Ontario · Receivership (court-appointed)
Application Record dated April 29, 2015 - Part 1
Application / notice of application · 29 April 2015
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 filing11 verified
- applicantMARSHALLZEHR GROUP INC. and THE BANK OF NOVA SCOTIA TRUST COMPANY
- courtSUPERIOR COURT OF JUSTICE (COMMERCIAL LIST)
- court file noCV-15-10951-00CL
- provinceONTARIO
- statutory basisSection 243(1) of the Bankruptcy and Insolvency Act and Section 101 of the Courts of Justice Act
- commencement date29 April 2015
- secured creditorsnote: Total amount due to Applicants as of April 1, 2015 per Affidavit of Gregory Zehr (p.9); prose in Notice of Application (p.8) states approximate total due of $27,211,581.57 as of the same date - the affidavit figure is used as it is more specific and later in the record; loans totalling approximately $21 million originally advanced · page: 15 · as of: 2015-04-01 · amount: 27400038.13 · debtor: 2131059 Ontario Limited (Baywood Homes) · creditor: MarshallZehr Group Inc. and The Bank of Nova Scotia Trust Company (First Mortgage / MZG Trustee & BNS Trust as trustee for self-directed RRSP lenders) · currency: CAD · security: First-ranking mortgage; registered principal amount $17,712,500 (First Mortgage); also third-ranking and fourth-ranking mortgages held by Applicants
- secured creditorsnote: Registered principal amount; included in the total amount due to Applicants of $27,400,038.13 as of April 1, 2015 reported separately · page: 20 · debtor: 2131059 Ontario Limited (Baywood Homes) · creditor: MarshallZehr Group Inc. (Third Mortgage - 2013 MZG Loan) · currency: CAD · security: Third Mortgage in principal amount of $1,100,000, registered September 6, 2013 as Instrument No. SC1083208
- secured creditorsnote: Amount reflects registered charge amount, not necessarily current outstanding balance; Deferred Interest of MZG/BNS Trust ($4,712,500) is postponed/subordinated to payment of this Second Mortgagee per Sussman Postponement Agreement · page: 20 · as of: 2010-01-05 · amount: 2500000 · debtor: 2131059 Ontario Limited (Baywood Homes) · creditor: Sussman Mortgage Funding Inc. and Community Trust Company (Sussman Group) · currency: CAD · security: Charge registered January 5, 2010 as Instrument No. SC792819 (second-ranking registration)
- secured creditorsnote: This is the registered principal amount of deferred interest owing under the First Loan, not a separately stated current outstanding balance; subordinated/postponed to the Sussman Group Second Mortgage and to the Third Mortgage per Sussman Postponement Agreement · page: 20 · debtor: 2131059 Ontario Limited (Baywood Homes) · creditor: MarshallZehr Group Inc. (Deferred Interest Charge) · currency: CAD · security: Deferred Interest Charge in principal amount of $4,712,500, registered November 30, 2012 as Instrument No. SC1028163 (third-ranking registration, subordinate to Third Mortgage)
- secured creditorsnote: Related party entities (Baywood Homes Partnership and affiliated corporations); charge postponed to later-registered Third Mortgage and Deferred Interest Charge - registration order is not priority · page: 20 · debtor: 2131059 Ontario Limited (Baywood Homes) · creditor: Baywood Homes Partnership, 626353 Ontario Limited, Nori Corp., Vaughancord Holdings Inc., 778788 Ontario Limited and Corner World Developments Inc. (Baywood Group) · currency: CAD · security: $1,500,000 charge registered September 8, 2011 as Instrument No. SC929834; registered earlier in time than the Third Mortgage and Deferred Interest Charge but postponed in favour of both