Ontario · Receivership (court-appointed)
Application Record of Buduchnist Credit Union Limited dated November 6, 2018 - Volume 1 of 2
Application / notice of application · 6 November 2018
Also filed as: Application Record of Buduchnist Credit Union Limited dated November 6, 2018 - Volume 1 of 2; Application Record of Buduchnist Credit Union Limited dated November 6, 2018 - Volume 1 of 2
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 filing7 verified
- secured creditorsnote: Repayment guaranteed personally by Carlo Demaria pursuant to Guarantee and Postponement of Claim dated January 29, 2016; loan in default since October 30, 2017, BIA demand/notice delivered September 21, 2018 · page: 16 · as of: 2018-11-01 · amount: 2263227.94 · debtor: 2321197 Ontario Inc. ("197 Ontario"), with Carlo Demaria as guarantor · creditor: Buduchnist Credit Union Limited (BCU) · currency: CAD · security: Charge/mortgage in principal amount of $2,200,000 registered against the Elm Property on February 5, 2016 (the "197 Loan"), pursuant to Commitment Letter and Line of Credit Loan Agreement each dated January 29, 2016
- secured creditorsnote: Repayment guaranteed personally by Carlo Demaria per Guarantor Clause dated February 26, 2015; a Mareva Order (Ontario Superior Court, dated May 6, 2015, in Trade Capital Finance Corp. v. Peter Cook et al., Brampton Court File No. CV-15-2110-00) was registered against title to the Puccini Property on September 29, 2015 - this is an unrelated litigation encumbrance, not a consensual security interest, and no amount is stated · page: 16 · as of: 2018-11-01 · amount: 2582078.43 · debtor: 2321198 Ontario Inc. ("198 Ontario"), with Carlo Demaria as guarantor · creditor: Buduchnist Credit Union Limited (BCU) · currency: CAD · security: Puccini Mortgage - charge/mortgage in principal amount of $2,500,000 registered against the Puccini Property on February 27, 2015 (the "198 Loan"); also secured by a General Security Agreement dated February 17, 2015
- secured creditorspage: 16 · as of: 2018-11-01 · amount: 995199.35 · debtor: Carlo Demaria and Sandra Demaria · creditor: Buduchnist Credit Union Limited (BCU) · currency: CAD · security: First Woodland Mortgage registered against the Woodland Property
- secured creditorsnote: Carlo Demaria, director/officer of Vicar Homes, personally guaranteed the Vicar Homes Loan up to $1,000,000 pursuant to Guarantee and Postponement of Claim dated April 1, 2015 (related-party guarantor) · page: 16 · as of: 2018-11-01 · amount: 2198910.42 · debtor: Vicar Homes Ltd., with Carlo Demaria as guarantor (guarantee capped at $1,000,000) · creditor: Buduchnist Credit Union Limited (BCU) · currency: CAD · security: Vicar Homes Loan secured against the Woodland Property
- secured creditorspage: 16 · as of: 2018-11-01 · amount: 2198910.42 · debtor: Carlo Demaria and Sandra Demaria · creditor: Buduchnist Credit Union Limited (BCU) · currency: CAD · security: Second Woodland Mortgage registered against the Woodland Property
- secured creditorsnote: Repayment guaranteed personally by Sandra Demaria (director/officer of Sasi Mach) pursuant to Guarantee and Postponement of Claim dated October 15, 2015 (related-party guarantor) · page: 16 · as of: 2018-11-01 · amount: 485485.85 · debtor: Sasi Mach Limited, with Sandra Demaria as guarantor · creditor: Buduchnist Credit Union Limited (BCU) · currency: CAD · security: Sasi Mach Loan secured against the Wilson Heights Property; also secured by General Security Agreement dated October 9, 2015 and General Assignment of Rents dated October 14, 2015
- secured creditorsnote: Document states arrears 'currently' owing (no specific date given); BCU identifies municipalities as the only other creditors it is aware of with potential encumbrances for tax and utility arrears against the Real Properties · page: 19 · amount: 3731.2 · debtor: 2321197 Ontario Inc. (Elm Property) · creditor: Town of Richmond Hill (municipal tax arrears) · currency: CAD · security: Statutory municipal realty tax lien on the Elm Property