Ontario · Receivership (court-appointed)
Application Record (the Applicants)
Application / notice of application · 27 June 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 filing12 verified
- applicantBRUCE COMMUNITY FUTURES DEVELOPMENT CORPORATION, COMMUNITY FUTURES SOUTH GEORGIAN BAY, SAUGEEN ECONOMIC DEVELOPMENT CORPORATION, COMMUNITY FUTURES DEVELOPMENT CORPORATION OF WELLINGTON-WATERLOO AND HURON BUSINESS DEVELOPMENT CORPORATION o/a COMMUNITY FUTURES HURON
- courtSUPERIOR COURT OF JUSTICE
- statutory basisSection 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
- commencement date27 June 2025
- secured creditorsnote: Three separate offers to finance up to $150,000 each (Feb 23 2021, Mar 30 2021, Jun 19/20 2023), 9% interest - facility amounts, not the reported balance · page: 11 · as of: 2025-03-31 · amount: 377096 · debtor: Future Health Technologies Inc. · creditor: Community Futures Development Corporation of Wellington-Waterloo (WW CF) · currency: CAD · security: General Security Agreement (WW CF GSA) over all present and future assets, receivables and inventory of FHT; PPSA registered June 29, 2023 (registration references pari passu agreement and an additional $300,000); pari passu with other CF Entity lenders
- secured creditorsnote: Underlying loan principals were $150,000 (June 23, 2023, 10-yr term, 9% interest) and $50,000 (April 17, 2024) - facility amounts, not the reported balance · page: 11 · as of: 2025-03-31 · amount: 280942 · debtor: Future Health Technologies Inc. · creditor: Bruce Community Futures Development Corporation (Bruce CF) · currency: CAD · security: General Security Agreement (Bruce CF GSA) over all present and future property and assets of FHT, first priority, shared pari passu with the other CF Entity lenders under Pari Passu Agreement dated November 11, 2021; PPSA registration dated June 26, 2025
- secured creditorsnote: Underlying loan principal $50,000 (August 26, 2021, 9% interest) - facility amount, not the reported balance · page: 11 · as of: 2025-03-31 · amount: 39948 · debtor: Future Health Technologies Inc. · creditor: Community Futures South Georgian Bay (South Georgian Bay CF) · currency: CAD · security: General Security Agreement (South Georgian Bay CF GSA) over all present and future assets of FHT, plus promissory note, corporate opinion, corporate declaration and certificate of incumbency; pari passu with other CF Entity lenders
- secured creditorsnote: Underlying loan principal up to $150,000 (April 13, 2021, 10-yr term, 8% interest) - facility amount, not the reported balance · page: 11 · as of: 2025-03-31 · amount: 125479 · debtor: Future Health Technologies Inc. · creditor: Huron Business Development Corporation o/a Community Futures Huron (Huron CF) · currency: CAD · security: General Security Agreement (Huron CF GSA) over all present and future goods, inventory, equipment, chattel paper, documents of title, instruments, intangibles and securities; Financing Change Statement filed June 20, 2025; pari passu with other CF Entity lenders
- secured creditorsnote: Registered principal loan amount was $299,184.60 (April 21, 2022, amended July 17, 2023, 9% interest) - facility/principal figure, not the reported balance · page: 11 · as of: 2025-03-31 · amount: 468151 · debtor: Future Health Technologies Inc. · creditor: Saugeen Economic Development Corporation (Saugeen CF) · currency: CAD · security: General Security Agreement (Saugeen CF GSA) over all present and future assets including patents, trademarks, copyrights, other industrial/intellectual property, and stator licenses/quotas; PPSA registered April 26, 2021; pari passu with other CF Entity lenders
- unsecured creditorsnote: Disputed - FHT denies default and alleges 280 Ontario breached the Consulting Agreement. 280 Ontario's later Notice of Application (May 7, 2025) claimed a USD damages component of $122,875.39 USD (to be converted per s.121(1) CJA), a different, litigated quantification of the same dispute. · page: 12 · as of: 2025-04-24 · basis: Amounts alleged owing by FHT under the Consulting Agreement, as asserted by 280 Ontario in its termination notice · amount: 158278.88 · debtor: Future Health Technologies Inc. · creditor: 2804476 Ontario Inc. (280 Ontario) · currency: USD
- unsecured creditorsnote: Disputed - FHT denies default and alleges 280 Ontario itself breached the Consulting Agreement (invoicing for services/hours not performed). In a subsequently filed Notice of Application (May 7, 2025, Kitchener), 280 Ontario claimed damages of $1,173,007.14 CAD (plus a separate USD component) for breach of the Consulting Agreement - a different, litigated quantification of the same dispute. · page: 12 · as of: 2025-04-24 · basis: Amounts alleged owing by FHT under the Consulting Agreement, as asserted by 280 Ontario in its termination notice · amount: 1093122.39 · debtor: Future Health Technologies Inc. · creditor: 2804476 Ontario Inc. (280 Ontario) · currency: CAD
- secured creditorsnote: Approximate figure per affiant's understanding, confirmed only by notation on PPSA registration; affiant did not have copies of the loan/security agreements at time of affidavit due to urgency · page: 40 · as of: 2022-08-18 (PPSA registration date) · amount: 300000 · debtor: Future Health Technologies Inc. · creditor: Verge Breakthrough Fund Unit Trust · currency: CAD · security: PPSA registration against FHT dated August 18, 2022; underlying loan and security documents not yet obtained by affiant