Ontario · Receivership (court-appointed)
First Report of the Receiver dated November 5, 2024
Court officer report · 5 November 2024
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 filing5 verified
- secured creditorsnote: Registered after TD Bank; amount not stated in filing · page: 33 · as of: 2024-09-22 · debtor: 1974592 Ontario Inc., 1646395 Ontario Inc. and Creative Homescapes Inc. · creditor: Vault Capital Corporation · currency: CAD · security: General secured creditor per PPSA registration (currency to September 22, 2024)
- secured creditorsnote: Subordinated all its security interests in Creative to TD Bank pursuant to priority agreement dated March 21, 2023 (Creative's vinyl fencing supplier); amount not stated · page: 34 · as of: 2024-09-22 · debtor: Creative Homescapes Inc. · creditor: CertainTeed Canada, Inc. · currency: CAD · security: General secured creditor per PPSA registration, registered before TD Bank
- secured creditorsnote: Subordinated all security interests in Creative to TD Bank, except as to 'Wells Fargo Inventory', pursuant to priority agreement dated March 22, 2023 (lessor of landscaping equipment); amount not stated · page: 34 · as of: 2024-09-22 · debtor: Creative Homescapes Inc. · creditor: Wells Fargo Capital Finance Corporation Canada · currency: CAD · security: General secured creditor per PPSA registration, registered before TD Bank
- secured creditorsnote: Related party: 164 is itself one of the co-debtors and the holding company owning 100% of Creative's shares; amount not stated; not identified as subordinated · page: 34 · as of: 2024-09-22 · debtor: Creative Homescapes Inc. · creditor: 1646395 Ontario Inc. (164) · currency: CAD · security: General secured creditor per PPSA registration, registered before TD Bank
- secured creditorsnote: Exact balance per demand letter/BIA Notice dated September 12, 2024, exclusive of legal fees, disbursements and accruing interest; First Report (p.5) rounds this to 'approximately $2.1 million' as of the same date. Personal guarantee of $200,000 given by director Shawn Kelly (individual, not a corporate creditor). · page: 35 · as of: 2024-09-10 · amount: 2056906.05 · debtor: Creative Homescapes Inc., 1974592 Ontario Inc. and 1646395 Ontario Inc. (jointly demanded) · creditor: The Toronto-Dominion Bank · currency: CAD · security: General security agreements dated March 3, 2023 over property/assets of Creative, 197 and 164 (registered under PPSA); cross-guarantees between Creative and 197; unlimited guarantees from 164; Credit Agreement dated July 14, 2023