Ontario · Receivership (court-appointed)
Application Record of TD Bank - Volume 2
Application / notice of application · 22 July 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 filing19 verified
- secured creditorsnote: Referenced only via Application Record index as Exhibit 'Y' - Requirement to Pay in the amount of $20,792.70 (pp.494-498, not included among provided pages); likely a deemed-trust/source-deduction collection claim. · page: 4 · amount: 20792.7 · creditor: Canada Revenue Agency · currency: CAD
- secured creditorsnote: Listed as registering agent/secured party for further information; amendment described as 'AMEND GENERAL COLLATERAL'; blanket all-property registrant, no amount stated. · page: 6 · debtor: Ballo Carriers Inc. · creditor: Recovery Inc. · currency: CAD · security: PPSA registration (File No. 786487491, amendment reg. 2022/09/07) - blanket general collateral: goods, chattel paper, investment property, documents of title, instruments, money, intangibles, proceeds, insurance
- secured creditorsnote: Serialized-equipment (PMSI-type) financier; no balance amount stated in PPSA search. · page: 9 · debtor: Ballo Carriers Inc. · creditor: Meridian OneCap Credit Corp. · currency: CAD · security: PPSA registration File No. 785647053 (reg. 2022/08/09) over 2018 Kenworth T680 truck (VIN 1XKYD49X5JJ996023) plus proceeds/insurance
- secured creditorsnote: DISCHARGED - Discharge of Charge registered 2023/07/14, 'completely deleted'; not a current secured claim, included only to flag discharge. · page: 79 · as of: 2023-07-14 · debtor: 1000228842 Ontario Inc. · creditor: Canadian Imperial Bank of Commerce · currency: CAD · security: Charge Instrument PR3783077 (discharged)
- secured creditorspage: 79 · as of: 2024-04-30 · amount: 4022 · debtor: 1000228842 Ontario Inc. · creditor: Peel Condominium Corporation No. 416 · currency: CAD · security: Condominium Lien, Instrument PR4327321, registered under the Condominium Act
- secured creditorsnote: Registered principal amount; guarantor named on charge: Boparai, Singh Mukhtar (personal guarantee). · page: 80 · as of: 2024-01-05 · amount: 200000 · debtor: 1000228842 Ontario Inc. · creditor: 2418338 Ontario Inc. · currency: CAD · security: Charge/Mortgage Instrument PR4290248 registered 2024/01/05 over Unit 17-2131 Williams Pkwy, Brampton (PIN 19416-0017); Standard Charge Terms 200033; 13% interest; Balance Due Date 2024/07/05
- secured creditorsnote: Operating Loan 9220104-01: principal $630,000.00 + accrued interest $652.43 to Feb 5, 2024; interest continues at Prime+2.25%. Excess fees of $750.00 added as at March 6, 2024 per Forbearance Agreement s.2.01(d). · page: 89 · as of: 2024-02-05 · amount: 630652.43 · debtor: Ballo Carriers Inc. · creditor: The Toronto-Dominion Bank · currency: CAD · security: General Security Agreement dated March 29, 2021 (Ballo Carriers Inc.); Credit Agreement dated Feb 15, 2013
- secured creditorsnote: TD Visa Business facility ending in 4096. · page: 89 · as of: 2024-02-05 · amount: 56805.5 · debtor: Ballo Carriers Inc. · creditor: The Toronto-Dominion Bank · currency: CAD · security: General Security Agreement dated March 29, 2021 (Ballo Carriers Inc.)
- secured creditorsnote: Loan 7921048-01 advanced under Canada Emergency Business Account (CEBA); no specific balance date stated in demand letter. · page: 90 · amount: 60000 · debtor: Ballo Carriers Inc. · creditor: The Toronto-Dominion Bank · currency: CAD · security: Included as part of Borrower A Primary Indebtedness (Forbearance Agreement s.2.01(e)), secured by GSA
- secured creditorsnote: Aggregate stated in document: #21011230 $58,851.67; #21012290 $102,568.46; #21018500 $82,671.89; #21020460 $32,534.55; #23007210 $143,309.21. · page: 98 · as of: 2024-02-21 · amount: 419935.78 · debtor: Ballo Carriers Inc. · creditor: The Toronto-Dominion Bank / TD Equipment Finance Canada · currency: CAD · security: Master Equipment Lease No. T000006070 dated June 29, 2021 with Schedules 21011230, 21012290, 21018500, 21020460, 23007210; guaranteed by 1000228842 Ontario Inc.
- secured creditorsnote: Regulatory/tax claim (fuel tax/IFTA audit); described in negotiations as 'currently under review'; debtor disputes and is 'not prepared to make payment of it in full'; requirement for discharge of this registration was struck from the finalized Forbearance Agreement terms per redline. · page: 125 · as of: 2023-06-21 · amount: 141574 · debtor: Ballo Carriers Inc. · creditor: His Majesty the King in Right of Ontario (Ministry of Finance, AM & Collections Branch (IFTA)) · currency: CAD · security: PPSA Registration File No. 794534058, registered June 21, 2023, over all categories of collateral classification
- secured creditorsnote: Document does not state amount of indebtedness; per Feb 2024 forbearance negotiations, Borrowers were required to provide the security agreement and statement of amount owing to this secured creditor - amount remains unknown from this record. · page: 126 · debtor: Ballo Carriers Inc. · creditor: Bodkin · currency: CAD · security: PPSA registration No. 766278774 (security agreement not disclosed in record)
- secured creditorsnote: Term Facility for Borrower B. Forbearance Agreement s.2.02 recites this balance 'as at February 22, 2023'; other 2024 demand letters reference the same $720,000 guarantee figure, suggesting a possible date error in the Agreement. Registered charge principal ($750,000.00) is not itself the balance. · page: 133 · as of: 2023-02-22 · amount: 720000 · debtor: 1000228842 Ontario Inc. · creditor: The Toronto-Dominion Bank · currency: CAD · security: Charge/Mortgage Instrument No. PR4173363 (registered principal $750,000.00) and Notice of Assignment of Rents PR4173364, registered Feb 22, 2023 over Unit 17-2131 Williams Pkwy, Brampton (PIN 19416-0017); GSA dated Feb 21, 2023 (1000228842 Ontario Inc.)
- secured creditorsnote: Legal fees of Fogler, Rubinoff LLP. · page: 134 · as of: 2024-03-06 · amount: 16493.2 · debtor: Ballo Carriers Inc. / 1000228842 Ontario Inc. · creditor: The Toronto-Dominion Bank (Fogler, Rubinoff LLP fees) · currency: CAD · security: Secured by Security per Forbearance Agreement s.2.03 (added to and forming part of Indebtedness)
- secured creditorsnote: Payable in installments: $5,000.00 on execution; $10,000.00 at end of Forbearance Period (May 31, 2024). · page: 138 · as of: execution of Forbearance Agreement · amount: 15000 · debtor: Ballo Carriers Inc. / 1000228842 Ontario Inc. · creditor: The Toronto-Dominion Bank (Forbearance Fee) · currency: CAD · security: Deemed to form part of Indebtedness, secured by Security per s.5.03
- insolvency professionalMukul Manchanda
- lawyerRachel Moses
- lawyerRachel Moses
- lawyerRachel Moses