Ontario · Receivership (court-appointed)
Application Record
Application / notice of application · 11 December 2020
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What we verified from this filing6 verified
- applicantBANK OF MONTREAL
- commencement date11 December 2020
- 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
- secured creditorsnote: Amount is exact balance (Operating Loan principal $86,926.69 + interest $134.16; Term Loan principal $1,683,028.55 + interest $16,610.41) as at December 8, 2020 per affidavit; Notice of Application states the rounder prose figure 'approximately $1.825 million, plus costs' as of the same date (page 4). Bank believes it holds first-ranking security over personal property, subject to government priority claims and any PMSI held by Honda Finance Canada Inc., and first-ranking security over the Premises, subject to unpaid realty taxes and other government priority claims. In addition to these Loans, the Bank made a separate $40,000 loan to the Respondent under the Canada Emergency Business Account program; its security status is not specified in the document. Personal guarantees of the Operating Loan and Fixed Rate Term Loan up to an aggregate principal amount of $1,878,000 plus interest and costs were given by Jigneshbhai Shah, Tejash Kumar Shah, Nimisha Shah and Mittalben Shah (principals of the Borrower and their spouses) - personal guarantors, not corporate creditors. · page: 54 · as of: 2020-12-08 · amount: 1786669.81 · debtor: 8331707 Canada Inc. · creditor: Bank of Montreal · currency: CAD · security: General Security Agreement dated November 28, 2018; Charge/Mortgage registered as instrument WC557941 against 59 Woodlawn Road West, Guelph, Ontario; Assignment of Rents registered as instrument WC557943; PPSA financing statements registered re GSA and Assignment of Rents
- secured creditorsnote: PPSA equipment financier (PMSI class); disclosed by PPSA search against 8331707 Canada Inc. as of December 8, 2020 as the only other registration besides the Bank's; no balance amount stated in the document. · page: 55 · as of: 2020-12-08 · debtor: 8331707 Canada Inc. · creditor: Honda Finance Canada Inc. · currency: CAD · security: PPSA registration - purchase money security interest (PMSI) in a 2019 Honda CR-V motor vehicle