British Columbia · Receivership (court-appointed)
Affidavit of J. Ayotade
Affidavit · 4 July 2023
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 filing5 verified
- secured creditorsnote: Unpaid GST obligations described as 'approximately $700,000'; deemed trust class claim; figure is approximate, not an exact stated balance · page: 5 · as of: early to mid 2022 (materials received by RBC) · amount: 700000 · debtor: LAH Sourcing Ltd. and LAH Holdings Ltd. · creditor: Canada Revenue Agency · currency: CAD
- secured creditorsnote: Outstanding indebtedness per RBC payout letter (Exhibit R); demand issued Sept 12, 2022; forbearance agreement (as amended) expired June 16, 2023 without repayment · page: 6 · as of: 2023-07-05 · amount: 585422.87 · debtor: LAH Holdings Ltd. · creditor: Royal Bank of Canada · currency: CAD · security: Collateral mortgage on Unit 118-18525 53rd Ave, Surrey, BC (originally $618,750 principal, modified April 26, 2023 to a $2,000,000 registration ceiling securing all present/future obligations); general security agreement dated Aug 6, 2021 (BC PPR reg. #064689N); site-specific security agreement dated March 25, 2021 (BC PPR reg. #857102M); guarantees from Sourcing and Gulnaisa Kathrada, each limited to $618,750
- secured creditorsnote: Facilities comprised a $1,500,000 revolving demand loan and $57,500 corporate credit card; outstanding indebtedness per RBC payout letter (Exhibit R); demand issued Sept 12, 2022; forbearance agreement (as amended) expired June 16, 2023 without repayment · page: 6 · as of: 2023-07-05 · amount: 1570899.45 · debtor: LAH Sourcing Ltd. · creditor: Royal Bank of Canada · currency: CAD · security: General security agreement dated Aug 6, 2021 (BC PPR reg. #064109N); Holdings GSA; guarantee from Holdings limited to $1,557,500; guarantee from Gulnaisa and Faizel Kathrada limited to $600,000; EDC guarantee dated Aug 6, 2021 as additional security to RBC (not a claim against the Borrowers)
- secured creditorsnote: Amount and specific security interest not disclosed; relative priority vis-à-vis RBC governed by a priority agreement; a BDC payout statement was also a condition precedent under the Holdings Facility Letter, suggesting a prior BDC financing · page: 15 · debtor: LAH Sourcing Ltd. · creditor: Business Development Bank of Canada · currency: CAD · security: Referenced in Sourcing Facility Letter Security list as party to a priority agreement with RBC and the Borrower
- secured creditorsnote: Individual; amount and nature of security interest not disclosed; relative priority vis-à-vis RBC governed by a priority agreement · page: 15 · debtor: LAH Sourcing Ltd. · creditor: Parker Rawlinson · currency: CAD · security: Referenced in Sourcing Facility Letter Security list as party to a priority agreement with RBC and the Borrower