Ontario · Receivership (court-appointed)
Application Record
Application / notice of application · 28 August 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 filing9 verified
- applicantBJK HOLDINGS LTD.
- courtSUPERIOR COURT OF JUSTICE
- court file noCV-25-00002260-0000
- 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
- appointeeBDO Canada Limited
- appointee roleReceiver
- commencement date9 June 2025
- secured creditorsnote: Subordinated and standstill pursuant to Subordination and Standstill Agreement dated May 29, 2023 among Pahal, BJK Holdings Ltd., 27 Developments Inc. and 2808062 Ontario Ltd.; Pahal's mortgage/note amounts are original registered/note principal, not a stated current outstanding balance; postponed/subordinated in favour of BJK's security · debtor: 27 Developments, Inc. · creditor: Rajinder Singh Pahal · currency: CAD · security: Second fixed charge/collateral mortgage against title to the Property ("Subordinate Mortgage"), original principal amount Cdn. $2,090,000.00; secured also by a Cdn. $3,835,200.00 demand promissory note ("Subordinate Note")
- secured creditorsnote: Loan Agreement (May 10, 2023) principal was $31,800,000; Forbearance Agreement (Mar 21, 2025) recorded Respondent's confirmed indebtedness of $31,128,997 plus accrued interest/legal fees as of that date; Demand and NITES issued March 3, 2025; personal/corporate guarantees given by Parentela Family Trust, Julian Parentela (individual guarantor), Parentela International Inc., 2808062 Ontario Ltd., Long Valley Hospitality Inc., 2550129 Ontario Inc., and (Additional Guarantors under Forbearance Agreement) 1000922802 Ontario Inc. and Highway 7 Limited Partnership; Respondent in default and receivership sought · as of: 2025-05-26 · amount: 31966737.72 · debtor: 27 Developments, Inc. · creditor: BJK Holdings Ltd. · currency: CAD · security: First ranking mortgage (Charge/Mortgage YR3555766, registered May 29, 2023) against title to 8440 Highway 27, Woodbridge, Ontario; first ranking General Assignment of Leases and Rents (registered YR3555767); first ranking General Security Agreement perfected under PPSA (Registration No. 20230526 0928 1793 9056) against Inventory, Equipment, Accounts and Other