Ontario · Receivership (court-appointed)
Application Record of Care Lending Group Inc. dated June 18, 2024
Application / notice of application · 18 June 2024
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What we verified from this filing12 verified
- applicantCARE LENDING GROUP INC.
- commencement date18 June 2024
- courtSUPERIOR COURT OF JUSTICE
- court file noCV-24-00000103-0000
- provinceONTARIO
- 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. 1990, c. C.43, as amended
- appointeeMSI SPERGEL INC.
- appointee roleProposed Receiver
- secured creditorsnote: This is 'OldCo' referenced in the affidavit; its secured indebtedness against the Debtor is postponed and subordinated to Care Lending's security pursuant to a Subordination Agreement (without postponement of payment) dated October 3, 2022 among Care Lending (Senior Lender), OldCo (Subordinate Lender) and the Debtor. No balance stated. · page: 15 · debtor: 1000209217 Ontario Ltd. · creditor: Cotton Mill Pharmacy Inc. (renamed 2471911 Ontario Inc.) · currency: CAD · security: PPSA registration no. 787302171 (20221004 1605 1590 2949), collateral: Inventory, Equipment, Accounts, Other, Motor Vehicle, 3-year period; amended 20221005 to change secured party name from Cotton Mill Pharmacy Inc. to 2471911 Ontario Inc.
- secured creditorsnote: Equipment financier (PMSI-type registration); no balance stated. · page: 15 · debtor: 1000209217 Ontario Ltd. · creditor: CWB National Leasing Inc. · currency: CAD · security: PPSA registration no. 795918294 (20230803 1623 6005 8588), collateral: Equipment, 6-year period
- secured creditorsnote: Registrations relate to purchase-money security interests (PMSI) in prescription pharmaceuticals located at the Pharmacy. No balance stated. · page: 15 · debtor: 1000209217 Ontario Ltd. · creditor: McKesson Canada Corporation · currency: CAD · security: PPSA registration nos. 787515327 (Inventory only, 5 years) and 787515336 (Inventory, Equipment, Accounts, Other, 5 years), both dated 20221012
- secured creditorsnote: Total indebtedness under Promissory Note (principal $600,450.00 five-year term loan advanced Oct 3, 2022) inclusive of principal and interest but exclusive of fees and costs, per breakdown: Unpaid Instalments $296,200.40; Balloon Payment $358,407.08; Unpaid Instalments (Apr 15-Jun 14, 2024) $14,448.80; Interest on unpaid interest $158.51; Total $669,214.79 (stated 'as of June 14, 2024' in table, though affidavit para. 41 refers to the same figure 'as of June 12, 2024'). Also secured by unlimited Guarantee dated October 3, 2022 from Mihi Health & Wellness Inc. (related party - co-shareholder/pledgor of Debtor's shares); Care Lending is not currently enforcing against Mihi or the pledged shares due to pharmacy-ownership regulatory concerns. · page: 16 · as of: 2024-06-14 · amount: 669214.79 · debtor: 1000209217 Ontario Ltd. · creditor: Care Lending Group Inc. · currency: CAD · security: General Security Agreement (GSA) dated October 3, 2022 over all assets, undertakings, accounts and proceeds of the Debtor, registered under the PPSA on September 14, 2022 (Reg. No. 20220914 1633 1793 8086); described as first-ranking security interest, potentially subject to specific PMSIs; also secured by Share Pledge Agreements (Paul Thomson 51 common shares / Mihi Health & Wellness Inc. 49 common shares) and a related Control Agreement dated October 3, 2022