Ontario · Receivership (court-appointed)
Compendium of the Applicant
Application / notice of application · 26 May 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 filing6 verified
- applicantBUSINESS DEVELOPMENT BANK OF CANADA
- courtSUPERIOR COURT OF JUSTICE
- court file noCV-25-00100572-0000
- statutory basiss. 101 of the Courts of Justice Act, R.S.O. 1990, c.C-43 and s. 243 (1) of the Bankruptcy and Insolvency Act, R.S.C. 1985, c.B-3
- secured creditorsnote: Term Loan No. 23496301; amount exclusive of further accrued interest, fees, disbursements and costs; interest accruing at $138.52 per diem; demand expired February 24, 2025; personal guarantees are from directors/officers of the Debtor (related parties) limited to 25% of balance at demand date; corporate guarantors 195 Inc. and Chiro Powerbed Inc. also secured via their own GSAs · page: 6 · as of: 2025-05-15 · amount: 899473.45 · debtor: 1000210869 Ontario Inc. · creditor: Business Development Bank of Canada · currency: CAD · security: First-ranking mortgage (principal $1,125,000.00) over the Property; notice of assignment of rents; general security agreement over Debtor's assets; guarantees of 195 Inc. and Chiro Powerbed Inc. (each supported by GSA); personal guarantees of Lingeswaran Somasundaram and Ali Asghar Asadi Ghiasvand for 25% of outstanding balance at demand
- secured creditorsnote: Priority payable ahead of the Bank's mortgage; per tax certificate dated May 9, 2025 · page: 7 · as of: 2025-05-09 · amount: 67572.21 · debtor: 1000210869 Ontario Inc. · creditor: City of Cornwall · currency: CAD · security: Municipal tax arrears, statutory priority over the Bank's mortgage security