Ontario · Receivership (court-appointed)
Application Record
Application / notice of application · 5 September 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 filing10 verified
- applicantRoyal Bank of Canada
- courtSUPERIOR COURT OF JUSTICE
- court file noCV-24-00096352-0000
- provinceONTARIO
- commencement date24 June 2024
- secured creditorsnote: Amount is principal outstanding under the May 13, 2021 Credit Agreement as of August 2, 2024; accrued and unpaid interest, fees and costs of $4,851,425.80 at the same date are in addition (excluding professional fees). Earlier figures: $75,114,841.61 principal + $3,678,711.85 interest/fees/costs at May 8, 2024 (demand letter); notice of application recited $64,700,677.92 principal + $4,084,482.12 at June 10, 2024. Separately, $10,482,197 is outstanding under two letters of credit issued June 30, 2021 (date of that figure not tied to a statement date). Affidavit states the Debtor owes RBC 'over $80 million'. RBC's receivership charge and Receiver's Charge would rank ahead of RBC's security. · page: 12 · as of: 2024-08-02 · amount: 75301430.18 · debtor: Ashcroft Homes - Eastboro Inc. · creditor: Royal Bank of Canada · currency: CAD · security: First-priority charge/mortgage over the Eastboro Development, registered amount $120,000,000 (a registration ceiling, not a balance); site-specific general security agreement over the Debtor's personal property at the Eastboro Development; PPSA registration. Senior secured creditor.
- secured creditorsnote: Amount owed not stated; existence of registration only (PPSA search dated July 22, 2024). · page: 13 · as of: 2024-07-22 · debtor: Ashcroft Homes - Eastboro Inc. · creditor: Toronto Dominion Bank · currency: CAD · security: PPSA registration over term deposits and credit balances
- secured creditorsnote: Postponed to the RBC Charge by postponements of interest registered as Instrument Nos. OC2360437, OC2391223 and OC2551769. Current balance not stated. · page: 14 · debtor: Ashcroft Homes - Eastboro Inc. · creditor: Guy and Jeanette Courchesne · currency: CAD · security: Charge/Mortgage of Land, Instrument No. OC475944 registered June 21, 2005, original principal amount $1,671,150 (original principal, not a current balance)
- secured creditorsnote: The $100,000 is the guaranteed investment certificate excluded from the subordination, not a stated debt balance; the amount owed to Laurentian is not stated. Subordinated to RBC otherwise. · page: 14 · amount: 100000 · debtor: Ashcroft Homes - Eastboro Inc. · creditor: Laurentian Bank of Canada · currency: CAD · security: Several PPSA registrations over certain assets of the Debtor; security postponed and subordinated to RBC's security by a postponement and subordination agreement dated May 19, 2021, save and except a guaranteed investment certificate.
- unsecured creditorsnote: Municipal tax arrears; document does not characterize priority (taxes commonly rank as a statutory lien on the property). · page: 15 · as of: 2024-06-10 · basis: City of Ottawa account statement showing overdue property taxes in connection with the Eastboro Development (Exhibit H) · amount: 272159.04 · debtor: Ashcroft Homes - Eastboro Inc. · creditor: City of Ottawa (municipal property taxes) · currency: CAD