Ontario · Receivership (court-appointed)
Application Record dated May 9, 2025 - Part 4 of 4
Application / notice of application · 9 May 2025
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What we verified from this filing5 verified
- secured creditorsnote: Indebtedness stated as two currency components, not summed: CAD$10,894,471.52 and USD$27,255,228.35 as of Feb 28, 2025, inclusive of interest to that date but excluding costs/expenses and further interest. Facility letters (Capital Loan and Operating Loan) dated March 21, 2024 from HSBC Bank Canada (predecessor), amended Sept 24, 2024; declared in default per RBC letters Feb 12, 2025 (liquidity/operating income/margin covenant breaches); BLG demand letter and s.244(1) BIA Notice of Intention to Enforce Security both dated March 7, 2025. · page: 31 · as of: 2025-02-28 · debtor: Giftcraft Ltd. · creditor: Royal Bank of Canada (successor to HSBC Bank Canada) · currency: CAD · security: General security agreement dated January 10, 2019; assignment of insurance dated January 10, 2019; agreement as to security over cash, credit balances and deposit instruments dated August 22, 2000 - all from Giftcraft Ltd.
- secured creditorsnote: Company Indebtedness as co-borrower under Capital Loan Facility Letter (with Giftcraft Inc.), and Guaranteed Indebtedness as guarantor of Giftcraft Ltd.'s Operating Loan Facility Letter under guaranty of payment dated Jan 10, 2019. Amount stated as two components, not summed: CAD$10,894,471.52 and USD$27,255,228.35 as of Feb 28, 2025. NOI to Enforce Security served March 7, 2025; company waiver/consent to immediate enforcement prepared (execution details blank in exhibit). · page: 37 · as of: 2025-02-28 · debtor: Giftcraft Midco, Inc. · creditor: Royal Bank of Canada (successor to HSBC Bank Canada) · currency: CAD · security: Security agreement dated January 10, 2019; assignment of insurance dated January 10, 2019 - both from Giftcraft Midco, Inc.; blanket all-asset UCC financing statement (Indiana Secretary of State file #201900000301541, filed 01/10/2019, continued 12/04/2023, secured party amended to Royal Bank of Canada 04/22/2024 and 03/07/2025), also covering co-debtor Giftcraft Holdings, Inc.
- secured creditorsnote: Related party (corporate guarantor) - guaranty of payment dated January 10, 2019 securing Guaranteed Indebtedness owed by Giftcraft Ltd. and Giftcraft Midco, Inc. Amount stated as two components, not summed: CAD$10,894,471.52 and USD$27,255,228.35 as of Feb 28, 2025. · page: 43 · as of: 2025-02-28 · debtor: Giftcraft Holdings USA Inc. · creditor: Royal Bank of Canada (successor to HSBC Bank Canada) · currency: CAD · security: Security agreement dated January 10, 2019 from Giftcraft Holdings USA Inc.; blanket all-asset UCC financing statement (New York Dept of State file #201901090011535, filed 01/09/2019, continued 12/14/2023, secured party amended to Royal Bank of Canada 03/06/2025), also covering co-debtor Giftcraft Inc.
- secured creditorsnote: Related party (corporate guarantor) - guaranty of payment dated January 10, 2019 securing Guaranteed Indebtedness owed by Giftcraft Ltd. and Giftcraft Midco, Inc. Amount stated as two components, not summed: CAD$10,894,471.52 and USD$27,255,228.35 as of Feb 28, 2025. · page: 58 · as of: 2025-02-28 · debtor: Giftcraft Holdings, Inc. · creditor: Royal Bank of Canada (successor to HSBC Bank Canada) · currency: CAD · security: Security agreement dated January 10, 2019 from Giftcraft Holdings, Inc.; also debtor on blanket Indiana UCC financing statement #201900000301541 (see Giftcraft Midco entry).
- secured creditorsnote: Related party (corporate guarantor) - guaranty of payment dated January 10, 2019 securing Guaranteed Indebtedness owed by Giftcraft Ltd. and Giftcraft Midco, Inc.; also referenced as co-obligor ('Giftcraft') under the Capital Loan Facility Letter with Giftcraft Midco, Inc. Amount stated as two components, not summed: CAD$10,894,471.52 and USD$27,255,228.35 as of Feb 28, 2025. · page: 73 · as of: 2025-02-28 · debtor: Giftcraft Inc. · creditor: Royal Bank of Canada (successor to HSBC Bank Canada) · currency: CAD · security: Security agreement dated January 10, 2019; agreement as to security over cash, credit balances and deposit instruments dated August 22, 2000 - both from Giftcraft Inc.; also debtor on blanket New York UCC financing statement #201901090011535 (see Giftcraft Holdings USA Inc. entry).