Ontario · Receivership (court-appointed)
Application Record - returnable December 5, 2018 (Part 1 of 4).pdf
Application / notice of application · 5 December 2018
A plain-language read of this filing opens with a subscription.
What we verified from this filing6 verified
- secured creditorsnote: Described as having a prior-ranking security interest over the Kooy Equipment (a subset of Borrower's equipment); such equipment is excluded from this receivership application and is subject to a separate existing receivership proceeding (Initial Order dated September 12, 2018) also involving related entity Amsen Quarry Limited, with The Fuller Landau Group Inc. acting as receiver in that proceeding · page: 20 · debtor: Royal Canadian Bedrock Inc. · creditor: Kooy Brothers Lawn Equipment Limited · currency: CAD · security: PPSA registration made prior to the Bank's January 4, 2017 registration; appears to be a purchase money security interest in specifically described equipment collateral (the 'Kooy Equipment')
- secured creditorsnote: Amount is principal balance as at November 22, 2017 (includes principal and accrued interest and unpaid Lease Agreement amounts); interest, costs and fees continue to accrue until paid in full; personal guarantee of indebtedness given by Anthony Guido, President/sole director of Borrower · page: 21 · as of: 2017-11-22 · amount: 2043500.92 · debtor: Royal Canadian Bedrock Inc. · creditor: HSBC Bank Canada · currency: CAD · security: General Security Agreement dated January 10, 2017 over all present and after-acquired personal property and a floating charge over real property (excluding a 2013 CAT 336ELH excavator and a 2014 CAT 950k loader); PPSA registered January 4, 2017 against all classes of collateral except 'consumer goods'; Credit Facilities comprised of Operating Loan (max CAD$1,000,000), Capital Loan (max CAD$396,000, refinancing), and Lease Facility (max CAD$3,000,000) - all payable on demand
- secured creditorsnote: Aggregated as serialized-equipment financiers (PMSI class) per affidavit characterization; individual balances not stated in the document · page: 22 · debtor: Royal Canadian Bedrock Inc. · creditor: PPSA equipment financiers (PMSI class): GM Financial Canada Leasing Ltd., ADD Capital Corp., Bodkin Capital Corporation, Equirex Vehicle Leasing 2007 Inc., The Toronto-Dominion Bank, and TD Equipment Finance Canada (a division of The Toronto-Dominion Bank) · currency: CAD · security: Various PPSA registrations (some before and some after the Bank's January 4, 2017 registration) which appear to be purchase money security interests in specifically described equipment collateral or leased equipment
- secured creditorsnote: Registered subsequent to the Bank's registration; affidavit states this entity appears to be non-related to the Borrower; amount unstated · page: 23 · debtor: Royal Canadian Bedrock Inc. · creditor: 2496582 Ontario Inc. · currency: CAD · security: PPSA registration made June 8, 2018 against all classes of collateral except 'consumer goods' (blanket all-property registration)
- secured creditorsnote: Requirements to Pay dated March 6, 2018 for unpaid tax obligations under the Excise Tax Act and Income Tax Act (statutory/deemed-trust class claim, not a registered PPSA security interest); Bank blocked Borrower's operating account upon receipt; as of the affidavit (November 26, 2018) the Requirements to Pay remain outstanding/unwithdrawn · page: 24 · as of: 2018-03-06 · amount: 380531.56 · debtor: Royal Canadian Bedrock Inc. · creditor: Canada Revenue Agency · currency: CAD
- recovery outcomeentries: basis: estimated · quote: The Bank expects to suffer a significant shortfall in the recovery on its loans. · pct of: unstated · outcome: shortfall · class key: secured · stated by: debtor · class label: the Bank · creditor name: HSBC Bank Canada · interim final: unstated · related party: false · claims qualifier: unstated · table missing: