Ontario · Receivership (court-appointed)
Application Record – 10-APR-2025
Application / notice of application · 10 April 2025
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 filing3 verified
- secured creditorsnote: Property tax arrears per Tax Certificate dated March 27, 2025 · page: 14 · as of: 2025-03-27 · amount: 22811.54 · debtor: 2416946 Ontario Ltd. · creditor: Town of Midland · currency: CAD · security: Statutory municipal property tax lien
- secured creditorsnote: Original principal was $60,000.00 (Dec 30, 2022), increased to $120,000.00 via Mortgage Amending Agreement registered July 5, 2023 (Instrument No. SC1991516); registered principal, not a stated outstanding balance; Sagewise commenced power of sale proceedings (Notice of Sale dated Feb 7, 2025), redemption period expired; obtained without consent of Caisse, contrary to Loan Agreement · page: 15 · as of: 2023-07-05 · amount: 120000 · debtor: 2416946 Ontario Ltd. · creditor: Sagewise Capital Corporation · currency: CAD · security: Charge/Mortgage registered December 30, 2022 as Instrument No. SC1955169 (second priority) over 268 King Street, Midland, Ontario; Notice of Assignment of Rents registered December 30, 2022 as Instrument No. SC1955170
- secured creditorsnote: Aggregate indebtedness as of March 6, 2025 excluding professional fees, disbursements and HST, per Demand Letter dated March 7, 2025; original loan principal advanced was $435,000.00 (July 12, 2021); also separately in arrears $12,643.64 as of Jan 31, 2025 letter (component of above); personal guarantee from Alf K. Storck (director/officer, guarantor) limited to $435,000.00 supports this debt · page: 17 · as of: 2025-03-06 · amount: 419287.95 · debtor: 2416946 Ontario Ltd. · creditor: Caisse Desjardins Ontario Credit Union Inc. · currency: CAD · security: Charge/Mortgage registered July 12, 2021 as Instrument No. SC1803149 over 268 King Street, Midland, Ontario (first priority); Assignment of Rents registered July 12, 2021 as Instrument No. SC1803150; PPSA registration (personal property/assignment of rents) File No. 774338391, Registration No. 20210712 1655 1590 7252