Ontario · Receivership (court-appointed)
Application Record of the Applicants dated February 28, 2025
Application / notice of application · 28 February 2025
What we verified from this filing2 verified
- secured creditorsnote: Table headed 'TOTAL DUE AS AT October 9, 2024' comprising outstanding principal $10,000,000, accrued interest, extended fee, legal fees, unpaid purchase price and demand-related legal fees. Interest continues to accrue at default rate of 26.82% (26.8%) per annum (~$9,143.87/diem) and estimated PPSA collateral realization costs of $150,000 plus estimated application costs of $45,000 are NOT included in this total. An earlier Notice of Default dated July 5, 2024 from SimpsonWigle LAW LLP had demanded $11,735,219.18 (principal $10,000,000 secured by Collateral Charge, plus accrued interest, default penalties, legal fees and unpaid purchase price) as of that date, with interest accruing thereafter at 26.82% per annum compounded monthly. · page: 156 · as of: 2024-10-09 · amount: 12444121.92 · debtor: First Global Financial Corp. · creditor: Trans Global Partners Limited, Randy Hoffner and Pauline Hoffner (collectively 'Trans Global Creditors'/Applicants) · currency: CAD · security: Pledge Agreement (Share Pledge of First Global Financial Corp.); PPSA Collateral under Promissory Note(s); Collateral Charge over property at 11720 Highway 27, Vaughan, Ontario
- secured creditorsnote: Vendor disclosure statement in Share Purchase Agreement states the debtor 'is in default under the mortgage in favour of 2229815 Ontario Ltd. for monies owing of approximately $6,288,381.00. A notice of sale has been served on this matter.' Amount stated as approximate; no specific as-of date given for the balance. · page: 194 · amount: 6288381 · debtor: Niagara Estates of Chippawa II Inc. · creditor: 2229815 Ontario Ltd. · currency: CAD · security: Mortgage registered against the property owned by Niagara Estates of Chippawa II Inc.