Ontario · Receivership (court-appointed)
Application Record dated
Application / notice of application · 26 April 2024
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 filing8 verified · 1 withheld
- applicantDUCA FINANCIAL SERVICES CREDIT UNION LTD.
- commencement date26 April 2024
- courtSUPERIOR COURT OF JUSTICE (COMMERCIAL LIST)
- court file noCV-24-00719135-00CL
- provinceONTARIO
- secured creditorsnote: Subordinate mortgage on the Property. · page: 12 · debtor: 9630 Islington Inc. · creditor: Intact Insurance Company · currency: CAD · security: Charge/Mortgage registered November 21, 2022 (Instrument No. YR3499741), principal amount $24,000,000 (registered principal, not a stated balance), ranking subordinate to DUCA's Mortgage
- secured creditorsnote: Lien remained outstanding as at January 11, 2024 per demand letter. Contract/subcontract price was $1,025,882.76 inclusive of taxes and extras; amount claimed as owing was $297,824.90. · page: 12 · as of: 2023-10-19 · amount: 297824.9 · debtor: 9630 Islington Inc. · creditor: SRN Architects Inc. · currency: CAD · security: Construction lien registered October 19, 2023 (Instrument No. YR3610052) and Certificate of Action registered November 12, 2023 (Instrument No. YR3620974)
- secured creditorsnote: First-ranking mortgage and GSA. Amount excludes legal and forbearance costs. Earlier demand letter dated January 12, 2024 stated $6,464,716.64 owing as at January 11, 2024 (Facility #1 principal $5,400,000; Facility #2 principal $850,000; Facility #3 letters of credit $78,517; accrued interest $128,989.72; discharge fee $1,000; outstanding legal fees $6,209.92); original aggregate Loan principal advanced was $6,328,517.00 per Commitment Letter. · page: 13 · as of: 2024-04-09 · amount: 6532057.54 · debtor: 9630 Islington Inc. · creditor: DUCA Financial Services Credit Union Ltd. · currency: CAD · security: Charge/Mortgage of Land, principal amount $7,000,000, registered July 28, 2022 (Instrument No. YR3458270); Assignment of Rents registered July 28, 2022 (Instrument No. AT4608656); General Security Agreement dated July 15, 2022
1 extracted value is withheld: either a trap-shaped field where models produce confident wrong numbers, or an identity value whose quotation could not be found in the document. Withheld values are shown to no one.