Ontario · Receivership (court-appointed)
Motion Record of the Plaintiff, HSBC Bank Canada returnable June 20, 2022
Application / notice of application · 20 June 2022
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What we verified from this filing3 verified
- secured creditorsnote: Aggregate principal amount outstanding under the Credit Facilities (Operating Loan, BDC Co-Lend Facility and FX Facility), including interest and costs; also includes US$414.39 outstanding as at same date. Also secured by a limited personal guarantee (principal $1,500,000) from Vikram Dua, a director of the Respondents, dated August 17, 2020 (personal guarantor, not a company). BDC Co-Lend Facility ($1,500,000 non-revolving loan with Business Development Bank of Canada as participant) is included within this aggregate; BDC is a participant in the Bank's facility, not a separately secured party. · page: 8 · as of: 2022-05-30 · amount: 1859963.38 · debtor: LSI Logistix Canada Inc. (borrower); LSI Wheels Inc., LSI World Inc., GSB Properties Ltd., 2191562 Ontario Inc., 2597370 Ontario Inc. (guarantors) · creditor: HSBC Bank Canada · currency: CAD · security: General security agreements (GSAs) dated April 23, 2019 from the Debtor and each Corporate Guarantor over all present and after-acquired personal property, assets and undertaking; unlimited corporate guarantees from each Guarantor dated April 23, 2019; PPSA registrations against all Debtors made March 12, 2019 against all classes of collateral except consumer goods
- secured creditorsnote: Unauthorized overdraft on a separate Wheels account with the Bank as at May 30, 2022. · page: 19 · as of: 2022-05-30 · amount: 216.51 · debtor: LSI Wheels Inc. · creditor: HSBC Bank Canada · currency: CAD · security: General security agreement dated April 23, 2019
- secured creditorsnote: Collateral subject to these Prior-in-Time Registrations is expressly carved out of the definition of 'Property' in the proposed receivership order; amounts not stated in the record. · page: 21 · debtor: LSI Wheels Inc.; LSI Logistix Canada Inc. (under prior name) · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: Prior-in-time PPSA registrations against specified inventory, equipment and motor vehicle collateral; includes registration by Mercado Capital Corporation on January 18, 2019 against equipment/other/motor vehicles re: two Wabash frame vans (Wheels), and several other prior-in-time registrations against the Debtor's prior name in respect of specified inventory, equipment and motor vehicle collateral