Ontario · Receivership (court-appointed)
Application Record Returnable October 24, 2019
Application / notice of application · 7 October 2019
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 filing9 verified
- applicantFIRSTONTARIO CREDIT UNION LIMITED
- courtONTARIO SUPERIOR COURT OF JUSTICE
- court file noCV-19-00628680-00CL
- statutory basisSubsection 243(1) of the Bankruptcy and Insolvency Act, R.S.C. 1985 c. B-3, as amended, Section 101 of the Courts of Justice Act, R.S.O. 1990 c. C.43, as amended, and Rule 14.05(3)(g) and (h) of the Rules of Civil Procedure
- appointeemsi Spergel Inc.
- appointee roleProposed Receiver
- secured creditorsnote: Subordinated and postponed to FirstOntario's Mortgage Loan and Mortgage pursuant to Subordination and Standstill agreements dated March 19, 2015; mortgages predated FirstOntario's Mortgage but rank behind it · page: 9 · debtor: 54 Shepherd Road Inc. and 60 Shepherd Road Inc. · creditor: Hi-Rise Capital Ltd. · currency: CAD · security: Registered principal $15,000,000.00 (Instrument No. HR1080407, registered February 5, 2013); holds proportionate share of 47.228% of mortgage Instrument No. HR1100541 (registered principal $8,000,000.00)
- secured creditorsnote: Subordinated and postponed to FirstOntario's Mortgage Loan and Mortgage pursuant to Subordination and Standstill agreements dated March 19, 2015; holds security for benefit of numerous unrelated individual Syndicated Investors · page: 9 · debtor: 54 Shepherd Road Inc. and 60 Shepherd Road Inc. · creditor: Community Trust Company · currency: CAD · security: Holds proportionate share of 52.772% of mortgage Instrument No. HR1100541 (registered principal $8,000,000.00), as Trustee and Mortgage Administrator for the benefit of Syndicated Investors (numerous RSP, RIF, and LIRA plans)
- secured creditorsnote: Principal $2,500,000.00 plus accrued interest $84,264.65, administrative fees $210.00, and administrative collection fee $250.00; interest continues to accrue at Prime + 3% (6.95% at time of filing); also only registered PPSA secured party against the Debtor · page: 13 · as of: 2019-10-04 · amount: 2584724.65 · debtor: 54 Shepherd Road Inc. and 60 Shepherd Road Inc. · creditor: FirstOntario Credit Union Limited · currency: CAD · security: Charge/Mortgage Instrument No. HR1257414 registered April 7, 2017; Business Loan General Security Agreements dated March 19, 2015; Assignments of Rents - General registered as Instrument Nos. HR1257416 and HR1257415; first in priority security