Ontario · NOI
Motion Record - Moving Parties - Upper Canada Growers Ltd. and UCG Land Inc - 29-JAN-2025.pdf
Application / notice of application · 29 January 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 filing6 verified
- courtSUPERIOR COURT OF JUSTICE (IN BANKRUPTCY AND INSOLVENCY)
- court file no32-3175819
- provinceONTARIO
- secured creditorsnote: Affidavit states these are 'primarily all... motor vehicles and/or farm equipment' registrations other than the BNS registrations; individual creditor names/amounts not itemized on the excerpted pages. Possible registrants named on the service list include CWB National Leasing, Ford Credit Canada, Kubota Canada, Meridian OneCap Credit Corp, and Toyota Industries Commercial Finance, but their specific claim amounts are not stated in the reviewed pages. · page: 35 · debtor: UCG (23 PPSA registrations) and UCG Land Inc. (4 PPSA registrations, all related to BNS security described separately) · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: PPSA registrations against motor vehicles and/or farm equipment (serialized equipment financing), per Ontario PPSA search reports (Exhibits R and S)
- secured creditorsnote: Exact dated indebtedness per BNS demand letter dated Nov 15, 2024: CAD $26,319,315 plus separately USD $43,186.46 (owing under the USD Scotia Visa facility) — this supersedes the rounder prose figure of 'more than $20 million secured debt' used in the motion record (para 7). Facility limits (not balances, not summed into amount above): Demand Operating Facility CAD $7,500,000; Scotia Visa CAD $250,000; Scotia Visa USD $50,000; Revolving term facility CAD $20,000,000. Affidavit states BNS security ranks first in priority over all Companies' personal and real property, subject to any priority claims existing at law. · page: 219 · as of: 2024-11-15 · amount: 26319315 · debtor: Upper Canada Growers Ltd. and UCG Land Inc. (joint and several borrowers, and cross-guarantors) · creditor: The Bank of Nova Scotia (BNS) · currency: CAD · security: General security agreements dated Nov 29, 2023 over all present and after-acquired property of both UCG and LandCo (PPSA registered); Bank Act s.427 security package (notice of intention Nov 21, 2023, agreement as to loans/advances, promise to give security, security agreement, all Nov 29, 2023) over fertilizer, pesticide, forestry equipment and products of the forest; first-ranking charge/mortgage registered Nov 30, 2023 as Instrument CE1161676 in the principal amount of $20,000,000 against LandCo's real property in Essex County, ON; general assignment of rents and leases (Instrument CE1161677); assignments of insurance; unlimited cross-guarantees between UCG and LandCo dated Nov 29, 2023.
- financial positionnote: Total liabilities figure is not captured within the excerpted pages — the liabilities section is cut off after partial listings (e.g., Accounts Payable $2,829,250.91, Scotia Line of Credit $7,500,183.67, FCC Input Loan $475,024.98, ACC Loan Payable $1,000,000, Payroll Liabilities $163,379.39, partial Bankers' Acceptances) before a stated total liabilities line appears; per Rule 1, these components are not summed. · page: 246 · as at: 2024-11-30 · basis: Internal/management-prepared financial statements (unaudited), referred to in the affidavit as the Companies' 'internal financial statements as at November 30, 2024', excerpted from Exhibit W ('Companies' balance sheets as at November 30, 2024') · scope: Entity-level; the excerpted balance sheet appears to be for Upper Canada Growers Ltd. (line items reference 'UCG Land Inc' as a related affiliate/capex item rather than being the subject entity), but the title/entity header is not visible on the excerpted pages so consolidation status cannot be confirmed · currency: CAD · total assets: 24802451.85