Ontario · CCAA
Application Record of the Applicant returnable February 23, 2022
Application / notice of application · 22 February 2022
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 filing4 verified
- financial positionnote: Assets composed of cash and investments $1,621,337.61, fixed assets $24,026,210.69, and other current assets $118,680.19; liabilities composed of accounts payable $608,015.18, accrued liabilities $5,308,850.45, and long term liabilities $23,198,187.16 · page: 32 · as at: 2021-09-30 · basis: 2021 Financial Statements (unaudited), period ended September 30, 2021 · scope: entity - Trinity Ravine Community Inc. · currency: CAD · total assets: 25766228.49 · total liabilities: 29115052.79
- secured creditorsnote: Application states debts owing to secured creditors (including Limestone) have not been paid, but no exact outstanding balance is stated - $3,000,000 is the registered/maximum principal amount of the charge, not a confirmed balance; Applicant stated to be current on interest payments · page: 33 · as of: 2021-06-16 · debtor: Trinity Ravine Community Inc.; Global Kingdom Ministries Church Inc. (co-chargor) · creditor: Limestone Capital Inc. · currency: CAD · security: Charge registered June 16, 2021 against the Development Land; maximum principal amount $3,000,000 (registration ceiling); interest accrues at 13% per annum, paid monthly; also holds a PPSA registration (all classes of collateral except Consumer Goods and Motor Vehicle) against 'Global Kingdom Ministries Inc.' registered June 11, 2021 for 5 years
- secured creditorsnote: Amount is an approximate balance as at the date of the affidavit ('approximately $4,500,000 is owing'); $4,700,000 figure in Application/Parcel Register is the registered maximum principal amount, not the balance · page: 34 · as of: 2022-02-22 · amount: 4500000 · debtor: Trinity Ravine Community Inc. · creditor: Nahid Corp. · currency: CAD · security: Charge registered October 19, 2021 against the Development Land; maximum principal amount $4,700,000 (registration ceiling); interest accrues at 1.5% per month, capitalized into the loan
- secured creditorsnote: Indebtedness arose from Letters of Credit which the City of Toronto realized upon; no dollar amount of RBC's secured claim/cash collateral is stated on these pages; RBC's earlier registered charge (AT2279804, 2010) against the property was discharged August 27, 2021 - not current security · page: 35 · debtor: Trinity Ravine Community Inc. (formerly Global Kingdom Ministries Inc. / Scarboro Gospel Temple) · creditor: Royal Bank of Canada (RBC) · currency: CAD · security: PPSA registrations (blanket, all classes of collateral except Consumer Goods, amended over time; also a separate registration against 'Accounts' and 'Other' collateral classes) amended to include cash collateral held by RBC in respect of three Letters of Credit issued to the City of Toronto (one Oct 17, 2018 and two Oct 18, 2018)