Ontario · Receivership (court-appointed)
Application Record of the Applicant dated December 17, 2025
Application / notice of application · 17 December 2025
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What we verified from this filing8 verified
- applicantBDC CAPITAL INC.
- courtSUPERIOR COURT OF JUSTICE
- court file noCL-25-00753618-0000
- statutory basisSection 243 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
- commencement date16 December 2025
- secured creditorsnote: Indebtedness as of Dec 16, 2025 comprises outstanding principal $2,000,000.00, interest $137,598.08, and Payment-in-Kind $487,157.97 (total $2,624,756.05) per BDC loan statement (Exhibit J); described in the affidavit as 'approximate amount... plus legal fees and accruing interest.' A companion Notice of Application states the approximate figure as $2,624,756.06 (rounding variance). BDC is the only registered secured creditor of the Borrower (BlueRush Inc.). Debtors consented to immediate appointment of a receiver under a Forbearance Agreement (July 18, 2025) which has since expired. · page: 20 · as of: 2025-12-16 · amount: 2624756.05 · debtor: BlueRush Inc. (Borrower) and BlueRush Digital Media Corp. (Guarantor) · creditor: BDC Capital Inc. · currency: CAD · security: General Security Agreement executed by Borrower in favour of BDC dated Sept 29, 2022; General Security Agreement executed by Guarantor in favour of BDC dated Sept 29, 2022; Trademark and Patent Security Agreement (Canadian IP) dated Sept 29, 2022; Patent and Trademark Security Agreement (US IP) dated Sept 29, 2022; perfected PPSA registrations over all present and after-acquired personal property of both Debtors; unconditional Guarantee from Guarantor dated Sept 29, 2022
- secured creditorsnote: No amount or further detail regarding this registration is provided in the filing. · page: 22 · as of: registered December 20, 2024 · debtor: BlueRush Digital Media Corp. (Guarantor) · creditor: Bonsai Growth Solutions Inc. · currency: CAD · security: Registered PPSA secured creditor of the Guarantor; nature/scope of collateral and priority relative to BDC not stated in the document
- secured creditorsnote: Per Priority Agreement dated September 22, 2022 (Exhibit Q), CIBC security is subordinated to BDC security except with respect to cash collateral/GIC accounts deposited by the Guarantor with CIBC, to a maximum aggregate principal amount of $76,550.00 plus interest — this $76,550 figure is a stated ceiling/cap on the priority carve-out, not a reported outstanding balance. · page: 23 · as of: registered September 21, 2018 · debtor: BlueRush Digital Media Corp. (Guarantor) · creditor: Canadian Imperial Bank of Commerce (CIBC) · currency: CAD · security: Registered PPSA security interest in Guarantor's present and after-acquired personal property securing its corporate credit card facility and standby letter of credit facility