Ontario · Receivership (court-appointed)
Motion Record of RBC dated December 12, 2023
Application / notice of application · 12 December 2023
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 filing2 verified
- secured creditorsnote: Tax Arrears/Taxes Current Certificate No. 4966. An earlier certificate (No. 4766) as at September 28, 2023 stated total unpaid taxes of $119,840.81; this figure was also cited by RBC's counsel in the October 3, 2023 non-renewal letter and the Statement of Claim as evidencing a covenant default under the Credit Agreement. · page: 131 · as of: 2023-12-05 · amount: 123169.88 · debtor: Margaret Lois Morrison · creditor: The Corporation of Haldimand County · currency: CAD · security: Statutory lien for unpaid municipal realty taxes under s.352 of the Municipal Act, 2001 (Ontario), against 274 Army Camp Road (Conc. 11 Walpole), Hagersville, Ontario, Roll No. 2810 332.007.11450.0000
- secured creditorsnote: Term Loan original advance was $1,896,972.37 (Credit Agreement dated Nov 10, 2021, as amended Oct 25, 2022); matured November 18, 2023. Demand letter and s.244 BIA Notice of Intention to Enforce Security (both dated November 1, 2023) stated total indebtedness of $1,870,998.84 as at October 31, 2023 (principal $1,789,886.57 + accrued interest $81,112.27; interest accruing at 3.99% p.a., per diem $428.59) - this is an earlier dated balance superseded by the $1,885,999.56 figure claimed in the Statement of Claim (issued Dec 7, 2023). RBC's charge (CH95659) appears current/unfischarged per parcel register as at 2023/09/21 (a separate, earlier RBC charge under HC301243 was discharged in 2022, unrelated to this security). Secured also by Guarantee and Postponement of Claim dated September 20, 2019, limited to $2,000,000.00, executed by John Anthony Morrison (spouse of the debtor - related party, personal guarantor); demand for payment also made on him November 1, 2023. · page: 150 · as of: December 5, 2023 (implied - interest claimed from this date; Statement of Claim amount) · amount: 1885999.56 · debtor: Margaret Lois Morrison (Borrower); also claimed against John Anthony Morrison as guarantor · creditor: Royal Bank of Canada · currency: CAD · security: Charge/Mortgage registered as Instrument No. CH95659 (November 18, 2019) in the registered principal amount of $2,000,000.00 against 274 Army Camp Road, Hagersville, Ontario, PIN 38244-0190; Notice of General Assignment of Rents (Instrument No. CH95660); General Security Agreement dated September 20, 2019 over all personal property, inventory, equipment, book debts, etc.