Ontario · Receivership (court-appointed)
Application Record of 2046245 Ontario Inc., 2222228 Ontario Inc., 2473560 Ontario Inc. and 2473441 Ontario Inc. (for motion returnable December 1, 2022)
Application / notice of application · 15 November 2022
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 filing9 verified
- applicant2046245 ONTARIO INC., 2222228 ONTARIO INC., 2473560 ONTARIO INC. and 2473441 ONTARIO INC.
- courtONTARIO SUPERIOR COURT OF JUSTICE COMMERCIAL LIST
- court file noCV-22-00690513-00CL
- statutory basissubsection 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
- commencement date15 November 2022
- appointeeAlbert Gelman Inc.
- appointee rolereceiver
- secured creditorsnote: Outstanding balance as of Oct 21, 2022 per para 26(b) of application; original commitment principal was $3,800,000.00. NITES served July 22, 2022 re Second Commitment; debtors in continuing default. Ranks second in priority behind First Commitment security. · page: 9 · as of: 2022-10-21 · amount: 4171915.35 · debtor: 2244039 Ontario Inc. and 1526400 Ontario Inc. (jointly) · creditor: 2046245 Ontario Inc., 2222228 Ontario Inc. and 2473441 Ontario Inc. (collectively, Second Commitment Lenders) · currency: CAD · security: Second-ranking Charge/Mortgage against 35 Cherrycrest Dr. (PR4009527) and against 12016 Airport Rd (PR4009538); General Assignment of Leases and Rents (PR4009528, PR4009539); General Security Agreements (Second 224 GSA, Second 152 GSA) over all real and personal property including after-acquired property; PPSA registrations against Inventory, Equipment, Accounts, Other and Motor Vehicle collateral. Original principal advanced/mortgage loan commitment (March 3, 2022): $3,800,000.00 ('Second Commitment').
- secured creditorsnote: Outstanding balance as of Oct 21, 2022 per para 26(a) of application; original commitment principal was $10,750,000.00. NITES served Aug 19, 2022 re First Commitment; debtors in continuing default. · page: 9 · as of: 2022-10-21 · amount: 11112165.85 · debtor: 2244039 Ontario Inc. and 1526400 Ontario Inc. (jointly) · creditor: 2046245 Ontario Inc., 2222228 Ontario Inc. and 2473560 Ontario Inc. (collectively, First Commitment Lenders) · currency: CAD · security: First-ranking Charge/Mortgage against 35 Cherrycrest Dr. (PR4034965) and against 12016 Airport Rd (PR4035001); General Assignment of Leases and Rents (PR4034991, PR4035005); General Security Agreements (First 224 GSA, First 152 GSA) over all real and personal property including after-acquired property; PPSA registrations against Inventory, Equipment, Accounts, Other and Motor Vehicle collateral. Original principal advanced/mortgage loan commitment (April 13, 2022): $10,750,000.00 ('First Commitment').