Ontario · Receivership (court-appointed)
Application Record dated
Application / notice of application · 9 April 2024
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What we verified from this filing8 verified
- applicantDUCA FINANCIAL SERVICES CREDIT UNION LTD.
- courtSUPERIOR COURT OF JUSTICE
- court file noCV-24-00718071-00CL
- statutory basissection 243(1) of the Bankruptcy and Insolvency Act, and section 101 of the Courts of Justice Act
- commencement date9 April 2024
- secured creditorsnote: Guaranteed by Fanseay Wang, personal guarantor, unlimited amount (Guarantee dated July 11, 2022). Indebtedness stated as $7,080,000 principal aggregate advanced; exact balance as of April 2, 2024 used here excludes fees, costs and expenses which continue to accrue. · page: 10 · as of: 2024-04-02 · amount: 7281653.91 · debtor: AmerCan Corporation and 1000199992 Ontario Corp. · creditor: DUCA Financial Services Credit Union Ltd. · currency: CAD · security: First-ranking Mortgage (Instrument No. PR4083453, principal amount $8,000,000) and 1000 Rent Assignment over Real Property; AmerCan GSA and 1000 GSA over all other personal property; 1000 and AmerCan Insurance Assignments; Cash Collateral Agreement; PPSA registrations (Ontario) against both Borrowers
- secured creditorsnote: Registered without DUCA's consent, described as an 'Unauthorized Mortgage'; exact dated demand balance of $50,682,422.01 per demand letter/notice of sale dated March 1, 2024, payable on or before April 8, 2024 (prose principal amount of mortgage was $27,500,000). Cameron Stephens has a separate pending receivership application (Court File No. CV-23-00710795-00CL), held in abeyance. · page: 12 · as of: 2024-03-01 · amount: 50682422.01 · debtor: 1000199992 Ontario Corp. · creditor: Cameron Stephens Mortgage Capital Ltd. · currency: CAD · security: Charge/mortgage registered December 6, 2023 (Instrument No. PR4281070; the 'Stephens Mortgage'), principal amount $27,500,000, together with postponements from AmerCan Corporation (Instrument No. PR4281074) and Dragon Holding Global Real Estate Funds (Instrument No. PR4281075) in favour of Cameron Stephens
- secured creditorsnote: Registered on title without DUCA's consent, described as an 'Unauthorized Mortgage'; principal amount only, not a stated outstanding balance · page: 12 · debtor: 1000199992 Ontario Corp. · creditor: WPC GP I Inc. / Windsor Private Capital Limited Partnership · currency: CAD · security: Charge/mortgage registered November 28, 2023 (Instrument No. PR4277878), principal amount $5,000,000