Ontario · Receivership (court-appointed)
Application Record of BDC dated May 6, 2025
Application / notice of application · 6 May 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 filing8 verified
- applicantBUSINESS DEVELOPMENT BANK OF CANADA
- commencement date5 May 2025
- courtSUPERIOR COURT OF JUSTICE
- court file noCV-25-00090112-0000
- statutory basisSECTION 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
- secured creditorsnote: Outstanding balance as of May 1, 2025 comprised of Principal $2,371,650 + Interest $88,154.12 = $2,459,804.12; original loan advance was $2,446,000 (not the balance). Thomas Dylan Suitor, principal of the Debtor, has personally guaranteed the indebtedness (personal guarantor, related party). · page: 16 · as of: 2025-05-01 · amount: 2459804.12 · debtor: 1391 Ontario St. Inc. · creditor: Business Development Bank of Canada · currency: CAD · security: Mortgage over the Real Property (1391 Ontario St., Burlington, Ontario) registered in the Halton land registry office on January 13, 2023 as instrument HR1943677, securing a registered principal amount of $2,446,000 (loan no. 242499-01 under Credit Agreement/Letter of Offer dated December 2, 2022); described as a first-ranking charge, subject to unpaid realty taxes
- secured creditorsnote: The Bank's affidavit describes the lien 'in the amount of $77,574' (matching the registration's 'Consideration' field of $77,574.50); however, the registration document itself states the 'Amount claimed as owing in respect of services or materials that have been supplied' is $52,940.50 (equal to the stated contract/subcontract price), which is reported here as the amount owing. · page: 79 · as of: 2024-09-24 · amount: 52940.5 · debtor: 1391 Ontario St. Inc. · creditor: 1000660443 Ontario Inc. (construction lien claimant) · currency: CAD · security: Construction lien registered against the Real Property as instrument HR2058879 on September 24, 2024, subsequent in registration to the Bank's Mortgage (subordinate)
- secured creditorsnote: Per Property Tax Certificate (Exhibit K) dated April 30, 2025; total owing comprised of 2025 taxes owing $18,419.21 and 2024 taxes owing $25,760.93 (2022 and 2023 shown as nil owing) · page: 132 · as of: 2025-04-30 · amount: 44180.14 · debtor: 1391 Ontario St. Inc. · creditor: City of Burlington (municipal property taxes) · currency: CAD · security: Statutory municipal property tax arrears against the Real Property; per the Bank's affidavit, the Bank's mortgage charge ranks first 'subject to any unpaid realty taxes,' indicating the tax arrears have priority over the mortgage