Ontario · Receivership (court-appointed)
Application Record Returnable February 6, 2025.pdf
Application / notice of application · 27 January 2025
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 filing13 verified
- applicantROYAL BANK OF CANADA
- courtSUPERIOR COURT OF JUSTICE
- court file noCV-24-00001963-0000
- provinceONTARIO
- appointeeGRANT THORNTON LIMITED
- appointee roleProposed Receiver
- commencement date9 September 2024
- unsecured creditorsnote: Personal guarantee liability capped at $600,000.00 plus interest from Feb 5, 2024; guarantors are individuals (personal guarantee), not a corporate secured creditor · page: 9 · as of: demand date · basis: Guarantee limited amount as pleaded in Notice of Application · amount: 600000 · debtor: 1000208457 Ontario Ltd. · creditor: Mahdi Zohrab and Elahe Zohrab (Personal Guarantors) · currency: CAD
- unsecured creditorsnote: Personal guarantee liability capped at $83,750.00 plus interest from Feb 5, 2024; guarantors are individuals (personal guarantee) · page: 9 · as of: demand date · basis: Guarantee limited amount as pleaded in Notice of Application · amount: 83750 · debtor: 1000360498 Ontario Inc. · creditor: Mahdi Zohrab and Elahe Zohrab (Personal Guarantors) · currency: CAD
- secured creditorsnote: Realty tax certificate effective January 22, 2025 shows arrears of $6,995.05 for tax year 2023 and $11,910.62 for tax year 2024; document reports these as two separate per-year figures, not summed · page: 19 · as of: 2025-01-22 · debtor: 1000208457 Ontario Ltd. · creditor: City of Oshawa · currency: CAD · security: Municipal realty tax arrears (statutory lien) on 248 Bloor Street East, Oshawa
- secured creditorsnote: CSBFL Loan balance comprising principal $261,851.78 and interest $31,727.33; per diem interest $60.62 based on Bank's prime rate 5.450% plus 3% per annum. RBC also indicated as first and only secured PPSA registrant per certified search currency Jan 21, 2025. · page: 21 · as of: 2025-01-22 · amount: 293579.11 · debtor: 1000360498 Ontario Inc. · creditor: Royal Bank of Canada · currency: CAD · security: General Security Agreement (498 GSA) and Chattel Security Agreement (Bank's form 927), both registered under PPSA
- secured creditorsnote: Mortgage Loan balance comprising principal $598,077.22 and interest $56,959.89; per diem interest $125.19 at 7.64% per annum. RBC confirmed by certified PPSA search (currency Jan 21, 2025) as first and only secured registrant, and parcel register (effective Jan 23, 2025) as first and sole mortgagee. · page: 21 · as of: 2025-01-22 · amount: 655037.11 · debtor: 1000208457 Ontario Ltd. · creditor: Royal Bank of Canada · currency: CAD · security: Mortgage/Charge (Instrument No. DR2225583, principal $600,000.00) and Notice of Assignment of Rents (General) against 248 Bloor Street East, Oshawa; also General Security Agreement (457 GSA) under PPSA
- secured creditorsnote: Visa ending in 3072; card cancelled Feb 9, 2024 and balance converted to a term loan; interest accrues at 19.99% per annum on the cancelled Visa balance · page: 32 · as of: 2025-01-22 · amount: 13931.13 · debtor: 1000360498 Ontario Inc. · creditor: Royal Bank of Canada (Visa) · currency: CAD