Ontario · NOI
Motion Record - 1995677 Ontario Inc. - 17-JAN-2025 - File No. Revised
Application / notice of application · 17 January 2025
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
- applicant1995677 ONTARIO INC. (formerly known as DESLAURIER CUSTOM CABINETS INC.)
- courtSUPERIOR COURT OF JUSTICE
- court file noCV-25-00098475-0000
- provinceONTARIO
- commencement date13 March 2024
- statutory basisSection 84.1 of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, as amended
- secured creditorsnote: Identified in the Notice of Motion and Affidavit as one of the two 'primary'/'major' secured creditors who have conditionally approved/signified support for the Transaction; no specific outstanding balance or security description is stated in these pages. The Motion Record references the two primary secured creditors' combined 'current loans' as approximately $4.2 million (page 21), not itemized by creditor. · page: 8 · debtor: Deslaurier Custom Cabinets Inc. (now 1995677 Ontario Inc.) · creditor: BDC Capital Inc. (referred to as "BDCC"/"BDCI" in the record) · currency: CAD
- secured creditorsnote: RBC demand letter (Mar 13, 2024) states aggregate indebtedness of $3,164,889.45 (Royal Credit Line $3,114,575.30 + credit card $49,066.50 + legal fees $1,248.65), plus ongoing interest/costs. The subsequent Forbearance Agreement (Apr 5, 2024) and its two amendments (Jun 20 and Aug 30, 2024) recite the same facility figures but state the aggregate as $3,164,890.45 (a $1 discrepancy in the documents). Borrower and Guarantor acknowledge ongoing defaults and do not dispute the debt; Bank issued a Notice of Intention to Enforce Security. Bank's support for the proposed sale transaction is conditioned on receiving 'no less than $1.5 million' from the transaction (a floor stated for expected recovery, not the claim balance). The Motion Record also references the two 'primary/major secured creditors' (RBC and BDC) collectively holding 'current loans' of approximately $4.2 million, not broken down by creditor. · page: 30 · as of: 2024-03-13 · amount: 3164889.45 · debtor: Deslaurier Custom Cabinets Inc. (now 1995677 Ontario Inc.) · creditor: Royal Bank of Canada (RBC) · currency: CAD · security: Security instruments described in Schedule "A" to RBC's demand letter (schedule not included in these pages); credit facilities comprise a Royal Credit Line (loan no. 35627513-001) and a credit card; personal guarantee of the indebtedness given by guarantor James Maxwell (Guarantee and Postponement of Claim).
- recovery outcomeentries: basis: liquidation_alternative · quote: Based on the appraisal report, it is clear that the secured creditors would incur significant shortfalls in a bankruptcy scenario and there would be no funds available for the unsecured creditors. · pct of: unstated · outcome: shortfall · class key: secured · stated by: proposal_trustee · class label: secured creditors · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: Based on the appraisal report, it is clear that the secured creditors would incur significant shortfalls in a bankruptcy scenario and there would be no funds available for the unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: The unsecured creditors were to receive no distribution as part of this transaction. · pct of: unstated · outcome: nil · class key: unsecured · stated by: debtor · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · table missing: