Ontario · Receivership (court-appointed)
Application Record
Application / notice of application · 16 April 2024
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What we verified from this filing16 verified
- applicantCWB MAXIUM FINANCIAL INC.
- courtSUPERIOR COURT OF JUSTICE
- court file noCV-24-00095422-0000
- statutory basissubsection 243(1) of the Bankruptcy and Insolvency Act, R.S.C 1985, c. B-3, as amended and section 101 of the Courts of Justice Act, R.S.O. 1990, c. C.43, as amended
- appointeeMNP Ltd.
- appointee roleProposed Receiver
- commencement date16 April 2024
- secured creditorsnote: No balance stated in registration search; per Debtor, likely relates to trade payables for pharmaceutical purchases (supplier registration) · page: 21 · as of: 2024-04-01 · debtor: Medical Arts Dispensary of Ottawa (2003) Ltd.; Total Health Pharmacy Inc. · creditor: McKesson Canada Corporation · currency: CAD · security: PPSA registrations re Inventory (Medical Arts registered twice; also re Inventory against Total Health, registered twice)
- secured creditorspage: 22 · as of: 2024-04-02 · debtor: Total Health Pharmacy Inc. · creditor: The Bank of Nova Scotia · currency: CAD · security: PPSA registration re Inventory, Equipment, Accounts, and Other
- secured creditorspage: 22 · as of: 2024-04-01 · debtor: Medical Arts Dispensary of Ottawa (2003) Ltd. · creditor: Meridian OneCap Credit Corp. · currency: CAD · security: PPSA registration re Equipment, and Other
- secured creditorsnote: Per Debtor, prescription pharmaceutical supplier; registration likely relates to payment obligations for purchase of prescription pharmaceuticals · page: 22 · as of: 2024-04-02 · debtor: Total Health Pharmacy Inc. · creditor: Kohl & Frisch Limited · currency: CAD · security: PPSA registration re Consumer Goods, Inventory, Equipment, Accounts, and Other
- secured creditorsnote: Nature/relationship of this creditor not explained in affidavit · page: 22 · as of: 2024-04-01 · debtor: Sherif Gerges; Ghada Sandra Mohsen Gerges · creditor: 1951584 Ontario Inc. · currency: CAD · security: PPSA registration re Inventory, Equipment, Accounts, and Other
- secured creditorsnote: Personal vehicle financing registrations against individual guarantor Sherif Gerges · page: 22 · as of: 2024-04-01 · debtor: Sherif Gerges · creditor: PPSA equipment financiers (PMSI class) - VW Credit Canada Inc. and Porsche Financial Services Canada · currency: CAD · security: PPSA registrations re Consumer Goods, Other, with Motor Vehicle Included (purchase-money/vehicle financing)
- secured creditorsnote: Total of two mortgages as stated on parcel register (Exhibit M); secures personal real property of the guarantors, not stated to secure CWB's Credit Facility · page: 23 · as of: 2024-04-02 · amount: 9062000 · debtor: Sherif Gerges; Ghada Sandra Mohsen Gerges · creditor: Bank of Montreal · currency: CAD · security: Two mortgages registered on real property municipally known as 2275 Doulton Drive, Mississauga, Ontario
- secured creditorsnote: Desante is stated to be the predecessor corporation to CWB Maxium; registration has not been updated and/or assigned to CWB · page: 23 · as of: 2024-04-01 · debtor: Medical Arts Dispensary of Ottawa (2003) Ltd.; Total Health Pharmacy Inc.; Sherif Gerges; Ghada Sandra Mohsen Gerges · creditor: Desante Financial Services Inc. · currency: CAD · security: PPSA registrations re Inventory, Equipment, Accounts, and Other (blanket)
- secured creditorsnote: Indebtedness figure ($1,947,830.30) stated 'as of April 10, 2024' in affidavit; supporting payout statement (Exhibit O) dated March 21, 2024. Guarantees (personal, June 20, 2019) provided by Total Health Pharmacy Inc. (corporate guarantor) and by individuals Ghada Sandra Mohsen Gerges and Sherif Gerges (personal guarantors/personal security). CWB issued demands and BIA s.244(1) notices on Nov 1, 2023 (Exhibit N). Desante Financial Services Inc. is stated to be the predecessor corporation to CWB, with PPSA registrations not updated/assigned to CWB. · page: 24 · as of: 2024-04-10 · amount: 1947830.3 · debtor: Medical Arts Dispensary of Ottawa (2003) Ltd. · creditor: CWB Maxium Financial Inc. · currency: CAD · security: General Security Agreement dated June 29, 2019 over all present, future and after-acquired property of Medical Arts; joint Guarantor General Security Agreement dated June 20, 2019 granted by Total Health Pharmacy Inc., Ghada Sandra Mohsen Gerges and Sherif Gerges over all their property; Credit Agreement (promissory note dated June 20, 2019) with a facility/principal of $3,646,457.12, amended April 13, 2020