Ontario · Receivership (court-appointed)
Application Record of BMO dated October 16, 2026
Application / notice of application · 16 October 2026
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 · 1 withheld
- applicantBMO (BANK OF MONTREAL)
- commencement date16 October 2026
- courtSUPERIOR COURT OF JUSTICE (COMMERCIAL LIST)
- court file noCL-26-00000440-0000
- 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, AND SECTION 101 OF THE COURTS OF JUSTICE ACT
- appointeeBDO Canada Limited
- secured creditorsnote: Amount is the total stated in the demand/affidavit: Real Estate Loan $4,461,100.93 (principal $4,452,933.15 + interest $8,167.78), Mastercard $87,023.98, Overdraft Facility $484,221.76, plus fees $57,506.51 (including $57,331.51 fixed-rate term loan interest rate differential penalty), exclusive of legal fees and continuing interest. The demand letter states $5,032,346.67 outstanding on the facilities plus $534,540.29 relating to the NSF cheque transactions. Facilities are repayable on demand; demand and s. 244 BIA notice served 2026-09-16 and indebtedness remains unpaid. The Mortgage is described as a first-ranking charge. PPSA searches disclose only BMO registrations. Related-party guarantee: Vargas personally guaranteed (guarantee demand made for $4,687,000). · page: 26 · as of: 2026-09-16 · amount: 5624393.47 · debtor: 17447124 Canada Inc. (borrower); security also from Eglinton Fuels Inc. · creditor: Bank of Montreal (BMO) · currency: CAD · security: 174 Canada GSA and Eglinton Fuels GSA (January 2026) over all present and after-acquired personal property; first-ranking charge/mortgage over 2610 Eglinton Avenue East, Toronto (registered 2026-02-25, instrument AT7014602, principal stated as $4,687,000 on the registration, i.e. a registered charge amount, not a balance); General Assignment of Leases and Rents (2026-02-25); personal guarantee from the sole director and officer. Credit facilities: $4,517,000 real estate acquisition loan, $40,000 corporate Mastercard, $130,000 overdraft facility (facility limits, totalling $4,687,000).
- secured creditorsnote: Vendor of the Eglinton Fuels shares; the parcel register discloses a registration in his favour. Amount, nature and ranking of the registration are not stated in these pages, and it is not stated whether any amount is owed. · page: 29 · debtor: Eglinton Fuels Inc. · creditor: Ijaz Ahmad · currency: CAD · security: Registration on title to the Real Property (2610 Eglinton Avenue East)
1 extracted value is withheld: either a trap-shaped field where models produce confident wrong numbers, or an identity value whose quotation could not be found in the document. Withheld values are shown to no one.