Ontario · Receivership (court-appointed)
Application Record of Cerruti Investments Inc. re Motion returnable April 17, 2025
Application / notice of application · 10 March 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 filing13 verified
- secured creditorsnote: Amount is principal and interest owing ('Indebtedness') as assigned to CII via Assignment and Amended and Restated Assignment of Loan and Charge/Mortgage. Security ranks behind two mortgages in favour of 2763161 Ontario Limited (161) per registered subordination/postponement agreement, and ranks ahead of Fulger Transport Inc. and Tatro Horizons Ltd. mortgages. Personal guarantees given by 766 Shareholders (Hira Dhillon, Vipen Chauser, Mahan Dhillon) under Guarantee and Postponement of Claims dated March 8, 2021. Mortgage matured Dec 31, 2023 and is in default; security potentially subordinate to any Construction Act holdback deficiency. · page: 9 · as of: 2025-02-19 · amount: 19625503.2 · debtor: 2616766 Ontario Limited · creditor: Cerruti Investments Inc. (CII), as assignee of Lou Cerruti · currency: CAD · security: Mortgage (Charge/Mortgage Instrument No. CE996631, registered principal $22,000,000, as amended three times); General Security Agreement (GSA) over all present/after-acquired personal property; General Assignment of Rents (Instrument No. CE996637); Assignment of Insurance; Promissory Note (principal $125,000)
- secured creditorsnote: Registered principal amount, not stated as outstanding balance. Ranks in priority ahead of CII's Mortgage per registered subordination agreement. Principal of 161 is Larry Sherman; 161 is supportive of the receivership application and began attorning rents directly from tenants as of Feb 1, 2025. · page: 9 · debtor: 2616766 Ontario Limited · creditor: 2763161 Ontario Limited (161) · currency: CAD · security: First mortgage registered against Real Property, registered principal amount $13,000,000 (Instrument No. CE1134411)
- secured creditorsnote: Registered principal amount, not stated as outstanding balance. Ranks in priority ahead of CII's Mortgage per registered subordination agreement. · page: 9 · debtor: 2616766 Ontario Limited · creditor: 2763161 Ontario Limited (161) · currency: CAD · security: Second mortgage registered against Real Property, registered principal amount $4,000,000 (Instrument No. CE1150770)
- secured creditorsnote: Registered principal amount, not stated as outstanding balance. Ranks in priority behind CII's Mortgage/Security. · page: 10 · debtor: 2616766 Ontario Limited · creditor: Fulger Transport Inc. · currency: CAD · security: Mortgage registered against Real Property, registered principal amount $6,599,000
- secured creditorsnote: Registered principal amount, not stated as outstanding balance. Ranks in priority behind CII's Mortgage/Security. · page: 10 · debtor: 2616766 Ontario Limited · creditor: Tatro Horizons Ltd. · currency: CAD · security: Mortgage registered against Real Property, registered principal amount $450,000
- secured creditorspage: 10 · as of: 2023-12-28 · amount: 301795 · debtor: 2616766 Ontario Limited · creditor: Nobel Corporation · currency: CAD · security: Construction lien registered against Real Property pursuant to the Construction Act (Ontario)
- secured creditorspage: 10 · as of: 2024-01-03 · amount: 269221 · debtor: 2616766 Ontario Limited · creditor: Wallace-Kent Sprinkler Systems Inc. · currency: CAD · security: Construction lien registered against Real Property pursuant to the Construction Act (Ontario)
- secured creditorspage: 10 · as of: 2024-07-04 · amount: 1671477 · debtor: 2616766 Ontario Limited · creditor: Industrial Floor Systems Corp. · currency: CAD · security: Construction lien registered against Real Property pursuant to the Construction Act (Ontario)
- secured creditorspage: 10 · as of: 2024-09-13 · amount: 1787933 · debtor: 2616766 Ontario Limited · creditor: 1627149 Ontario Limited · currency: CAD · security: Construction lien registered against Real Property pursuant to the Construction Act (Ontario)
- secured creditorspage: 10 · as of: 2024-11-07 · amount: 540987 · debtor: 2616766 Ontario Limited · creditor: Ultimate Fire Protection Limited · currency: CAD · security: Construction lien registered against Real Property pursuant to the Construction Act (Ontario)
- secured creditorspage: 10 · as of: 2024-11-29 · amount: 3694100 · debtor: 2616766 Ontario Limited · creditor: Boulder Group Inc. · currency: CAD · security: Construction lien registered against Real Property pursuant to the Construction Act (Ontario)
- secured creditorspage: 10 · as of: 2024-12-12 · amount: 2013933 · debtor: 2616766 Ontario Limited · creditor: Windsor Power & Light Ltd. · currency: CAD · security: Construction lien registered against Real Property pursuant to the Construction Act (Ontario)
- secured creditorspage: 10 · as of: 2024-12-16 · amount: 378688 · debtor: 2616766 Ontario Limited · creditor: Classic Fire & Life Safety Inc. · currency: CAD · security: Construction lien registered against Real Property pursuant to the Construction Act (Ontario)