Ontario · Receivership (court-appointed)
Application Record of the Applicant dated February 11, 2025
Application / notice of application · 11 February 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 filing9 verified
- applicantTHE BANK OF NOVA SCOTIA
- courtSUPERIOR COURT OF JUSTICE
- court file noCV-25-00034491-0000
- provinceONTARIO
- commencement date10 February 2025
- statutory basisSECTION 243(1) OF THE BANKRUPTCY AND INSOLVENCY ACT, RSC 1985, C. B-3, AS AMENDED AND SECTION 101 OF THE COURTS OF JUSTICE ACT, R.S.O. 1990, C.C.43
- secured creditorsnote: Indebtedness comprises Term Loan (facility limit $974,530.19; balance $894,871.11 as at Nov 21, 2024) and CEBA loan (advanced $60,000.00; balance $60,279.45 as at Nov 21, 2024), together totalling $955,150.56 as at Nov 21, 2024 per Application (para 2). Demand letter of Nov 25, 2024 to guarantor Patrick Leung states $894,871.11 as of Nov 21, 2024 (excluding CEBA). Earlier stated balances: $966,780.19 as at Feb 16, 2023 (Non-Revolving Term Loan); $988,030.19 as at Jan 3, 2024 (Term Loan $928,030.19 + CEBA $60,000). Secured by personal guarantees of Patrick Leung and Doris Leung (guarantors, related individuals), guarantee dated Dec 14, 2022, unlimited in sum for Patrick Leung per demand letter. · page: 9 · as of: 2024-11-21 · amount: 955150.56 · debtor: Cameron Partners Ltd. · creditor: The Bank of Nova Scotia · currency: CAD · security: General Security Agreement (GSA) over all present and after-acquired personal property, granted under the Letter Agreement dated November 30, 2022; Charge/Mortgage of Land, registered principal sum $1,162,500.00, instrument CE851037 registered September 27, 2018, governed by Standard Charge Terms No. 200012, over 670 Cameron Avenue, Windsor, Ontario (PIN 01205-0194 LT); PPSA Financing Statement registration no. 713011707 against the Debtor, blanket collateral classification (Inventory, Equipment, Accounts, Other), no stated amount
- secured creditorsnote: Junior/subordinate encumbrance registered on the Real Property without Bank's consent, constituting an event of default under the Bank's Letter Agreement (BBA); amount as stated in Bank's default letters of Feb 16, 2023 and Jan 3, 2024; ranks behind the Bank's Mortgage. · page: 98 · as of: February 16, 2023 letter · amount: 200000 · debtor: Cameron Partners Ltd. · creditor: 1212279 B.C. Ltd. · currency: CAD · security: Charge registered against the Real Property (670 Cameron Avenue, Windsor, Ontario)
- secured creditorsnote: Junior/subordinate security interest registered on the Real Property without Bank's consent, constituting an event of default under the Bank's Letter Agreement (BBA); amount as stated in Bank's default letter of Jan 3, 2024 (not quantified in the earlier Feb 16, 2023 letter); ranks behind the Bank's Mortgage. · page: 102 · as of: January 3, 2024 letter · amount: 24807 · debtor: Cameron Partners Ltd. · creditor: Indcom Leasing Inc. · currency: CAD · security: Notice of Security Interest registered against the Real Property (670 Cameron Avenue, Windsor, Ontario)