Ontario · Receivership (court-appointed)
Application Record
Application / notice of application · 1 August 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 filing14 verified
- applicantBANK OF CHINA (CANADA)
- commencement date1 August 2024
- courtSUPERIOR COURT OF JUSTICE
- court file noCV-24-00723994-00CL
- proceeding typereceivership_court
- provinceONTARIO
- statutory basissection 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
- statutory basissection 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
- appointee roleReceiver
- appointeeErnst & Young Inc.
- secured creditorsnote: Notice of Sale dated May 29, 2024 demanded outstanding principal of $5,000,000 plus accrued interest of $103,493.15 as of May 29, 2024, plus unstated fees and legal costs (components not summed by the document). Registration and indebtedness are disputed by BOCC as unauthorized (Unauthorized Mortgage Default / Unauthorized PPSA Filing Default), alleged to have been granted without BOCC's consent. · page: 15 · debtor: 13995291 Canada Inc. · creditor: 1000386642 Ontario Inc. ("1000 Co.") · currency: CAD · security: Charge/mortgage in the principal amount of $5,000,000 registered on title to the Real Property on or about February 17, 2023; also holds an all-asset PPSA registration against the Borrower's personal property filed February 17, 2023.
- secured creditorsnote: Amount is exclusive of costs of enforcement, which are recoverable and will be added; interest continues to accrue. Earlier stated balance: CAD $59,753,654.04 as of July 4, 2024 (Notice of Application); also described as 'approximately $60,000,000' in affidavit para 5. Obligations also guaranteed (unlimited, unsecured) by Visionary Holdings Inc. (Borrower's parent company - related party) and by Ms. Fan Zhou (individual guarantor). · page: 35 · as of: 2024-07-29 · amount: 60069193.2 · debtor: 13995291 Canada Inc. · creditor: Bank of China (Canada) (BOCC) · currency: CAD · security: First-ranking Mortgage (registered principal $60,000,000, instrument AT6188274, reg. Sept 23, 2022) and General Assignment of Rents (AT6188275) over the Real Property (95-105 Moatfield Drive, Toronto); General Security Agreement over all present and after-acquired personal property, perfected by Ontario PPSA registration (Reg. No. 20220811 1020 1590 5541, filed Aug 11, 2022); Assignment of Risk Insurance.
- secured creditorsnote: Registration alleged by BOCC to be an unauthorized/prohibited encumbrance (Construction Lien Default). · page: 39 · as of: 2023-05-05 · amount: 1503168 · debtor: 13995291 Canada Inc. · creditor: Arguson Projects Inc. · currency: CAD · security: Registered construction lien against the Real Property, dated May 5, 2023, with corresponding certificate of action registered August 10, 2023.
- secured creditorsnote: Deemed-trust/tax lien class claim. The underlying RTP (approx. $1.18 million) was subsequently revoked by the CRA, but the registered lien remains on title to the Real Property per the affidavit. · page: 40 · as of: 2024-03-18 · amount: 1182173 · debtor: 13995291 Canada Inc. · creditor: His Majesty the King in Right of Canada (Canada Revenue Agency) · currency: CAD · security: Registered lien on title to the Real Property arising from a CRA Requirement to Pay (RTP), registered March 18, 2024.