Ontario · Receivership (court-appointed)
Supplemental Application Record of the Applicant - First Source - 18-JUNE-2024
Application / notice of application · 18 June 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
- applicantFIRST SOURCE FINANCIAL MANAGEMENT INC.
- commencement date19 June 2024
- courtSUPERIOR COURT OF JUSTICE (COMMERCIAL LIST)
- court file noCV-24-00717742-00CL
- statutory basissection 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act
- secured creditorsnote: Amount owing not stated in the document. Subordinate to the Lender. Counsel advised Borrower on Feb 2, 2024 that enforcement would proceed if the Second Mortgage was not redeemed by March 22, 2024. · page: 9 · debtor: Chacon Strawberry Fields Inc. · creditor: 1794523 Ontario Inc. (Second Mortgagee) · currency: CAD · security: Second mortgage registered on the Property with the Lender's consent; postponement and subordination agreement dated March 7, 2023 (standstill: 60 days' written notice to Lender before enforcing).
- secured creditorsnote: Claimant and amount not stated; Borrower failed to discharge. · page: 10 · debtor: Chacon Strawberry Fields Inc. · creditor: Construction lien claimant(s) (unnamed) · currency: CAD · security: Construction lien and certificate of action registered on title to the Property.
- secured creditorsnote: Amounts not stated; parties described as unknown to the Lender; registered in breach of the Charge. Priority relative to Lender not stated beyond being subsequent encumbrances. · page: 11 · debtor: Chacon Strawberry Fields Inc. · creditor: Other registered encumbrancers on the Property (1299400 Ontario Ltd.; Manjinder Grewal; Manoj Khindri; Sandeep Kotra; Inderjit Singh; Sapinder Gewal; Moudgill Financial Inc.; Anubhav Garg; Northwood Mortgage Investment Corporation) · currency: CAD · security: Charges registered on the Property starting April 2023 without the Lender's consent.
- secured creditorsnote: Realty tax arrears, accruing interest; ranks in priority to the charges of the Secured Creditors (statutory/municipal tax class). · page: 14 · as of: 2024-03-01 · amount: 231267.91 · debtor: Chacon Strawberry Fields Inc. · creditor: Municipality (realty tax arrears) · currency: CAD · security: Statutory realty tax priority under the Municipal Act, 2001 over the Property.
- secured creditorsnote: Amount is the payoff per discharge statement (Schedule A to Forbearance Agreement): principal $17,000,000.00 + interest to Apr 16, 2024 $74,837.48 + fees/charges and legal fees (Chaitons LLP $11,481.49). Per diem interest thereafter $4,657.53 plus continuing legal fees; a further $15,000 forbearance fee is added to the Debt on execution of the Forbearance Agreement (May 10, 2024). Borrower and Guarantor acknowledged the Debt and consented to judgment in this amount (Consent Judgment). Loan matured May 8, 2024; Forbearance Agreement breached by missed/partial interest payments (June 2024). Interest reserve depleted as of Apr 1, 2024. · page: 26 · as of: 2024-04-17 · amount: 17093968.97 · debtor: Chacon Strawberry Fields Inc. · creditor: First Source Financial Management Inc. · currency: CAD · security: First mortgage (Charge, Instrument No. PR4152681, registered Dec 15, 2022) over 12550, 12560 and 12570 Kennedy Road, Caledon, Ontario; General Security Agreement over Borrower's personal property (PPSA financing statement registered on or around Dec 13, 2022); guarantee of Surinder Kaur Chahal (officer, director and shareholder of Borrower).