Ontario · Receivership (court-appointed)
Application Record (returnable June 12, 2024)
Application / notice of application · 3 June 2024
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: Related party: Laura Moscone, an original secured creditor whose note/GSA was assigned to the Applicant, is a director, Vice President and Secretary (and shareholder) of the Debtor. A prior formal demand dated March 25, 2024 stated the indebtedness at that time as $906,881.58 (principal, interest and fees); the $914,724.94 figure as at May 8, 2024 is stated to be 'plus interest and costs continuing to accrue.' · page: 12 · as of: 2024-05-08 · amount: 914724.94 · debtor: Milestone Granite & Marble Ltd. (also referenced as Milestone Marble & Granite Ltd.) · creditor: Milestone Distribution 2024 Ltd. (as assignee of Group of Six Enterprises Ltd., Laura Moscone, and Falcon Enterprises Corp.) · currency: CAD · security: General Security Agreements over all present and after-acquired property: dated May 3, 2023 in favour of Group of Six Enterprises Ltd. (securing a promissory note with original principal of $171,100.00); dated May 3, 2023 in favour of Laura Moscone (securing a promissory note with original principal of $31,900.00); and dated August 30, 2019 in favour of Falcon Enterprises Corp. (securing a promissory note with original principal of $381,373.00). All indebtedness and security assigned to the Applicant pursuant to three assignment agreements executed February 29, 2024.
- secured creditorsnote: Stalking Horse Offer contemplates the Applicant assuming 'all obligations to the Business Development Bank of Canada,' indicating BDC holds a claim/security against the Debtor, but no balance or security details are stated in these pages. · page: 13 · debtor: Milestone Granite & Marble Ltd. · creditor: Business Development Bank of Canada (BDC) · currency: CAD