Saskatchewan · Receivership (court-appointed)
Originating Application
Application / notice of application · 11 June 2024
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 filing1 verified
- secured creditorsnote: Table at para 14 (p.5) itemizes principal/interest/fees by individual loan account for Leon and Ram, summing to a stated TOTAL of $16,604,619.79; document states amount owing 'was in excess of $16,604,619.79, plus all legal fees incurred' – the stated figure is a floor per the word 'excess'. Ram executed a Guarantee (Nov 19, 2021) of Leon's obligations up to $15,000,000 (principal amount of guarantee, not a balance) and Leon guaranteed Ram's obligations up to $5,000,000 (principal amount of guarantee); each guarantee's underlying debt assigned/postponed to BMO – intercompany guarantees, not independent third-party creditors. Original principal/registration amounts (e.g., $10,000,000 debenture, $6,000,000 and $4,000,000 mortgages, $15,000,000/$5,000,000 guarantee limits) are not current balances. · page: 5 · as of: 2024-06-04 · amount: 16604619.79 · debtor: Leon Mfg. Company Inc. and Ram Industries Inc. (cross-guaranteed obligations) · creditor: Bank of Montreal (BMO) · currency: CAD · security: Leon Security: Debenture dated Oct 23, 1986 (as amended), original principal $10,000,000 registered mortgage over three parcels; General Security Agreement (2000); s.427 Bank Act security (2014 registration) over inventory; Movable Hypothec - Receivables Agreement (2000); General Assignment of Debts (2000). Ram Security: All Indebtedness Mortgage dated Nov 9, 2009, original principal $6,000,000; seven Chattel Mortgages over specific equipment (Schedule C); All Indebtedness Mortgage dated Nov 26, 2021, original principal $4,000,000; General Security Agreement (2009); s.427 Bank Act security (2014 registration) over inventory; Movable Hypothec - Receivables Agreement (2000); General Assignment of Debts (2000).