2023, discharge amount demanded was $4,243,000 (approximation superseded by the exact April 2, 2024 balance of $4,378,516.86, comprising $4,242,000 principal and $136,516.86 interest, excluding legal expenses). Indebtedness continues to accrue interest at $1,109.89/day. Also secured by an unlimited personal guarantee of Asif Karimov dated Feb 23, 2021 (related party - director/officer/guarantor of the Debtor). · page: 29 · as of: 2024-04-02 · amount: 4378516.86 · debtor: 10503452 Canada Inc. · creditor: DUCA Financial Services Credit Union Ltd. · currency: CAD · security: First-ranking Charge/Mortgage registered March 1, 2021 (instrument AT5664920) in the principal amount of $4,670,000 against 740-748 Sheppard Avenue West, Toronto; General Assignment of Rents dated Feb 23, 2021 (registered March 1, 2021 as instrument AT5664963); General Security Agreement dated Feb 23, 2021 over all present and future undertaking and property of the Debtor; Cash Collateral Agreement dated Feb 23, 2021 (DUCA holding $30,810.40 as cash collateral); Assignment of Insurance Agreement dated Feb 23, 2021; PPSA Financing Statement registered Feb 22, 2021