Ontario · Receivership (court-appointed)
Application Record of the Applicant dated February 9, 2026
Application / notice of application · 9 February 2026
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 filing14 verified
- applicantBUSINESS DEVELOPMENT BANK OF CANADA
- courtSUPERIOR COURT OF JUSTICE (COMMERCIAL LIST)
- court file noCL-26-00000025-0000
- proceeding typereceivership_court
- statutory basissection 243(1) of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, as amended, and section 101 of the Courts of Justice Act, R.S.O. 1990, c. C.43, as amended
- statutory basissection 243(1) of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, as amended, and section 101 of the Courts of Justice Act, R.S.O. 1990, c. C.43, as amended
- appointeeMSI SPERGEL INC.
- appointee roleProposed Receiver
- commencement date22 January 2026
- secured creditorsnote: Per diem interest continuing to accrue at $327.77/day as of Oct 27, 2025. Earlier prose acknowledgment: indebted $2,100,000.00 plus accrued interest $7,134.25 and fees $2,966.28 as at July 27, 2023 (Standstill Agreement). BDC subordinated and postponed its security to Caisse Desjardins Ontario Credit Union Inc. per Subordination Agreement dated July 31, 2023 in respect of Ann & Amm Group Ltd.'s property at Unit 8, 27 Ruth Avenue, Brampton. Personal guarantees exist from individuals Noman Ahmed Qureshi and Muneera Qureshi (guarantee references debts of a related entity, 2615303 Ontario Inc., limited to 10% of outstanding balance). · page: 20 · as of: 2025-10-27 · amount: 2002643.43 · debtor: 1000144453 Ontario Limited (Borrower), Ann & Amm Group Ltd., 2496017 Ontario Inc., 2663840 Ontario Inc. (as guarantors) · creditor: Business Development Bank of Canada (BDC) · currency: CAD · security: General Security Agreements dated December 14, 2022 from Borrower, 2496017 Ontario Inc., 2663840 Ontario Inc. and Ann & Amm Group Ltd.; Guarantees dated December 14, 2022 from 2496017 Ontario Inc., 2663840 Ontario Inc., Ann & Amm Group Ltd.; First Charge/Mortgage registered December 19, 2022 as Instrument No. DR2198904 on 303 Hillside Avenue, Oshawa, ON, registered principal amount $2,550,000 (original Loan principal advanced was $2,100,000 under Letter of Offer dated October 11, 2022); Assignment of Rents registered December 22, 2019 as Instrument No. DR2198915; PPSA registrations against all four respondents covering Inventory, Equipment, Accounts, Other and Motor Vehicle Included
- secured creditorsnote: BDC subordinated and postponed its security in favour of Desjardins per Subordination Agreement dated July 31, 2023 · page: 22 · as of: 2025-12-02 · debtor: Ann & Amm Group Ltd. · creditor: Caisse Desjardins Ontario Credit Union Inc. · currency: CAD · security: PPSA registration - Inventory, Equipment, Accounts, Other and Proceeds thereof located at Unit 8, 27 Ruth Avenue, Brampton, ON L6Z 4R2
- secured creditorspage: 22 · as of: 2025-12-02 · debtor: Ann & Amm Group Ltd. · creditor: McKesson Canada Corporation · currency: CAD · security: PPSA registration - Consumer Goods, Inventory, Equipment, Accounts, and Other
- secured creditorsnote: Serialized motor vehicle collateral (PMSI); per PPSA search dated December 2, 2025 · page: 22 · as of: 2025-12-02 · debtor: Ann & Amm Group Ltd. · creditor: Mercedes-Benz Financial Services Canada Corporation · currency: CAD · security: PPSA registration - 2023 Mercedes-Benz CLS450; 2023 Mercedes-Benz EQS450 SUV
- secured creditorsnote: Tax sale proceedings pending per Tax Certificate dated March 6, 2025 · page: 23 · as of: 2025-03-06 · amount: 47679.63 · debtor: 1000144453 Ontario Limited (Borrower) · creditor: City of Oshawa (realty tax arrears) · currency: CAD · security: Statutory municipal realty tax lien on 303 Hillside Avenue, Oshawa, ON