Ontario · Receivership (court-appointed)
Application Record
Application / notice of application · 16 January 2018
Also filed as: Application Record
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 filing7 verified
- secured creditorsnote: Bank's understanding is TD was repaid in full and requested discharge of registrations; no response received to May 26, 2015 letter. Registration remains on record as of PPSA search reports at Exhibits J and W. · page: 10 · debtor: Al-Cheragh International Corporation (ACIC) / 6413340 Canada Inc. (641) · creditor: Toronto-Dominion Bank · currency: CAD · security: PPSA registration: inventory, equipment, accounts, other, MV (registered prior to Bank of Montreal)
- secured creditorsnote: Registration subsequent to Bank of Montreal's mortgage per parcel register. · page: 15 · as of: 2014-12-04 · amount: 10320 · debtor: Al-Cheragh International Corporation (ACIC) · creditor: Snap Commercial Finance Corp. · currency: CAD · security: Registered notice of security interest / PPSA registration: equipment, other
- secured creditorsnote: Deemed trust/CRA lien; registration subsequent to Bank of Montreal's mortgage per parcel register. · page: 15 · amount: 24253 · debtor: Al-Cheragh International Corporation (ACIC) · creditor: Minister of National Revenue · currency: CAD · security: Lien registered on title to the Property
- unsecured creditorsnote: Deemed trust class; CRA garnishment against 641 for HST arrears resulted in freezing of 641's Bank operating account. · page: 19 · basis: Garnishment for HST arrears as stated in affidavit · amount: 121133 · debtor: 6413340 Canada Inc. (641) · creditor: Canada Revenue Agency · currency: CAD
- secured creditorsnote: Demand letter dated May 14, 2015 states principal outstanding of $1,410,045.76 plus accrued interest to that date; mortgage principal of $1,725,000 is the registered/original advance amount, not the balance. Term loan original principal advanced was $1,600,000. · page: 20 · as of: 2015-05-14 · amount: 1410045.76 · debtor: Al-Cheragh International Corporation (ACIC) · creditor: Bank of Montreal · currency: CAD · security: General Security Agreement dated Jan 24, 2011 (PPSA registered); Mortgage Instrument No. SC899724 registered May 5, 2011, principal amount $1,725,000, prime+5%, due on demand
- secured creditorsnote: Demand letter dated May 14, 2015 states principal outstanding of $192,028.27 plus accrued interest to that date. · page: 20 · as of: 2015-05-14 · amount: 192028.27 · debtor: 6413340 Canada Inc. (641) · creditor: Bank of Montreal · currency: CAD · security: General Security Agreement dated Jan 24, 2011 (PPSA registered)
- secured creditorsnote: Demand letter dated May 14, 2015 for unauthorized overdraft caused by cheque kiting; principal $10,020.70 plus accrued interest to that date. 714 also guarantor of ACIC and 641 obligations under multiple guarantees (see notes). · page: 20 · as of: 2015-05-14 · amount: 10020.7 · debtor: 7149816 Canada Inc. (714) · creditor: Bank of Montreal · currency: CAD · security: General Security Agreement dated Jan 24, 2011 (PPSA registered); Bank is sole registered secured party per PPSA search report