Ontario · Receivership (court-appointed)
Application Record of the Applicant dated April 4, 2025
Application / notice of application · 4 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 filing11 verified
- applicantMORRISON FINANCIAL MORTGAGE CORPORATION
- courtSUPERIOR COURT OF JUSTICE
- court file noCV-25-00089667-0000
- proceeding typereceivership_court
- 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
- secured creditorsnote: Listed as a secured creditor on the Service List (account/branch No. 34762 noted); no amount, security description, or debtor specified in the pages reviewed. · page: 2 · creditor: The Toronto-Dominion Bank · currency: CAD
- secured creditorsnote: Listed as a secured creditor on the Service List; possibly a PPSA equipment/vehicle financier but classification cannot be confirmed from the pages reviewed; no amount or security description stated. · page: 3 · creditor: Nissan Canada Inc. · currency: CAD
- commencement date1 April 2025
- secured creditorsnote: Priority Agreement dated Nov 24, 2021 provides Intact will at all times postpone and rank subordinate to Morrison's Charge and Assignment of Rents, except for purchaser deposit monies held in a designated trust account (Postponement of Interest registered as BR176879, Nov 25, 2021). Also listed as a secured creditor on the Service List. No outstanding balance stated in reviewed pages; $1,100,000.00 is a registered principal amount, not a balance. · page: 19 · debtor: 1817955 Ontario Limited · creditor: Intact Insurance Company · currency: CAD · security: Charge/Mortgage originally in favour of The Guarantee Company of North America registered Dec 9, 2020 as Instrument BR163052, principal $890,000.00; name changed to Intact Insurance Company following amalgamation (Instrument BR176790, Nov 23, 2021); principal increased to $1,100,000.00 by Agreement Amending Charge/Mortgage registered as Instrument BR176980 on Nov 26, 2021
- secured creditorsnote: Amount is the consolidated Facility 1 balance as stated in the Seventh Amendment Letter dated August 11, 2023, after Facilities 2-4 were extinguished and rolled into Facility 1 ($4,608,831.10); total loan amount maximum was concurrently increased to $10,187,447.00 (facility limit/ceiling, not a balance). This is not necessarily the current balance as of the April 2025 application - later amendments (Eighth Amendment Letter, Dec 12, 2023) and a 2025 Demand Letter/BIA s.244 Notice (Exhibit 67) are referenced in the record but not included in the pages reviewed. Personal guarantees exist from Andrew Terence Hill (dated Nov 18, 2021) and Kimberley Gail Hill (dated May 4, 2023), both related-party guarantors/co-borrowers. · page: 61 · as of: 2023-08-01 · amount: 4608831.1 · debtor: 1817955 Ontario Limited · creditor: Morrison Financial Mortgage Corporation · currency: CAD · security: First Charge/Mortgage on 1020 Goderich Street, Port Elgin registered Nov 24, 2021 as Instrument BR176854, principal $9,541,546.25 (later amended registration ceiling to $12,000,000.00 per Seventh Amendment Letter, Aug 11, 2023); Notice of Assignment of Rents registered as BR176855; second Charge/Mortgage on 1632 Concession Road 12, Kincardine registered May 18, 2023 as BR194348, principal $800,000.00; second Charge/Mortgage on 137 Elgin St, Unit 202, Port Elgin registered May 18, 2023 as BR194349, principal $300,000.00; General Security Agreement, Assignment of Insurance/Contracts/Agreements of Purchase and Sale, PPSA registrations against 181 (File No. 792570753), Andrew Hill (File No. 778261788, later 792571005) and Kimberley Hill (File No. 792571005)