Ontario · Receivership (court-appointed)
Application Record dated April 21, 2025
Application / notice of application · 21 April 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 filing16 verified
- applicantFIRST SOURCE FINANCIAL MANAGEMENT INC. and FIRST SOURCE MORTGAGE CORPORATION
- commencement date21 April 2025
- courtSUPERIOR COURT OF JUSTICE (COMMERCIAL LIST)
- court file noCV-25-00740748-00CL
- provinceONTARIO
- statutory basissubsection 243(1) of the Bankruptcy and Insolvency Act, R.S.C. 1985, c.B-3, as amended and section 101 of the Courts of Justice Act, R.S.O. 1990, c. C.43, as amended
- appointeeTDB Restructuring Limited
- appointee roleProposed Receiver
- secured creditorspage: 27 · as of: 2025-02-21 · amount: 45360 · debtor: Hammer & Nails Developments Ltd. (Maple Street) · creditor: TBG Mechanical Solutions Limited · currency: CAD · security: Construction lien registered as Instrument No. LC267397 on Maple Property
- secured creditorspage: 27 · as of: 2025-03-19 · amount: 186466.28 · debtor: Hammer & Nails Developments Ltd. (Maple Street) · creditor: 2384921 Ontario Ltd. · currency: CAD · security: Construction lien registered as Instrument No. LC268042 on Maple Property
- secured creditorspage: 27 · as of: 2025-03-05 · amount: 37651 · debtor: Hammer & Nails Developments Ltd. (Maple Street) · creditor: Masterpiece Hardwood Flooring · currency: CAD · security: Construction lien registered as Instrument No. LC267700 on Maple Property
- secured creditorspage: 27 · as of: 2025-02-07 · amount: 173684 · debtor: Hammer & Nails Developments Ltd. (Maple Street) · creditor: 1136234 Ontario Ltd. · currency: CAD · security: Construction lien registered as Instrument No. LC267125 on Maple Property
- secured creditorsnote: Amount shown is the registered charge amount (per First Source's increase agreement documents, the Caisse first charge on Beckwith 'is not to exceed $4,255,855'); not confirmed as an outstanding balance figure. · page: 28 · as of: 2024-04-03 · amount: 4255855 · debtor: Hammer & Nails Developments Ltd. (Beckwith Street) · creditor: Caisse Desjardins Ontario Credit Union Inc. · currency: CAD · security: Charge/Mortgage of Land registered as Instrument No. LC257797 on April 3, 2024 (first-ranking on Beckwith Property)
- secured creditorsnote: Third-ranking interest; postponed to Caisse Desjardins Ontario Credit Union Inc. (Instrument No. LC257799) and to First Source Inc. (Instrument No. LC263059). · page: 28 · as of: 2022-02-14 · amount: 250000 · debtor: Hammer & Nails Developments Ltd. (Beckwith Street) · creditor: Evolve Services Inc. · currency: CAD · security: Notice of Security Interest ("Evolve NOSI") registered as Instrument No. LC234446 on February 14, 2022
- secured creditorsnote: Judgment dated January 16, 2025 for principal sum of $4,378.27 plus $362 costs, both accruing interest at 5% per annum; components not summed by the document. · page: 28 · as of: 2025-01-16 · debtor: Hammer & Nails Developments Ltd. (Maple Street) and Hammer & Nails Developments Ltd. (Beckwith Street) · creditor: Annis O'Sullivan Vollebekk (Kemptville) Ltd. · currency: CAD · security: Registered execution/judgment against both the Borrower and Beckwith
- secured creditorsnote: Discharge Statement/Demand dated March 21, 2025 states indebtedness as at March 20, 2025 of $11,892,760.64, plus legal costs of $5,000 and per diem interest of $5,476.56 to March 31, 2025, increasing to $5,622.60/day thereafter. Original Maple Mortgage principal was $9,210,000 (2022), later increased/extended via multiple agreements up to a facility ceiling of $11,105,250 (2024 Increase and Extension Agreement). Personal guarantees held from Dylan James Sliter and Patrick Barry Lane Linnen (individuals, guarantors). · page: 30 · as of: 2025-03-20 · amount: 11892760.64 · debtor: Hammer & Nails Developments Ltd. (Maple Street) and Hammer & Nails Developments Ltd. (Beckwith Street) · creditor: First Source Financial Management Inc. / First Source Mortgage Corporation · currency: CAD · security: First-ranking Charge/Mortgage of Land on Maple Property (Instrument No. LC235577, registered 2022-03-17, as amended); second-ranking Charge/Mortgage of Land on Beckwith Property (Instrument No. LC263057, registered 2024-09-25, registered principal $13,326,300); General Security Agreements (Borrower and Guarantors); Assignment of Rents (Instruments LC235578, LC263058); Negative Pledges; Guarantee and Postponement of Claim from Dylan James Sliter and Patrick Barry Lane Linnen; PPSA registrations against Borrower, Beckwith and Guarantors