Ontario · Receivership (court-appointed)
Application Record
Application / notice of application · 21 January 2026
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What we verified from this filing6 verified
- applicantMERIDIAN CREDIT UNION LIMITED
- courtSUPERIOR COURT OF JUSTICE
- court file noCV-26-00063916-0000
- statutory basissection 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act
- commencement date21 January 2026
- secured creditorsnote: Aggregate indebtedness of $8,781,087.62 as at Dec 19, 2025 comprises: Loan No. 1 (Demand Loan Construction) sub-total $7,761,823.16 [principal $7,515,230.68 + accrued interest $157,962.48 + extension fee $86,130.00 + annual review fees $2,500.00] and Loan No. 2 (Letters of Credit) sub-total $1,019,264.46 [issued LCs $1,000,434.57 + outstanding renewal fee $18,829.89], per demand letter and NITES dated Dec 19, 2025; interest continues to accrue. Also secured by unlimited personal guarantee of Magid Hassan Idris (director/owner of Debtor - related party) and unlimited corporate guarantee of Alpha Capital Management Inc. (Debtor's construction manager - related party), the latter itself secured by a General Security Agreement granted by Alpha over its own personal property to Meridian dated Dec 17, 2021 (securing Alpha's guarantee obligation, not a claim against the Debtor). · page: 40 · as of: 2025-12-19 · amount: 8781087.62 · debtor: 11517945 Canada Inc. · creditor: Meridian Credit Union Limited · currency: CAD · security: First-ranking collateral mortgage (registered principal/face amount $14,500,000.00, not a balance) registered as Instrument No. SN694247 (Sept 29, 2021) against 2700 Mewburn Road, Niagara Falls; General Assignment of Leases and Rents registered as Instrument No. SN694248; General Security Agreement over all present and after-acquired personal property of the Debtor, perfected under the PPSA; Demand Loan (Construction) facility limit $9,900,000 and Standby Letters of Credit facility limit $1,081,495 (facility ceilings, not balances)