Ontario · Receivership (court-appointed)
Application Record dated April 25th, 2025
Application / notice of application · 25 April 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 filing16 verified
- applicantKESSAB INVESTMENTS INC. and 554498 ONTARIO INC.
- commencement date25 April 2025
- courtSUPERIOR COURT OF JUSTICE
- court file noCV-25-00000172-0000
- 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., c. C.43, AS AMENDED
- appointeeBDO CANADA LIMITED
- appointee roleProposed Receiver
- secured creditorsnote: Sherwood guaranteed RHH's grid promissory note (the '554 Note') dated September 7, 2023; same amount also cited in formal demand made March 24, 2025; personal guarantee of the Notes also provided by Scott Reid (related party, individual guarantor) · page: 13 · as of: 2025-03-21 · amount: 3147032.96 · debtor: Sherwood Forest Square Ltd. (guarantor); RHH Rental Properties Ltd. (borrower) · creditor: 554498 Ontario Inc. · currency: CAD · security: General Security Agreement dated September 16, 2023 over all present and after-acquired assets and undertaking of Sherwood, registered under the Ontario PPSA (registration dated March 3, 2025)
- secured creditorsnote: Sherwood guaranteed RHH's grid promissory note (the 'Kessab Note') dated June 7, 2023; personal guarantee of the Notes also provided by Scott Reid, principal/controlling mind of Sherwood and RHH (related party, individual guarantor, not a company) · page: 41 · as of: 2025-03-28 · amount: 5050000 · debtor: Sherwood Forest Square Ltd. (guarantor); RHH Rental Properties Ltd. (borrower) · creditor: Kessab Investments Inc. · currency: CAD · security: General Security Agreement dated June 7, 2023 (also referenced as June 2, 2023) over all present and after-acquired assets and undertaking of Sherwood, registered under the Ontario PPSA; a separate PPSA registration dated December 12, 2024 records a debt amount of $5,000,000 (a registration figure, not the confirmed outstanding balance)
- secured creditorspage: 42 · as of: 2021-10-12 · debtor: Sherwood Forest Square Ltd. · creditor: Computershare Trust Company of Canada (c/o MCAP Financial Limited Partnership) · currency: CAD · security: PPSA financing statement registered October 12, 2021, blanket collateral over all present and after-acquired personal property used in connection with, situated at, or arising from the real property known as 180 Sherwood Forest Square, London, ON
- secured creditorsnote: Individual secured creditor · page: 42 · as of: 2024-06-25 · debtor: Sherwood Forest Square Ltd. · creditor: Kent McDonell · currency: CAD · security: PPSA financing statement registered June 25, 2024, collateral classified as 'accounts' and 'other', with broad description covering goods, chattel paper, documents of title, instruments, intangibles, money and investment property
- secured creditorsnote: Bank listed as secured creditor by PPSA registration, not blanket real-property collateral · page: 42 · as of: 2024-04-19 · debtor: Sherwood Forest Square Ltd. · creditor: Canadian Imperial Bank of Commerce · currency: CAD · security: PPSA financing statement registered April 19, 2024, collateral classified as 'accounts' and 'other'
- secured creditorspage: 42 · as of: 2021-10-12 · debtor: Sherwood Forest Square Ltd. · creditor: KingSett Mortgage Corporation · currency: CAD · security: PPSA financing statement registered October 12, 2021 (later amended), blanket collateral over personal property situated on/used in connection with 130, 140, 160, 170 and 190 Sherwood Forest Square, London, ON
- secured creditorsnote: Individual secured creditor · page: 43 · as of: 2025-04-15 · debtor: Sherwood Forest Square Ltd. · creditor: Sandra G. Kerr · currency: CAD · security: PPSA financing statement registered April 15, 2025, collateral classified as inventory, equipment, accounts, other and motor vehicle included
- secured creditorsnote: Individual secured creditor; PPSA registration records a debt amount of $200,000 (registered figure) · page: 43 · as of: 2025-04-14 · amount: 200000 · debtor: Sherwood Forest Square Ltd. · creditor: Steve Sarmazian · currency: CAD · security: PPSA financing statement registered April 14, 2025, collateral classified as inventory, equipment, accounts and other
- secured creditorsnote: Individual secured creditor · page: 43 · as of: 2025-04-10 · debtor: Sherwood Forest Square Ltd. · creditor: George Dreer · currency: CAD · security: PPSA financing statement registered April 10, 2025, collateral classified as inventory, equipment, accounts, other and motor vehicle included