Ontario · Receivership (court-appointed)
Application Record of RBC dated August 4, 2023
Application / notice of application · 4 August 2023
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What we verified from this filing2 verified
- unsecured creditorsnote: Property tax arrears on the Real Property; classified as a 'Priority Claim' ranking ahead of the Bank's Security per definition in the Forbearance Agreement (realty taxes named as priority claim). Amount is disputed by the Borrower per Forbearance Agreement recital C(b). Tax certificate also shows total outstanding (including current levy) of $27,702.88 as of the certificate date, but the 2022 arrears figure of $17,827.54 is the specific amount referenced in the loan documents as the Property Tax Arrears/Default. · page: 85 · as of: 2023-04-02 · basis: Certificate of the Treasurer (tax certificate) issued April 2, 2023 showing arrears outstanding for 2022 taxes · amount: 17827.54 · debtor: 1434399 Ontario Inc. · creditor: City of St. Catharines · currency: CAD
- secured creditorsnote: Exact dated balance per demand letter of June 20, 2023 (Second Demand), stated as owing 'as at June 13, 2023'; identical prose figure also stated in Notice of Application at para 4. Balance comprised of: Fixed Rate Term Loan $1,149,069.07, Overdraft $7,083.71, HASCAP Non-Revolving Term Facility $97,831.85, CEBA Loan $60,000.00, Visa $26,862.54. Also secured by Guarantee and Postponement of Claim from John R. Fulton (sole principal/guarantor, personal guarantee) dated January 28, 2020, limited to $1,200,000 - guarantor is an individual, not a separate creditor entry. · page: 216 · as of: 2023-06-13 · amount: 1340847.17 · debtor: 1434399 Ontario Inc. · creditor: Royal Bank of Canada · currency: CAD · security: General Security Agreement dated January 28, 2020 (all personal property, perfected by PPSA registrations); Charge/Mortgage of Land, principal sum $1,200,000.00, instrument NR534531, registered February 12, 2020, over 14 James St., St. Catharines (PIN 46219-0114 LT), governed by Standard Charge Terms 20015; facility limits underlying the balance: Term Loan facility limit $1,200,000, Revolving Demand Facility limit $10,000, Credit Card Facility limit $20,000, HASCAP Term Loan facility $100,000, CEBA loan advanced $60,000 (facility limits/original advances, not balances)