Ontario · Receivership (court-appointed)
Application Record dated January 6, 2025
Application / notice of application · 6 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 filing10 verified
- applicantEMPIRICAL CAPITAL CORP.
- appointeeMSI SPERGEL INC.
- appointee roleProposed Receiver
- courtSUPERIOR COURT OF JUSTICE (COMMERCIAL LIST)
- court file noCV-24-00731923-00CL
- provinceONTARIO
- statutory basissubsection 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
- commencement date25 November 2024
- secured creditorsnote: Tax arrears cited as a further event of default under the Loan and Empirical Charge; interest and penalties continue to accrue. Regulatory/municipal tax class, ranks ahead of ordinary charge. · page: 15 · as of: NOI/Notice of Application filing date (November 25, 2024) · amount: 37408.43 · debtor: TerraBona 7115 Yonge Ltd. · creditor: City of Markham (municipal realty tax arrears) · currency: CAD · security: Statutory lien for unpaid realty taxes on the Real Property (7115 Yonge Street and 8-14 Grandview Avenue, Markham)
- secured creditorsnote: Balance per Mortgage Statement as of January 1, 2025 (Exhibit 'L'), the most recent dated figure. Prior figures for the same debt: written demand dated September 5, 2024 was for $32,233,057.73; Notice of Application (sworn/issued Nov 25, 2024) states amount outstanding as of November 15, 2024 was $33,522,732.84 (principal, interest and fees, excluding legal costs). Interest continues to accrue at greater of 10.25%/annum or Prime + 4.80%. Obligations also guaranteed by Majid Tavakoli (personal guarantor, individual) and by Majid Tavakoli Holdings Ltd. (corporate guarantor, related party - principal's holding company) pursuant to Guarantees dated 2022-11-24, each secured by General Security Agreements (Guarantor GSAs) registered under the PPSA on 2022-11-24. · page: 24 · as of: 2025-01-01 · amount: 33419371.06 · debtor: TerraBona 7115 Yonge Ltd. · creditor: Empirical Capital Corp. · currency: CAD · security: First-ranking Charge/Mortgage (Instrument No. YR3501976, registered 2022-11-25) for registered principal sum of $31,000,000.00 against the Real Property; General Security Agreement dated 2022-11-24 registered under PPSA; General Assignment of Rents (Instrument No. YR3501977, registered 2022-11-25)