Ontario · Receivership (court-appointed)
Application Record of Buduchnist Credit Union Limited dated November 6, 2018 - Volume 2 of 2
Application / notice of application · 6 November 2018
Also filed as: Application Record of Buduchnist Credit Union Limited dated November 6, 2018 - Volume 2 of 2; Application Record of Buduchnist Credit Union Limited dated November 6, 2018 - Volume 2 of 2
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 filing2 verified
- secured creditorsnote: Secured Commercial LOC approved April 1, 2015 for $1,000,000 (demand loan) — this is the approved facility amount/original advance at inception, not a stated outstanding balance; existing balance field was blank (new facility). Carlo Demaria is a related party (President and 100% owner of Vicar Homes Ltd.) providing a personal guarantee. · page: 12 · as of: 2015-04-01 · debtor: Vicar Homes Ltd. · creditor: Buduchnist Credit Union Limited · currency: CAD · security: 2nd collateral mortgage over 211 Woodland Acres Crescent (member-stated value $3.5M, 2012 appraisal $2.8M); General Security Agreement; personal guarantee of Carlo Demaria
- secured creditorsnote: Stated as 'current balance' in BCU's April 1, 2015 loan write-up for Vicar Homes Ltd. The underlying registered charge on title (2012/12/05, Woodland Property parcel register) is a $3,000,000 blanket collateral mortgage — a registration ceiling, not a balance. · page: 13 · as of: 2015-04-01 · amount: 1073869 · debtor: Carlo Demaria (and Sandra Demaria, registered owners) · creditor: Buduchnist Credit Union Limited · currency: CAD · security: 1st mortgage on 211 Woodland Acres Crescent (Woodland Property)