Ontario · Receivership (court-appointed)
Application Record of the Applicant dated December 13, 2024
Application / notice of application · 13 December 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 filing1 verified
- secured creditorsnote: Amount is the Indebtedness stated in BMO's Demands and BIA Notice as of September 17, 2024 (exclusive of legal fees, disbursements and accruing interest; continues to accrue). Facilities under Letter of Agreement dated November 22, 2023 total facility limit $2,060,000; includes an Overdraft Lending Facility with principal limit of $60,000, which was in excess of its limit since Feb 26, 2024 and stood at $105,000 (excess of $45,000) as at November 5, 2024. Debtor's obligations also guaranteed by Taibah Chaudhary (director/officer of Debtor) via limited personal guarantee dated December 14, 2023 up to $2,060,000 - personal guarantor, not a separate secured creditor entry. · page: 10 · as of: 2024-09-17 · amount: 2042243.48 · debtor: 11977636 Canada Inc. · creditor: Bank of Montreal (BMO) · currency: CAD · security: First-priority collateral charge/mortgage over Watford Property (registered amount $1,325,000, instrument LA306412); first-priority collateral charge/mortgage over Hamilton Property (registered amount $1,600,000, instrument WE1716520); General Assignments of Rents and Leases re Watford (LA306413) and Hamilton (WE1716521) properties; General Security Agreement dated December 14, 2023 over all present and future property/assets/undertakings (PPSA registered, blanket all-property); BMO is sole PPSA registrant against the Debtor.