British Columbia · Receivership (court-appointed)
Affidavit #1 of Joey Law
Affidavit · 4 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 filing1 verified
- secured creditorsnote: Loan originally advanced by Canada ICI Capital Corporation to Inspira Development (Insignia) Ltd.; assigned together with all related security and enforcement rights to CMLS Financial Ltd. on February 13, 2023. Amount outstanding as at March 25, 2025 per Forbearance Agreement dated March 31, 2025 (recital D and para 2(e)), exclusive of legal fees/costs; interest continues to accrue. Loan matured October 1, 2022; Borrower in default. Personal guarantees from Gurrjit Daara (Feb 19, 2021) and Chase Allen (Feb 22, 2021) exist as additional security. · page: 10 · as of: 2025-03-25 · amount: 15889217.09 · debtor: Inspira Development (Insignia) Ltd. · creditor: CMLS Financial Ltd. (as assignee of Canada ICI Capital Corporation) · currency: CAD · security: First-ranking mortgage/charge over the 'East Clayton Lands' (per Commitment Letter dated January 22, 2021, registered first mortgage principal of $12,000,000 per Commitment Letter, filed Standard Mortgage Terms MT170007); General Security Agreement dated February 19, 2021 (all present and after-acquired personal property); general assignment of rents and leases; assignment of interest reserve account; environmental indemnity; unlimited joint and several personal guarantees of Gurrjit Daara and Chase Allen (individuals, guarantors - not creditors)