British Columbia · Receivership (court-appointed)

Affidavit of Daniel Pollack dated April 4, 2025

Affidavit · 4 April 2025

What we verified from this filing1 verified

secured creditorsnote: Indebtedness comprises $14,000,000 principal, $583,013.71 accrued interest, $14,388.19 costs/charges, $9,745.00 legal fees (as of demand letter dated March 12, 2025 stated as $14,518,338.55); current loan discharge statement as of April 2, 2025 gives $14,607,146.89 with interest/fees continuing to accrue at $3,785.06/day; also secured by unlimited joint and several personal guarantee of Nirmal Singh Bains and Satnam Singh Bains, and limited recourse guarantee of Bains Brothers Holding Inc. (recourse limited to shares of Borrower held by Limited Recourse Guarantor), and pledge of Borrower's shares (PPR base reg. 628616N) · page: 2 · as of: 2025-04-02 · amount: 14607146.89 · debtor: 1046089 B.C. Ltd. · creditor: KingSett Mortgage Corporation · currency: CAD · security: First mortgage and assignment of rents ($17,500,000 registered principal, LTO charge nos. CA9822429/CA9822430); general security agreement (site-specific, PPR base reg. 628606N); general assignment of material contracts; assignment of insurance