Ontario · Receivership (court-appointed)
Motion Record of RBC Returnable August 4, 2023
Application / notice of application · 4 August 2023
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What we verified from this filing3 verified
- secured creditorsnote: No single current outstanding balance stated. Affidavit describes indebtedness by facility, each figure matching the original facility amount in the June 22, 2021 Credit Agreement / Jan 24, 2022 HASCAP Credit Agreement (facility limits/original advances, not confirmed current balances): Term Facility $1,273,852.04; Operating Facility (revolving demand) $65,000.00; Visa credit card Facility $15,000.00; HASCAP non-revolving term facility $100,000.00. Payment demands and s.244 BIA notice issued April 10, 2023 and have expired. Parties entered a Forbearance Agreement dated June 6, 2023; Debtor failed to pay $27,453.36 due and owing under that agreement. · page: 16 · debtor: 2668144 Ontario Inc. · creditor: Royal Bank of Canada · currency: CAD · security: General Security Agreement (Bank's Form 924, signed Feb 11, 2019) - first-ranking blanket security interest in all personal property, registered under the PPSA (RBC is first registrant); Charge/Mortgage Instrument No. PE306608 (registered March 5, 2019) in the principal amount of $1,445,000.00 against 989 Ward Street, Bridgenorth, Ontario (RBC is first mortgagee per parcel register effective June 23, 2023); Guarantee and Postponement of Claim dated Feb 11, 2019 from Asminur Rahaman and Shakive Rahaman, limited to $1,445,000.00 (personal guarantees - directors of debtor)
- secured creditorsnote: Subsequent/second PPSA registrant behind RBC; no amount stated in the certified PPSA search results (Exhibit G). · page: 16 · as of: PPSA search currency to April 7, 2022 · debtor: 2668144 Ontario Inc. · creditor: The Bank of Nova Scotia · currency: CAD · security: PPSA registration in respect of a motor vehicle
- unsecured creditorsnote: Preferred - municipal property tax arrears carrying statutory priority. Document reports components only, no aggregate: tax year 2022 arrears $10,931.20; tax year 2021 arrears $10,811.11; tax years 2020 and prior arrears $2,386.80; plus two outstanding instalment payments (due 2023-03-06 and 2023-05-01) of $2,842.00 each. · page: 17 · as of: Realty Tax Certificate effective June 27, 2023 · basis: Realty Tax Certificate for the Bridgenorth Property, as reported in the affidavit (Exhibit H) · debtor: 2668144 Ontario Inc. · creditor: Township of Selwyn (municipal realty taxes - Bridgenorth Property) · currency: CAD