Ontario · Receivership (court-appointed)
Application Record of the Applicant dated June 5, 2025 Part 1
Application / notice of application · 5 June 2025
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What we verified from this filing15 verified
- proceeding typereceivership_court
- 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
- applicantTANDIA FINANCIAL CREDIT UNION LIMITED
- commencement date28 May 2025
- courtSUPERIOR COURT OF JUSTICE
- court file noCV-25-00090460-0000
- provinceONTARIO
- 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
- secured creditorsnote: Registered subordinate to Tandia's Cannon Charge and Barton Charge; amount of the charges and PPSA-secured obligations not stated in the document. · page: 10 · debtor: 9259929 Canada Inc. · creditor: Fennell Property Management Ltd. · currency: CAD · security: Subordinate (second-ranking) charges registered over the Cannon Property and Barton Property (amounts not stated); also holds one or more PPSA registrations against the Debtor covering variably Goods, Inventory, Equipment, Accounts, Other and Motor Vehicles
- secured creditorsnote: Blanket-style PPSA registrant; amount secured not stated. · page: 10 · debtor: 9259929 Canada Inc. · creditor: The Toronto-Dominion Bank · currency: CAD · security: One or more PPSA registrations against the Debtor covering variably Goods, Inventory, Equipment, Accounts, Other and Motor Vehicles
- secured creditorsnote: Blanket-style PPSA registrant; amount secured not stated. · page: 10 · debtor: 9259929 Canada Inc. · creditor: Rapport Credit Union Limited · currency: CAD · security: One or more PPSA registrations against the Debtor covering variably Goods, Inventory, Equipment, Accounts, Other and Motor Vehicles
- secured creditorsnote: Blanket-style PPSA registrant; amount secured not stated. · page: 10 · debtor: 9259929 Canada Inc. · creditor: Ready Capital Mortgage Holdings Ltd. · currency: CAD · security: One or more PPSA registrations against the Debtor covering variably Goods, Inventory, Equipment, Accounts, Other and Motor Vehicles
- secured creditorsnote: First-ranking secured creditor over both Real Properties. Indebtedness figure is total owing by Debtor and Guarantor under Credit Agreement as set out in Demands and BIA Notice, exclusive of legal fees, disbursements and accruing interest; continues to accrue. Obligations also guaranteed by Rahim Thawer (director/related party) pursuant to a personal guarantee dated Oct 4, 2021 up to $3,425,000.00 (guarantee limit, not a balance). · page: 11 · as of: 2025-04-07 · amount: 3384750.44 · debtor: 9259929 Canada Inc. · creditor: Tandia Financial Credit Union Limited · currency: CAD · security: General Security Agreement dated Oct 4, 2021 (all present/future property, registered under PPSA); Cannon Charge - collateral mortgage in the registered amount of $1,825,000.00 on Cannon Property; Barton Charge - collateral mortgage in the registered amount of $1,600,000.00 on Barton Property; General Assignments of Rents (Cannon and Barton Properties, registered under land registry and PPSA)
- secured creditorsnote: Described as a priority payable further jeopardizing Tandia's security position; municipal tax arrears of this kind typically rank ahead of registered mortgage security. · page: 12 · amount: 66093.02 · debtor: 9259929 Canada Inc. · creditor: City of Hamilton (property tax arrears - Barton Property) · currency: CAD · security: Treasurer's Certificate of Outstanding Realty Taxes - statutory municipal tax arrears constituting a lien against the Barton Property
- secured creditorsnote: Described as a priority payable further jeopardizing Tandia's security position; municipal tax arrears of this kind typically rank ahead of registered mortgage security. · page: 12 · amount: 68503.95 · debtor: 9259929 Canada Inc. · creditor: City of Hamilton (property tax arrears - Cannon Property) · currency: CAD · security: Treasurer's Certificate of Outstanding Realty Taxes - statutory municipal tax arrears constituting a lien against the Cannon Property