Ontario · Receivership (court-appointed)
Application Record Appointment of a Receiver
Application / notice of application · 25 April 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 filing11 verified
- applicantCANADIAN WESTERN BANK
- courtSUPERIOR COURT OF JUSTICE (COMMERCIAL LIST)
- court file noCV-25-00740170-00CL
- statutory basisSubsection 47(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
- commencement date31 March 2025
- appointeeErnst & Young Inc.
- appointee roleReceiver
- secured creditorsnote: Loan repayable on demand; outstanding balance not stated in this excerpt. 269 also executed a Full Liability Guarantee (May 24, 2023) of Canadian Tax's indebtedness (related-party cross-guarantee). Abdul Khaliq (director/sole officer) is a personal guarantor under the Commitment Letter Schedule A. · page: 22 · debtor: 2691855 Ontario Inc. · creditor: National Bank of Canada (formerly Canadian Western Bank) · currency: CAD · security: Charge/Mortgage of Land, registered principal amount $4,625,000, registered May 24, 2023 as Instrument No. DR2232780 against Real Property (720 Sheppard Avenue, Pickering, ON); Notice of Assignment of Rents - General, Instrument No. DR2232781; General Security Agreement dated May 17, 2023 - blanket security interest in all present and after-acquired personal and real property; secures a demand Term Loan facility of $3,870,000 (facility amount, not a stated balance)
- secured creditorsnote: Loan repayable on demand; Non-Renewal Notice dated Nov 1, 2024 demanded repayment of outstanding balance by Feb 28, 2025, but no dollar balance is stated in this excerpt. Canadian Tax also executed a Full Liability Guarantee (May 17, 2023) of 269's indebtedness (related-party cross-guarantee). Abdul Khaliq (director) is a personal guarantor under the Commitment Letter Schedule A. · page: 23 · debtor: Canadian Tax & Financial Services Inc. · creditor: National Bank of Canada (formerly Canadian Western Bank) · currency: CAD · security: General Security Agreement dated May 19, 2023 - blanket security interest in all present and after-acquired personal and real property; secures a demand Operating Loan facility of $400,000 (facility amount, not a stated balance)
- secured creditorsnote: Aggregate amount per Tax Certificate issued by City of Pickering dated December 30, 2024, consisting of $29,083.45 for 2023 and $49,654.18 for 2024 · page: 25 · as of: 2024-12-30 · amount: 78737.63 · debtor: 2691855 Ontario Inc. · creditor: City of Pickering · currency: CAD · security: Statutory municipal realty tax arrears on Real Property (720 Sheppard Avenue, Pickering, ON)
- secured creditorsnote: Per PPSA Enquiry Response Certificates current as of December 22, 2024; other than the Bank's registration, there are no registrations against 269 · page: 25 · as of: 2024-12-22 · debtor: Canadian Tax & Financial Services Inc. · creditor: PPSA equipment financiers (PMSI class) - Porsche Financial Services Canada; The Bank of Nova Scotia; Mercedes-Benz Financial and Mercedes-Benz Financial Services Canada Corporation · currency: CAD · security: PPSA financing statements: Porsche - collateral classified as 'consumer goods' and 'motor vehicle'; Bank of Nova Scotia - collateral classified as 'equipment', 'other' and 'motor vehicle'; Mercedes-Benz Financial/Mercedes-Benz Financial Services Canada Corp - collateral classified as 'equipment', 'other' and 'motor vehicle'