Ontario · Receivership (court-appointed)
Application Record dated April 7, 2025
Application / notice of application · 7 April 2025
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What we verified from this filing2 verified
- secured creditorsnote: Figure is the aggregate principal amount outstanding under the Charge as of April 4, 2025, with interest continuing to accrue; the affidavit separately states total Indebtedness under the Charge (including interest, fees and costs) as of April 4, 2025 is approximately $31.7 million (para 21). Applicants are described as Green World's senior secured lenders. · page: 26 · as of: 2025-04-04 · amount: 31390662 · debtor: Green World Construction Inc. · creditor: 2106580 Ontario Inc. (90% interest) and Osmington (Wood Street) Inc. (10% interest), collectively as Chargee · currency: CAD · security: Original Charge/Mortgage registered April 14, 2022 as Instrument No. SC1887661 against the Property (vendor take-back mortgage financing 'VTB'), principal amount $48,025,000; amended by three unregistered Mortgage Amending Agreements dated September 13, 2023, October 2, 2023 and January 2024
- secured creditorsnote: Subordinated and postponed to the Applicants' Charge pursuant to a Subordination Agreement dated April 14, 2022 among the Applicants, MarshallZehr (subordinate lender), Green World (borrower) and Digram Developments Inc. (guarantor). MarshallZehr's loan to Green World is guaranteed by Digram Developments Inc. (corporate guarantor, related to Green World's principals). No outstanding balance for this facility is disclosed in the record; parcel register and PPSA searches confirm no other registrations against the Property or Green World. · page: 31 · debtor: Green World Construction Inc. · creditor: MarshallZehr Group Inc. · currency: CAD · security: Charge/Mortgage registered April 14, 2022 as Instrument No. SC1887662 in the principal amount of $13,300,000 (registered principal, not a stated balance); also secured by (i) Notice of Assignment of Rents - General (Instrument No. SC1887663), (ii) Application to Annex Restrictive Covenants s.118 (Instrument No. SC1887664) prohibiting further charges on the Property without MarshallZehr's consent, and (iii) PPSA registrations dated April 13, 2022 against Green World and against Green World and Digram Developments Inc. jointly