British Columbia · Receivership (court-appointed)
Petition to the Court - Bank of Montreal
Application / notice of application · 12 July 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 filing3 verified
- secured creditorsnote: Amount of BDC's security/indebtedness not stated; priority agreement provides BMO's security interest ranks ahead of BDC's · page: 8 · debtor: Unifab Industries Ltd. · creditor: Business Development Bank of Canada (BDC) · currency: CAD · security: Security interest in Unifab's assets, subordinated in priority to Bank of Montreal's security pursuant to Priority Agreement dated October 28, 2019
- secured creditorsnote: Sekwod Credit Facility (non-revolving real estate financing term facility, maximum authorized $1,000,000.00); balance as at July 10, 2023 per First Madrigga Affidavit para. 21 and Exhibit A · page: 12 · as of: 2023-07-10 · amount: 951297.19 · debtor: Sekwod Enterprises (2012) Ltd. · creditor: Bank of Montreal · currency: CAD · security: Form B Mortgage and Assignment of Rents ($1,750,000.00 principal registered Dec 20, 2019); General Security Agreement with Floating Charge (Dec 19, 2019); PPR financing statement (Base Reg. No. 966328L)
- secured creditorsnote: Unifab Credit Facilities, aggregate maximum amount $3,078,653.23 including BMO Corporate MasterCard (max $50,000, terminated); balance as at July 10, 2023 per First Madrigga Affidavit para. 21 and Exhibit A; aggregate combined indebtedness with Sekwod facility stated as $3,790,479.58 as at July 10, 2023 (page 20) · page: 12 · as of: 2023-07-10 · amount: 2839182.39 · debtor: Unifab Industries Ltd. · creditor: Bank of Montreal · currency: CAD · security: General Security Agreement with Floating Charge (Oct 25, 2019); Security under Section 427 of the Bank Act (Oct 29, 2019); Bank Act registration No. 01325147; PPR financing statement (Base Reg. No. 851409L); guaranteed by Sekwod