Ontario · Receivership (court-appointed)
Supplement to the First Report of the Receiver dated June 9, 2025
Court officer report · 9 June 2025
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 filing1 verified
- secured creditorsnote: Amount is the total indebtedness stated owing under the Credit Agreement as of September 17, 2024 per the Demand letters and BIA s.244(1) Notice dated September 20, 2024 (exclusive of legal fees, disbursements and accruing interest; continues to accrue). An updated payout statement as at January 10, 2025 is referenced in correspondence but figures not stated on these pages. Debtor's obligations personally guaranteed by Taibah Chaudhary (sole director/officer/shareholder) up to $2,060,000 pursuant to limited personal guarantee dated December 14, 2023 - related individual, not a corporate creditor. Overdraft Lending Facility (ODL) sub-limit of $60,000 was in excess since Feb 26, 2024, standing at $105,000 (excess of $45,000) as at November 5, 2024 - forms part of the Credit Agreement indebtedness above, not a separate facility balance. · page: 62 · as of: 2024-09-17 · amount: 2042243.48 · debtor: 11977636 Canada Inc. · creditor: Bank of Montreal (BMO) · currency: CAD · security: First-priority collateral charge/mortgage on Watford Property (5641 Nauvoo Road, Watford, ON) in the registered amount of $1,325,000; first-priority collateral charge/mortgage on Hamilton Property (652 Parkdale Avenue North, Hamilton, ON) in the registered amount of $1,600,000; General Assignments of Rents and Leases on both properties (also registered under PPSA); General Security Agreement dated December 14, 2023 granting security interest in all present and after-acquired property, registered under PPSA (BMO is the only registrant under the PPSA in respect of the Debtor)