Ontario · Receivership (court-appointed)
Motion-Record-returnable-June-13-2016-Part-2
Application / notice of application · 13 June 2016
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What we verified from this filing7 verified
- courtONTARIO SUPERIOR COURT OF JUSTICE (COMMERCIAL LIST)
- court file noCV-16-11398-00CL
- secured creditorsnote: Demand letter dated February 18, 2016 (BIA Notice issued same date) stated amount then outstanding under the Credit Facilities as $1,467,488.15 plus interest, fees and costs; this is the earlier demand figure, superseded by the May 16, 2016 balance reported above. Prior PPSA registrations of Business Development Bank Canada (Oct 16, 2007) are subordinated to the Bank pursuant to a Priority Agreement dated May 5, 2014. Personal guarantees of the indebtedness were given by directors Cesario Ginjo and Ilda Rites-Ginjo (unlimited re: Operating Loan, limited re: CSBFLs), and a corporate guarantee plus GSA (dated May 8, 2014) was given by 1632032 Ontario Ltd. (related party, owner of certain real property used by the Borrower). Mr. Ginjo also postponed and assigned any creditor's claim he held against the Borrower to the Bank (May 8, 2014). · page: 5 · as of: 2016-05-16 · amount: 1497849.64 · debtor: 1882540 Ontario Inc. · creditor: The Toronto-Dominion Bank · currency: CAD · security: General Security Agreement dated May 8, 2014 over all personal property; movable hypothec dated May 28, 2014 over 4525 Chemin de la Cote-Des-Neiges, Montreal, QC in the principal amount of $227,000; PPSA registration July 18, 2014 over all categories except consumer goods; assignment (July 18, 2014) of five prior Bank of Montreal PPSA registrations (2008-2012) related to CSBFLs
- secured creditorsnote: Subordinated to The Toronto-Dominion Bank's security pursuant to a Priority Agreement dated May 5, 2014; financing change statements registered reflecting the subordination · page: 5 · as of: 2007-10-16 · debtor: 1882540 Ontario Inc. · creditor: Business Development Bank Canada (BDC) · currency: CAD · security: Blanket PPSA registration over all categories of collateral except consumer goods, registered October 16, 2007 (registration ceiling/amount not stated)
- secured creditorsnote: Registration subsequent in time to the Bank's registration · page: 7 · as of: 2014-12-01 · debtor: 1882540 Ontario Inc. · creditor: Mercedes-Benz Financial Services Canada Corporation · currency: CAD · security: PPSA registration over 'equipment', 'other' and 'motor vehicle' collateral classes in respect of a 2015 Mercedes-Benz (PMSI-type, serialized equipment financing)
- secured creditorsnote: Provincial tax-related security registration; subsequent in time to the Bank's registration · page: 7 · as of: 2014-07-21 · amount: 9519 · debtor: 1882540 Ontario Inc. · creditor: Her Majesty in Right of Ontario (represented by the Minister of Finance) · currency: CAD · security: PPSA registration over all categories of collateral except consumer goods
- secured creditorsnote: Deemed-trust class claim; relates to CRA re-assessment under the Excise Tax Act (Canada) for unremitted HST; interest compounds daily from December 18, 2015 to date of payment; Borrower disputes HST was properly payable and claims to be appealing the re-assessment but has not provided evidence of such appeal · page: 7 · as of: 2016-01-15 · amount: 1854222 · debtor: 1882540 Ontario Inc. · creditor: Her Majesty the Queen in Right of Canada (represented by the Minister of National Revenue / CRA) · currency: CAD · security: PPSA registration (the 'HST Registration') over all categories of collateral except consumer goods, subsequent in time to the Bank's registration