Ontario · Receivership (court-appointed)
Responding Application Record of the Respondent re Motion returnable April 17, 2025
Application / notice of application · 27 March 2025
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 filing14 verified
- secured creditorsnote: Lender described in affidavit as senior creditor of Debtor (an arm's-length lender per its President's affidavit). $13,000,000 is the registered principal of the charge / original advance, not a stated outstanding balance - a Statement of Accounts dated March 24, 2025 is referenced (Exhibit Q) but its figures are not on these pages. Debtor's obligations personally guaranteed by directors Hira Dhillon and Maha Dhillon (Guarantee and Postponement of Claims dated May 10, 2023). Cerruti Investments Inc.'s charge/security was subordinated and postponed to this security pursuant to a Postponement Agreement dated May 10, 2023. · page: 7 · debtor: 2616766 Ontario Limited · creditor: 2763161 Ontario Limited (the "Lender") · currency: CAD · security: 1st Term Loan Security: Charge/Mortgage of Land in the registered principal amount of $13,000,000 (Instrument No. CE1134394, registered May 16, 2023); Notice of Assignment of Rents - General (CE1134395); General Security Agreement dated May 10, 2023
- secured creditorsnote: $4,000,000 is the registered principal of the charge / original advance, not a stated outstanding balance. Debtor's obligations personally guaranteed by directors Hira Dhillon and Maha Dhillon (Guarantee and Postponement of Claims dated August 28, 2023). Cerruti Investments Inc.'s charge/security was subordinated and postponed to this security pursuant to a Postponement Agreement dated August 15, 2023. · page: 8 · debtor: 2616766 Ontario Limited · creditor: 2763161 Ontario Limited (the "Lender") · currency: CAD · security: 2nd Term Loan Security: Charge/Mortgage of Land in the registered principal amount of $4,000,000 (Instrument No. CE1150770, registered September 7, 2023); Notice of Assignment of Rents - General (CE1150771); General Security Agreement dated August 28, 2023
- secured creditorsnote: Cerruti is the Applicant in this receivership proceeding; its charge/security was subordinated and postponed to the Lender's 1st and 2nd Term Loan Security pursuant to Postponement, Subordination and Standstill Agreements dated May 10, 2023 and August 15, 2023. $22,000,000 is registered principal, not a stated balance. · page: 9 · debtor: 2616766 Ontario Limited · creditor: Cerruti Investments Inc. · currency: CAD · security: Charge in the registered principal amount of $22,000,000 against the Property, subsequent-ranking to the Lender's 1st and 2nd Charges
- secured creditorsnote: Lender states it was not notified of and did not consent to this charge; registration of this charge is cited as an event of default under the Loans. $6,599,000 is registered principal, not a stated balance. · page: 9 · debtor: 2616766 Ontario Limited · creditor: Fulger Transport Inc. · currency: CAD · security: Charge in the registered principal amount of $6,599,000 against the Property (Instrument No. CE1184095, registered June 5, 2024), subsequent-ranking to the Lender's Charges
- secured creditorsnote: Lender states it was not notified of and did not consent to this charge; registration of this charge is cited as an event of default under the Loans. $450,000 is registered principal, not a stated balance. · page: 9 · debtor: 2616766 Ontario Limited · creditor: Tatro Horizons Ltd. · currency: CAD · security: Charge in the registered principal amount of $450,000 against the Property (Instrument No. CE1197716, registered September 11, 2024), subsequent-ranking to the Lender's Charges
- secured creditorspage: 10 · as of: 2024-11-07 · amount: 540987 · debtor: 2616766 Ontario Limited · creditor: Ultimate Fire Protection Limited · currency: CAD · security: Construction lien registered on title to the Property pursuant to the Construction Act (Ontario)
- secured creditorsnote: Parcel register lists this lien registrant as "Boulder Group Inc." (page 31); affidavit (page 10) names it "Builder Group Inc." - discrepancy in the source document. · page: 10 · as of: 2024-11-29 · amount: 3694100 · debtor: 2616766 Ontario Limited · creditor: Builder Group Inc. · currency: CAD · security: Construction lien registered on title to the Property pursuant to the Construction Act (Ontario)
- secured creditorspage: 10 · as of: 2024-12-12 · amount: 2013933 · debtor: 2616766 Ontario Limited · creditor: Windsor Power & Light Ltd. · currency: CAD · security: Construction lien registered on title to the Property pursuant to the Construction Act (Ontario)
- secured creditorspage: 10 · as of: 2024-12-16 · amount: 378688 · debtor: 2616766 Ontario Limited · creditor: Classic Fire & Life Safety Inc. · currency: CAD · security: Construction lien registered on title to the Property pursuant to the Construction Act (Ontario)
- secured creditorspage: 10 · as of: 2023-12-28 · amount: 301795 · debtor: 2616766 Ontario Limited · creditor: Nobel Corporation · currency: CAD · security: Construction lien registered on title to the Property pursuant to the Construction Act (Ontario)
- secured creditorspage: 10 · as of: 2024-01-03 · amount: 269221 · debtor: 2616766 Ontario Limited · creditor: Wallace-Kent Sprinkler Systems Inc. · currency: CAD · security: Construction lien registered on title to the Property pursuant to the Construction Act (Ontario)
- secured creditorsnote: Per tax certificate certified as of January 17, 2025: comprised of $75,376.53 (2023), $206,588.96 (2024) and $92,945.05 (2025); non-payment of taxes cited as an event of default under the Loans. · page: 10 · as of: 2025-01-17 · amount: 374910.54 · debtor: 2616766 Ontario Limited · creditor: The Corporation of the City of Windsor · currency: CAD · security: Unpaid municipal property (realty) taxes for the Property, a statutory priority claim
- secured creditorspage: 10 · as of: 2024-07-04 · amount: 1671477 · debtor: 2616766 Ontario Limited · creditor: Industrial Floor Systems Corp. · currency: CAD · security: Construction lien registered on title to the Property pursuant to the Construction Act (Ontario)
- secured creditorspage: 10 · as of: 2024-09-13 · amount: 1787933 · debtor: 2616766 Ontario Limited · creditor: 1627149 Ontario Limited · currency: CAD · security: Construction lien registered on title to the Property pursuant to the Construction Act (Ontario)