Newfoundland and Labrador · CCAA
Affidavit of Greg Hussey dated January 27, 2025
Affidavit · 27 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 filing9 verified
- secured creditorsnote: Approximate indebtedness secured by mortgage; not a direct Applicant debt but affects Karwood Contracting's asset value via share ownership · page: 6 · amount: 2700000 · debtor: 81502 Newfoundland and Labrador Ltd. (wholly-owned subsidiary of Karwood Contracting Ltd.) · creditor: Moskowitz Capital Mortgage Fund II Inc. · currency: CAD · security: Mortgage registered against building on Kenmount Road, Paradise, NL (property valued ~$3,000,000)
- secured creditorsnote: Related party: Randy Oram is a director/shareholder-adjacent individual (co-director of Karwood Contracting); priority TBD; amount owed not stated · page: 7 · debtor: Karwood Contracting Ltd. · creditor: Randy and Tammy Oram · currency: CAD · security: Mortgage over 61 and 63 Silver Birch
- secured creditorsnote: Priority status TBD for mortgage; amount owed not stated for either mortgage or PPSA security · page: 7 · debtor: Karwood Contracting Ltd. · creditor: Bank of Montreal · currency: CAD · security: Mortgage over 55, 59, 61, 63, 70 Silver Birch Crescent and 41 Yellow Wood Drive; also PPSA general collateral and motor vehicles security interest (3rd priority)
- secured creditorsnote: Priority status TBD; amount owed not stated. Creditor has issued demands and threatened legal action (see para 76) · page: 7 · debtor: Karwood Contracting Ltd. · creditor: Boreal Atlantic Ltd. · currency: CAD · security: Mortgage over Parcel A, Kenmount Road
- secured creditorsnote: Serialized-equipment PMSI financiers aggregated per class; amounts not stated · page: 8 · debtor: Karwood Contracting Ltd. · creditor: PPSA equipment financiers (PMSI class) - Steelcase Financial Services Ltd.; Ford Credit Canada Company · currency: CAD · security: Purchase Money Security Interests: Steelcase - furniture leased/financed under master lease agreement no. 36982; Ford Credit - motor vehicle financing
- secured creditorsnote: 2nd priority PPSA registration; amount not stated · page: 8 · debtor: Karwood Contracting Ltd. · creditor: Moskowitz Capital Mortgage Fund II Inc. · currency: CAD · security: PPSA security interest in all present and after-acquired personal property and proceeds thereof
- secured creditorsnote: 1st (MV) priority; serialized motor-vehicle financiers aggregated per class; amounts not stated · page: 11 · debtor: Karwood Ontario Ltd. · creditor: PPSA equipment financiers (PMSI class) - BMW Canada Inc.; Royal Bank of Canada · currency: CAD · security: Serial numbered collateral (motor vehicles) as per lease
- secured creditorsnote: 2nd priority PPSA registration; amount not stated · page: 11 · debtor: Karwood Ontario Ltd. · creditor: Moskowitz Capital Mortgage Fund II Inc. · currency: CAD · security: PPSA security interest in all present and after-acquired personal property and proceeds thereof
- secured creditorsnote: Figures appear to be registered mortgage amounts, not confirmed outstanding balances; not summed per component rule; priority status TBD for mortgages · page: 11 · debtor: Karwood Ontario Ltd. · creditor: Libro Credit Union Ltd. · currency: CAD · security: Mortgages: 236 West Street ($435,000.00 registered); 35 Honey Bend ($741,000.00 registered); also PPSA general assignment of rents re: 236 West St, Belmont (1st priority)