Ontario · Receivership (court-appointed)

Application Record of RBC

Application / notice of application · 4 July 2018

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 filing3 verified

courtSUPERIOR COURT OF JUSTICE
court file noCV-18-00600821-00CL
secured creditorsnote: Application states total indebtedness 'amounted to approximately $450,284.84 in principal and interest, plus accruing interest and any all recovery costs and expenses' as of April 9, 2018 (Indebtedness). Debtor and Guarantors were also parties to a Forbearance Agreement dated May 11, 2018 under which Debtor provided a Secured Consent to appointment of an interim receiver. Obligations further guaranteed personally by Hossein Totonchian and Tana Totonchian (Guarantee and Postponement of Claim dated June 10, 2013) limited to $490,000.00 plus interest from date of demand at RBC prime + 5.0% — this is a personal guarantee limit, not a debtor balance, and the guarantors are individuals, not a separate corporate secured creditor. · page: 4 · as of: 2018-04-09 · amount: 450284.84 · debtor: 2236715 Ontario Limited o/a Luxury and Sports Cars · creditor: Royal Bank of Canada · currency: CAD · security: General Security Agreement dated June 10, 2013 (first-ranking security interest in all present and after-acquired personal property of the Debtor, PPSA-registered); separate PPSA registrations against certain specific motor vehicles covered by the Security. Credit Facilities: Facility #1 revolving demand facility limit $450,000.00; Facility #2 VISA business card limit $40,000.00 (facility limits, not balances).