Ontario · Receivership (court-appointed)
Application Record VOL 2
Application / notice of application · 11 March 2025
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 filing14 verified
- applicantCAISSE DESJARDINS ONTARIO CREDIT UNION INC.
- courtSUPERIOR COURT OF JUSTICE
- court file noCV-25-00089291-0000
- statutory basissection 243(1) of the Bankruptcy and Insolvency Act; and section 101 of the Courts of Justice Act
- appointeeBDO CANADA LIMITED
- appointee roleProposed Receiver
- commencement date10 March 2025
- secured creditorsnote: Aggregate indebtedness as of Jan 31, 2025 excluding accruing interest, legal fees, disbursements and HST; also secured by personal guarantee of Nels Moxness (related-party guarantor) limited to $600,000 in principal/interest · page: 52 · as of: 2025-01-31 · amount: 592536.42 · debtor: 12905060 Canada Inc. · creditor: Caisse Desjardins Ontario Credit Union Inc. · currency: CAD · security: 1674 Wellington Collateral Mortgage registered July 7, 2022 (Instrument No. AL251078) and Assignment of Rents registered July 7, 2022 (Instrument No. AL251079), over 1674 Wellington Street East, Sault Ste. Marie; Ontario PPSA registration File No. 784655361
- secured creditorsnote: Aggregate indebtedness as of Feb 4, 2025 (date differs from other debtors' Jan 31, 2025 figures) excluding accruing interest, legal fees, disbursements and HST; also secured by personal guarantee of Nels Moxness limited to $300,000 in principal/interest · page: 52 · as of: 2025-02-04 · amount: 530669.08 · debtor: 1000373090 Ontario Inc. · creditor: Caisse Desjardins Ontario Credit Union Inc. · currency: CAD · security: 407 Dupont Collateral Mortgage registered Feb 23, 2023 (Instrument No. SD471300) and Assignment of Rents, over 407 Dupont Street, Sudbury
- secured creditorsnote: Total is the sum of six per-property mortgage balances as stated in the affidavit (components verbatim in security field); also secured by six separate personal guarantees of Nels Moxness (limits ranging $150,779-$202,303 per property, per Demand Letter Schedule A) · page: 53 · as of: 2025-01-31 · amount: 1033115.81 · debtor: 12631521 Canada Inc. · creditor: Caisse Desjardins Ontario Credit Union Inc. · currency: CAD · security: Six Collateral Mortgages registered May 2023 (Loan Nos. 725626-PR-1 to PR-6) over 160 Albert Street East ($150,642.65), 153 Church Street ($202,120.24), 678 Albert Street West ($154,853.87), 461 John Street ($188,800.10), 21 Cathcart Street ($179,973.08) and 802 Bonney Street ($156,725.87), all Sault Ste. Marie, plus Assignments of Rents for each property
- secured creditorsnote: Aggregate indebtedness as of Jan 31, 2025 excluding accruing interest, legal fees, disbursements and HST; also secured by personal guarantee of Nels Moxness limited to $806,250 in principal/interest · page: 53 · as of: 2025-01-31 · amount: 807052.8 · debtor: 14825641 Canada Inc. · creditor: Caisse Desjardins Ontario Credit Union Inc. · currency: CAD · security: 55 Pelham Collateral Mortgage registered April 21, 2023, over 55 Pelham Road, St. Catharines
- secured creditorsnote: Aggregate indebtedness as of Jan 31, 2025 excluding accruing interest, legal fees, disbursements and HST; also secured by personal guarantee of Nels Moxness limited to $560,000 in principal/interest · page: 53 · as of: 2025-01-31 · amount: 560732.27 · debtor: 14833074 Canada Inc. · creditor: Caisse Desjardins Ontario Credit Union Inc. · currency: CAD · security: 275 Bloor Collateral Mortgage registered April 20, 2023, over 275 Bloor Street, Sudbury
- secured creditorsnote: Aggregate indebtedness as of Jan 31, 2025 excluding accruing interest, legal fees, disbursements and HST; also secured by personal guarantee of Nels Moxness limited to $581,000 in principal/interest · page: 53 · as of: 2025-01-31 · amount: 582899.2 · debtor: 14611799 Canada Inc. · creditor: Caisse Desjardins Ontario Credit Union Inc. · currency: CAD · security: 221 Nolin Collateral Mortgage registered March 2, 2023, over 221 Nolin Street, Sudbury
- secured creditorsnote: Total is the sum of four loan balances as stated in the affidavit (components verbatim in security field); also secured by a General Guarantee of Nels Moxness limited to $4,436,000 in principal/interest covering all four loans (Exhibit 135) · page: 54 · as of: 2025-01-31 · amount: 4506267.32 · debtor: 1000593693 Ontario Inc. · creditor: Caisse Desjardins Ontario Credit Union Inc. · currency: CAD · security: Collateral Mortgages and Assignments of Rents under four Loan Agreements dated Sept 11, 2023: 725721-PR-1 ($882,226.81) over 16 Abbott St, 24 Stevens St, 35 Albert St E, 37 Algoma Ave, 14 Abbott St; 725721-PR-2 ($1,247,294.07) over 138 Turner Ave, 145 Albert St W, 37 Albert St E, 104 Albert St E, 115 Pim St; 725721-PR-3 ($1,460,362.98) over 317 Moody St, 330 Albert St E, 344 First Ave, 139 Church St, 292 Pim St, 353 Alexandra St; 725721-PR-4 ($916,383.46) over 158 Trelawne Ave, 257 Alexandra St, 159 Wellington St E, 169 Huron St, 246 St. James St, all Sault Ste. Marie