Ontario · Receivership (court-appointed)
Application Record, dated July 2, 2026
Application / notice of application · 2 July 2026
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What we verified from this filing12 verified
- applicantDUCIMUS CAPITAL INC.
- commencement date2 July 2026
- courtSUPERIOR COURT OF JUSTICE
- court file noCL-26-00000263-0000
- statutory basissection 243(1) of the Bankruptcy and Insolvency Act, RSC 1985, c. B-3, as amended; and section 101 of the Courts of Justice Act, RSO 1990, c. C.43, as amended
- appointeeBDO CANADA LIMITED
- appointee roleProposed Receiver
- secured creditorsnote: Per Fawcett, relates to acquisition and development financing. Hyot GP Inc. and Valour Partners High Yield Opportunity LP have issued a Notice of Sale under Mortgage (Mortgages Act, Ontario) demanding payment of outstanding principal, interest and costs; exact current balance not disclosed in this filing (affiant did not receive a copy of the notice of sale). · page: 32 · as of: 2020-12-31 · debtor: 1613935 Ontario Inc. · creditor: Hyot GP Inc. and Valour Partners High Yield Opportunity LP · currency: CAD · security: Charge registered Dec 31, 2020 (as amended) against the Real Property securing a maximum registered principal amount of $30,900,000 (registration ceiling, not a stated balance); notice of general assignment of rents; this charge was postponed by the chargees to the later Ajax Taunton Ontario Inc. charge
- secured creditorsnote: Per Fawcett, relates to acquisition and development financing. · page: 32 · as of: 2022-04-13 · debtor: 1613935 Ontario Inc. · creditor: Ajax Taunton Ontario Inc. · currency: CAD · security: Charge registered April 13, 2022 against the Real Property securing a maximum registered principal balance of $17,500,000 (registration ceiling, not a stated balance); notice of general assignment of rents; benefits from a notice of postponement by Hyot GP Inc./Valour Partners High Yield Opportunity LP subordinating the earlier-registered Hyot/Valour charge to this charge
- secured creditorsnote: In place to secure potential equity takeout advances should they become necessary; affiant not currently aware of any advances having been made by Northern Coast ABL Inc. to the Respondent. · page: 32 · as of: 2022-07-13 · debtor: 1613935 Ontario Inc. · creditor: Northern Coast ABL Inc. · currency: CAD · security: Charge registered July 13, 2022 against the Real Property securing a maximum registered principal amount of $45,000,000 (registration ceiling, not a stated balance); notice of general assignment of rents; two PPSA (Ontario) registrations, both subordinated/postponed to Ducimus's PPSA registration
- secured creditorsnote: Regulatory/municipal tax priority claim; aggregate of per-PIN tax arrears certificates: $24,643 (PIN 26408-0884), $57,147 (PIN 26408-0886), $456,513 (PIN 26408-2030), $505,558 (PIN 26408-2031), $279,578 (PIN 26408-2032). · page: 35 · as of: 2026-06-30 · amount: 1777944.03 · debtor: 1613935 Ontario Inc. · creditor: Corporation of the Town of Ajax · currency: CAD · security: Statutory municipal property tax arrears/lien against the Real Property per Town of Ajax tax certificates
- secured creditorsnote: Original loan advanced $28,323,104 under Dec 13, 2018 Commitment Letter (amended 14 times); $157,230 balance of a prior related-party loan added to principal via April 13, 2021 amendment; principal balance at maturity (Sept 7, 2025) was $28,480,340 plus accrued interest; amount reported is the balance stated as at May 27, 2026, with interest, legal fees and expenses continuing to accrue thereafter. Loan guaranteed under a Guarantee and Postponement of Claim dated Jan 11, 2019 by corporate guarantors Ravenscroft Valour Holdings Inc., 402725 Grey Road 4 Ltd. and 35 Sinclair Avenue Ltd., and personal guarantors Gordon Fawcett, Frank Vaccaro, Peter Landry and Glen Cluthe. · page: 35 · as of: 2026-05-27 · amount: 30834984.79 · debtor: 1613935 Ontario Inc. · creditor: Ducimus Capital Inc. · currency: CAD · security: First-ranking mortgage/charge registered Jan 22, 2019 against the Real Property; site-specific General Security Agreement dated Jan 11, 2019; General Assignment of Rents and Leases dated Jan 22, 2019; PPSA (Ontario) registration in favour of Ducimus (two later Northern Coast ABL Inc. PPSA registrations are subordinated/postponed to it)