Ontario · Receivership (court-appointed)
Motion Record - Returnable March 11, 2024
Application / notice of application · 5 March 2024
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 filing10 verified
- applicantDUCA FINANCIAL SERVICES CREDIT UNION LTD.
- courtONTARIO SUPERIOR COURT OF JUSTICE COMMERCIAL LIST
- court file noCV-23-701232-00CL
- statutory basissection 243(1) of the Bankruptcy and Insolvency Act, R.C.C. 1985, c. B-3, as amended, and section 101 of the Courts of Jsutice Act, R.S.O. 1990 c. C.43, as amended
- appointeeFuller Landau LLP
- appointee rolereceiver and manager
- secured creditorsnote: Loan A; per diem interest of $83.50 accruing after this date · page: 30 · as of: 2023-04-13 · amount: 831771.52 · debtor: Phe-Naz Inc. · creditor: DUCA Financial Services Credit Union Ltd. · currency: CAD · security: First-ranking charge/mortgage (registered principal $1,793,000, blanketed over the Gore and Huron Properties, registered March 5, 2021); general assignment of rents; general security agreement
- secured creditorsnote: Loan B; per diem interest of $89.35 accruing after this date · page: 30 · as of: 2023-04-13 · amount: 886330.93 · debtor: Phe-Naz Inc. · creditor: DUCA Financial Services Credit Union Ltd. · currency: CAD · security: First-ranking charge/mortgage (registered principal $1,793,000, blanketed over the Gore and Huron Properties, registered March 5, 2021); general assignment of rents; general security agreement
- secured creditorsnote: Personal guarantor; principal of the Debtor; postponement of claim indicates subordinated position · page: 30 · debtor: Phe-Naz Inc. · creditor: Nazem Kadri · currency: CAD · security: Unconditional guarantee and postponement of claim
- secured creditorsnote: PPSA enquiry current as of May 16, 2023 shows this as the only other PPSA registrant against the Debtor besides the Applicant · page: 31 · as of: 2023-05-16 · debtor: Phe-Naz Inc. · creditor: Bank of Nova Scotia · currency: CAD · security: PPSA registration limited to two specific motor vehicles (2020 Mercedes-Benz G-Class and 2022 Mercedes-Benz G-Class)