Ontario · Receivership (court-appointed)
Application to Appoint a Receiver, Part 2 of 2
Application / notice of application · 11 June 2026
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 filing4 verified
- secured creditorsnote: Amount is the registered charge amount, not a confirmed outstanding balance. Per National Bank of Canada's December 11, 2025 demand letter, this charge was granted without the Bank's prior written consent, constituting an event of default under the Borrower's Forbearance Letter with NBC dated September 18, 2025. Includes individual co-chargees (Alexei Tsvetkov, Danilo Cesana, Janet Cesana, Randy Deonarain) as personal/related-party lenders alongside corporate entities. · page: 13 · as of: 2024-09-16 · amount: 31900527 · debtor: 2592765 Ontario Inc. · creditor: 1000568713 Ontario Inc., 877534 Ontario Ltd., Alexei Tsvetkov, Zolotoff Management Corp., Anasec Holdings Limited, Danilo Cesana, Janet Cesana, The Cesana Family Corp., Enovest Holdings Inc., Drimar Holdings Inc., Hawk Haven Homes Ltd., Josdan Limited, Guycan Aluminium Ltd. and Randy Deonarain (syndicate chargees) · currency: CAD · security: Charge registered against the Bainsville Property (6100 4th Line Road) on September 16, 2024 as instrument GL48283
- unsecured creditorsnote: Amount is a stated floor ('resulting in arrears of at least $13,277.03 as of August 30, 2025'); no separate proof of claim or formal statement of affairs figure is given in these pages. · page: 13 · as of: 2025-08-30 · basis: Referenced in National Bank of Canada's December 11, 2025 demand letter as property tax arrears constituting a default under the Forbearance Letter · amount: 13277.03 · debtor: 2592765 Ontario Inc. · creditor: Municipal property tax authority (Township of South Glengarry, re: 6100 4th Line Road, Bainsville property taxes) · currency: CAD
- secured creditorsnote: Related party: guarantor Avtar Singh Grewal is also director of the Borrower (2592765 Ontario Inc.) and of Corporate Guarantor K2 Bainsville Inc. Per NBC's March 30, 2026 demand letter (original p.106-108), Addison Wealth disbursed funds to the Borrower in tranches (initially only $500,000 of the contemplated $1,800,000 Initial Advance, with further $500,000 tranches referenced), but National Bank of Canada had not received any repayment from these proceeds as of that letter; NBC characterized registration of this charge as having 'altered the Bank's security position' since it ranks subsequent to NBC's registered charge (GL39947). · page: 86 · debtor: 2592765 Ontario Inc. · creditor: Addison Wealth Management Inc. (charge subsequently transferred to Oculus Mortgage GP Inc. on 2026-03-11) · currency: CAD · security: Charge/Mortgage registered January 16, 2026 as instrument GL52343 at Land Registry Office #14, registered principal $1,600,000.00 (not a stated balance), interest fixed at greater of 11% p.a. and CIBC Prime + 6.55% for first three months, then 24% p.a. from May 1, 2026, Balance Due Date 2026/05/01; guarantor Avtar Singh Grewal. Underlying Mortgage Commitment dated October 1, 2025 (as amended November 16, 2025 and February 10, 2026) contemplated a total loan principal of $3,000,000.00 with an Initial Advance of $1,800,000.00. Charge transferred via Transfer of Charge registered March 11, 2026 as instrument GL52709 to Oculus Mortgage GP Inc.
- secured creditorsnote: Notice of Sale under Mortgage (dated April 10, 2026, original p.111-112) states a 'Current Sub-total' of $1,645,379.59 composed of: principal balance $40,443.12 as at March 30, 2026; interest accrued to March 30, 2026 of $1,598,888.57; and legal fees accrued to April 6, 2026 of $6,047.90 (mixed dates within the same stated total; further interest/costs continue to accrue). Earlier demand amounts for the same debt: $1,610,661.21 as of December 10, 2025 (Notice of Intention to Enforce Security dated Dec 11, 2025, original p.17, and demand letter original p.12-15); $1,645,783.91 as of March 30, 2026 (second demand letter, original p.106-108, per diem $260.64 plus $3,500 legal fee provision for discharge). Personal guarantee of Kailash Kasal, President/Guarantor of Borrower, referenced (original p.10, p.18) - guarantor is an individual. Borrower in default for, inter alia, unauthorized subsequent charge (see syndicate charge entry) and property tax arrears. · page: 111 · as of: 2026-04-06 · amount: 1645379.59 · debtor: 2592765 Ontario Inc. · creditor: National Bank of Canada · currency: CAD · security: Charge/Mortgage in the amount of $2,260,000.00 registered at Land Registry Office #14 on December 23, 2021 as instrument GL39947 (first mortgage on 6100 4th Line Road, Bainsville, ON); General Assignment of Rents and Leases granted Dec 8, 2021, PPSA-registered Dec 15, 2021 (registration 20211215 1616 1590 9752), with Notice of Assignment of Rents registered as GL39948; General Security Agreement signed Dec 8, 2021, PPSA-registered Dec 15, 2021 (registration 20211215 1615 1590 9751), an all-present-and-after-acquired-property blanket security interest