Ontario · Receivership (court-appointed)
Application Record dated September 5, 2025
Application / notice of application · 5 September 2025
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What we verified from this filing7 verified
- applicantADJ HOLDINGS INC.
- courtSUPERIOR COURT OF JUSTICE
- court file noCV-25-00002469-0000
- provinceONTARIO
- secured creditorsnote: Loan comprised Facility 1 ($2,800,000.00, 12% per annum, still outstanding) and Facility 2 ($2,200,000.00 plus $175,000 flat fee, paid/discharged December 2024 - not current). Amount stated is exact balance per demand letter/payout statement dated August 1, 2025 (prose in affidavit para. 8 states same figure). Guarantors Scott Reid and James Cameron are individuals - personal guarantors, not companies. · page: 20 · as of: 2025-08-01 · amount: 2986990.41 · debtor: Horizen Developments GP Corp. · creditor: ADJ Holdings Inc. · currency: CAD · security: Collateral mortgage (principal $6,000,000.00, registered as first charge, Instrument ER1576529, May 14, 2024) against 520 Sarnia Road, London, ON; Notice of Assignment of Rents - General (Instrument ER1576530, May 14, 2024); General Security Agreement (GSA) from Respondent and Horizen Developments LP dated May 14, 2024 covering all present/after-acquired personal property, perfected by PPSA registration; Promissory Note (principal $2,800,000.00, dated May 14, 2024); Guarantee dated May 14, 2024 from SF Square LP, SF Square GP Corp. (as GP and in its own capacity), RHH Rental Properties Ltd., Futurelands Ltd., 34 Holdings Inc., and personal guarantees from Scott Reid and James Cameron
- secured creditorsnote: Municipal tax arrears certified as of the Tax Certificate date; property tax arrears carry statutory priority under the Municipal Act. · page: 22 · as of: 2025-08-29 · amount: 157461.52 · debtor: Horizen Developments GP Corp. · creditor: The Corporation of the City of London · currency: CAD · security: Statutory municipal property tax arrears/lien under the Municipal Act, 2001 against 520 Sarnia Road, London, ON
- secured creditorsnote: Registered subsequent to the ADJ Mortgage on title; construction lien claim, unresolved (Certificate of Action registered). · page: 22 · as of: 2025-07-08 · amount: 190392 · debtor: Horizen Developments GP Corp. · creditor: Sierra General Contracting Inc. · currency: CAD · security: Construction Lien registered as Instrument ER1636723 on July 8, 2025 against 520 Sarnia Road, London, ON, subsequent in registration to the ADJ Mortgage; also registered a Certificate of Action (Instrument ER1645203, August 28, 2025)