Ontario · Receivership (court-appointed)
Application Record of TD dated September 12, 2023
Application / notice of application · 12 September 2023
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: Listed on service list as a creditor with a PPSA security interest in the Debtor's personal property; no amount stated · page: 7 · debtor: Toronto Cosmetic Clinic Inc. · creditor: Vault Capital Corporation · currency: CAD · security: PPSA registrant served with the application
- secured creditorsnote: Listed on service list as a creditor with a PPSA security interest in the Debtor's personal property; no amount stated · page: 7 · debtor: Toronto Cosmetic Clinic Inc. · creditor: RCAP Leasing Inc. · currency: CAD · security: PPSA registrant served with the application (blanket/serialized equipment financier - not aggregated as amount unstated)
- secured creditorsnote: Listed on service list as a creditor with a PPSA security interest in the Debtor's personal property; no amount stated · page: 7 · debtor: Toronto Cosmetic Clinic Inc. · creditor: Somerville National Leasing & Rentals Ltd. · currency: CAD · security: PPSA registrant served with the application
- secured creditorsnote: Listed on service list as a creditor with a PPSA security interest in the Debtor's personal property; no amount stated · page: 7 · debtor: Toronto Cosmetic Clinic Inc. · creditor: Equirex, a division of Bennington Financial Corp. · currency: CAD · security: PPSA registrant served with the application
- secured creditorsnote: Listed on service list as a creditor with a PPSA security interest in the Debtor's personal property; no amount stated · page: 7 · debtor: Toronto Cosmetic Clinic Inc. · creditor: Sprucewood Leasing Limited · currency: CAD · security: PPSA registrant served with the application
- secured creditorsnote: Total indebtedness of $1,937,293.52 as of April 21, 2023 comprises Operating Loan, Term Loan and Lease balances plus CEBA loan; also includes $40,000.00 CEBA loan (Government of Canada program) advanced to and owing by the Debtor to the Bank · page: 8 · as of: 2023-04-21 · amount: 1937293.52 · debtor: Toronto Cosmetic Clinic Inc. · creditor: The Toronto-Dominion Bank · currency: CAD · security: General Security Agreement dated October 19, 2015 (GSA); Operating Loan (credit limit $1,000,000.00, $776,776.18 owing); Committed Reducing Term Facility ($1,800,000.00 amount, $1,154,868.25 owing); Master Equipment Leasing Agreement dated February 8, 2019 (Lease), $5,659.09 owing
- financial positionnote: T2 return for fiscal year ended October 31, 2017; total liabilities include Due to individual shareholder(s) of $5,204,762 and $4,204,742 shown at long-term liabilities in different columns of the filing (variance noted). Also see comparative balance sheet at page 180 showing Financial Statements figures (total assets $5,087,000, total liabilities $378,000 per Spergel comparison table, in $000's) versus T2 figures (total assets $3,357,000, total liabilities $7,233,000, in $000's) - a trustee's report (Spergel, page 180-181) found the 2017 Financial Statements provided to the Bank materially overstated accounts receivable, inventory and capital assets and understated accounts payable, taxes payable and amounts due to shareholders as compared to the 2017 T2 Return, resulting in overreported retained earnings of approximately $8,587,000 · page: 229 · as at: 2017-10-31 · basis: GIFI Schedule 100 balance sheet, T2 Corporation Income Tax Return (unaudited tax filing figures) · scope: entity - Toronto Cosmetic Clinic Inc. only · currency: CAD · total assets: 3356678 · total liabilities: 7233485