Ontario · Receivership (court-appointed)
Application Record (returnable May 1) dated March 1, 2024
Application / notice of application · 1 March 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 filing7 verified
- applicantVANCITY COMMUNITY INVESTMENT BANK
- courtSUPERIOR COURT OF JUSTICE
- court file noCV-24-00001113-0000
- statutory basisBankruptcy and Insolvency Act, s 243(1); Courts of Justice Act, s 101
- commencement date7 February 2024
- secured creditorsnote: DISCHARGED - the Mapleview Mortgage was paid out by the Debtor after the Demands were issued and was discharged on November 30, 2023 (VCIB learned of this around December 19, 2023). Not a current secured creditor as of the application; amount shown is the original registered principal, not an outstanding balance. · page: 30 · as of: unauthorized registration date (mortgage registered without VCIB's consent, prior to August 2023 breach notice) · amount: 2700000 · debtor: Cacoeli Terra Vaughan Ltd. · creditor: Mapleview Pear Tree Inc. · currency: CAD · security: Second mortgage on the Real Property (10811 & 10819 Jane Street East, Vaughan, Ontario), registered without VCIB's required consent, in the principal amount of $2,700,000 plus interest ('Mapleview Mortgage').
- secured creditorsnote: Amount is the exact 'all-inclusive Indebtedness' stated in the November 9, 2023 demand letter as of November 8, 2023 ($3,498,376.03). Original non-revolving demand loan/facility principal under the Credit Agreement dated July 14, 2021 was $3,450,000 (facility amount, not balance). No payments received since an interest payment on October 5, 2023; indebtedness continues to accrue. PPSA search dated February 22, 2024 lists VCIB as the only secured creditor of the Debtor registered under the PPSA, and Bank Act search dated February 23, 2024 discloses no registrations against the Debtor. · page: 31 · as of: 2023-11-08 · amount: 3498376.03 · debtor: Cacoeli Terra Vaughan Ltd. · creditor: Vancity Community Investment Bank (VCIB) · currency: CAD · security: First mortgage on Real Property (10811 & 10819 Jane Street East, Vaughan, Ontario) registered July 29, 2021 ('VCIB Mortgage'); General Security Agreement dated July 27, 2021 over all present, future and after-acquired property, assets and undertakings; General Assignment of Leases and Rents dated July 27, 2021. Also secured by joint and several Corporate Guarantees (2748983 Ontario Limited, Cacoeli Jane Teston LP, Street Block Partners Inc.) and Personal Guarantees (Jedidiah Liu, Kasey Wong, Majid Sarkar-Tavakoli), all dated July 27, 2021, perfected by registration.