Ontario · Receivership (court-appointed)
Application Record of RBC dated September 13, 2023
Application / notice of application · 13 September 2023
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 filing5 verified
- secured creditorsnote: CAD portion of combined Ten 4 EOI/Visa Agreement indebtedness (also US$452,915.45 owing, see separate entry). Demand letter dated August 22, 2023 (Exhibit BB) stated an earlier balance of CAD$5,185,610.29 and USD$452,915.45 as of August 22, 2023. Debt guaranteed (unlimited) by 1000043321 Ontario Inc. and 1000122550 Ontario Inc., and by Nasir Mahmood (director, related party) up to CA$2,500,000 plus interest. · page: 26 · as of: 2023-08-31 · amount: 5194862.79 · debtor: Ten 4 System Ltd. · creditor: Royal Bank of Canada · currency: CAD · security: Ten 4 GSA (general security agreement) dated December 22, 2022 over all present and after-acquired property; RBC Royal Bank Visa Business Card Agreement dated January 5, 2023; PPSA registrations under Alberta PPSA (currency date Aug 18, 2023) and Ontario PPSA (currency date Aug 17, 2023)
- secured creditorsnote: USD portion of combined Ten 4 EOI/Visa Agreement indebtedness (see companion CAD entry). · page: 26 · as of: 2023-08-31 · amount: 452915.45 · debtor: Ten 4 System Ltd. · creditor: Royal Bank of Canada · currency: USD · security: Ten 4 GSA dated December 22, 2022; Visa Agreement dated January 5, 2023; PPSA registrations (Alberta & Ontario)
- secured creditorsnote: Debt under the 321 EOI. Guaranteed by Ten 4 System Ltd. and 1000122550 Ontario Inc. (each to a maximum of CA$4,244,570 plus interest), and personally by Nasir Mahmood and Rupinder Taggar (each to a maximum of CA$1,500,000 plus interest); demand letters to Mahmood and Taggar dated August 28, 2023 each state CAD$1,500,000 owing. · page: 28 · as of: 2023-08-31 · amount: 4203815.71 · debtor: 1000043321 Ontario Inc. (321 Ontario) · creditor: Royal Bank of Canada · currency: CAD · security: 321 Ontario GSA dated December 22, 2022; charge on real property municipally known as 2396 Cedar Creek Road, Ayr, Ontario, registered January 24, 2023; assignment of rents dated December 22, 2022; assignment of insurance dated December 22, 2022; Ontario PPSA registration (currency date Aug 17, 2023)
- secured creditorsnote: Debt under the 550 EOI. Guaranteed (unlimited amount) by Ten 4 System Ltd. and 1000043321 Ontario Inc., and personally by Nasir Mahmood and Rupinder Taggar (each to a maximum of CA$2,050,000 plus interest); demand letters to Mahmood and Taggar dated August 28, 2023 each confirm CAD$2,050,000 owing. · page: 30 · as of: 2023-08-31 · amount: 5304009.79 · debtor: 1000122550 Ontario Inc. (550 Ontario) · creditor: Royal Bank of Canada · currency: CAD · security: 550 Ontario GSA dated December 22, 2022; charge on real property municipally known as 2396 Cedar Creek Road, Ayr, Ontario (affidavit states registered January 24, 2023; demand letters and exhibit index state registration date of December 15, 2022 with Land Registry Office #58 - discrepancy in stated registration date); assignment of rents dated December 22, 2022; assignment of insurance dated December 22, 2022; Ontario PPSA registration (currency date Aug 17, 2023)
- secured creditorsnote: Judgment creditor; amount plus costs and interest continuing to accrue; execution filed against Ten 4, not a registered secured/PPSA interest. · page: 32 · as of: 2023-08-10 · amount: 1099763.44 · debtor: Ten 4 System Ltd. · creditor: BVD Capital Corporation · currency: CAD · security: Writ of Execution filed August 10, 2023 in respect of a judgment (not a PPSA/GSA security interest)