Ontario · Receivership (court-appointed)
BDBC -V- BLUGO COUNSEL SLIP
Application / notice of application · 1 April 2022
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
- applicantBusiness Development Bank of Canada
- court file noCV-22-00676500-00CL
- secured creditorsnote: Amount stated as of December 6, 2021 plus applicable principal arrears, interest and other obligations owing thereunder; a second reference states total of $1,061,666.71 owing as of the same date (page 2); Mr. Siddiqui acknowledged indebtedness of $1,074,000 in his written response (page 2) - these appear to be approximations/variants of the same debt, exact balance per para [3] used as amount. Javed Siddiqui, sole shareholder/director of Blugo, is jointly liable as borrower under one of the three loan facilities and is a personal guarantor/co-borrower (related party). · page: 1 · as of: 2021-12-06 · amount: 1064666.71 · debtor: Blugo Enterprises Inc. · creditor: Business Development Bank of Canada (BDC) · currency: CAD · security: General security agreement dated November 24, 2017 (security interest in all Blugo property, assets and undertaking); first ranking charge/mortgage registered December 1, 2017 over real property at 46 Mimico Avenue, Toronto, Ontario
- statutory basiss. 243(1) of the Bankruptcy and Insolvency Act and s. 101 of the Courts of Justice Act