Ontario · Receivership (court-appointed)
Application Record - Applicant - Libro Credit Union Limited - 30-JUL-2025 (004) - Shrink
Application / notice of application · 30 July 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 filing8 verified
- applicantLIBRO CREDIT UNION LIMITED
- courtSUPERIOR COURT OF JUSTICE
- court file noCV-25-00000335-0000
- provinceONTARIO
- secured creditorsnote: Amount is stated indebtedness as of July 23, 2025, plus accruing interest and enforcement costs; earlier demand letters dated January 17, 2025 stated $3,033,834.01 as of January 13, 2025 plus $583.56/day interest (prose/earlier balance); also secured by unlimited personal guarantee of Scott O. Reid and unlimited corporate guarantee of RHH Rental Properties Ltd. (RHH made an assignment into bankruptcy on June 18, 2025) · page: 20 · as of: 2025-07-23 · amount: 3135819.87 · debtor: Vaughan St GP Corp. and Vaughan St LP · creditor: Libro Credit Union Limited · currency: CAD · security: Continuing collateral mortgage (Instrument WC718653, principal amount $3,000,000) registered 2023-12-04 against 3 Vaughan Street, Guelph; General Security Agreements from Vaughan GP and Vaughan LP dated December 1, 2023; Beneficial Ownership Agreement binding Vaughan LP; first charge on Property
- unsecured creditorsnote: Municipal tax arrears; typically preferred claim/priority lien ahead of ordinary unsecured but document does not itself label it 'preferred' beyond noting it constitutes a mortgage default · page: 22 · as of: 2025-07-22 · basis: Tax Certificate identifying outstanding tax arrears · amount: 24246.9 · debtor: Vaughan St GP Corp. · creditor: The Corporation of the City of Guelph (tax arrears) · currency: CAD
- secured creditorsnote: Nature/amount of underlying City interest not stated on these pages; registration shows a postponement, not a specific charge amount · page: 46 · as of: 2024-03-07 · debtor: Vaughan St GP Corp. · creditor: The Corporation of the City of Guelph · currency: CAD · security: Postponement from Libro Credit Union Limited registered as Instrument WC724562 (postponing Libro's mortgage priority as against City interest registered as WC724560)
- unsecured creditorsnote: Contract price stated as $1,200,280.00 plus HST ($1,356,316.40 total); amount claimed as owing is $553,353.17; lien is registered against the Property subsequent to the Mortgage, ranking behind Libro's security · page: 103 · as of: 2024-03-26 · basis: Construction Lien registered against title (Instrument WC725637), later followed by a Certificate of Action registered June 27, 2024 · amount: 553353.17 · debtor: Vaughan St GP Corp. · creditor: Martin Simmons Sweers Architects Inc. · currency: CAD