Ontario · Receivership (court-appointed)
Application Record dated February 5, 2026
Application / notice of application · 5 February 2026
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
- applicantCAISSE DESJARDINS ONTARIO CREDIT UNION INC.
- courtONTARIO SUPERIOR COURT OF JUSTICE (COMMERCIAL LIST)
- court file noCL-26-00000038-0000
- 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
- commencement date30 January 2026
- appointeeKSV
- appointee roleReceiver
- secured creditorsnote: Comprises Construction Loan Facility (reduced principal limit $42,112,270.00) and LC Facility; per Payout Statement dated 2026-01-30 (Exhibit D), Loan 01 (mortgage) balance $15,275,976.07 and Loan 02 (letter of guarantee) balance $1,667,743.00, totalling $16,943,719.07. PPR search (file currency date 2026-01-27) shows Applicant as the only party with an outstanding registration against the Debtor. Indebtedness also guaranteed by Mohammad Ghasem Ghods, sole director/officer of Debtor, personal guarantor (individual - not a company) pursuant to Guarantee and Indemnity Agreement dated 2022-12-20, and Deficiency and Debt Servicing Agreement making guarantor jointly and severally liable as principal debtor. Approx. $2.8 million of an earlier advance was used to pay out/discharge a prior mortgage debt owed by the Debtor to National Bank of Canada (that security is discharged, not current). · page: 20 · as of: 2026-01-30 · amount: 16943719.07 · debtor: English Lane Homes Inc. · creditor: Caisse Desjardins Ontario Credit Union Inc. · currency: CAD · security: Charge/Mortgage registered as Instrument No. AT6251489 on 2022-12-20, principal amount $43,869,500.00, encumbering 200 David Dunlap Circle, Toronto (Lands); Notice of Assignment of Rents – General (Instrument No. AT6251490, 2022-12-20); Assignment of Rents and Leases (2022-12-20); General Security Agreement (2022-12-20, amended/restated 2024-03-11); Assignment of Material Agreements (2022-12-20); Assignment of Purchase and Sale Agreements (2022-12-20); Assignment of Bonds Agreement (2022-12-20); Assignment of Insurance Proceeds (2022-12-20); Debt Service, Cost Overrun and Completion Agreement (2022-12-20). LC Facility principal limit increased to $1,866,310.00 (facility limit, not a balance); 3 outstanding standby letters of credit aggregating $1,667,743.00 issued under LC Facility as of application date.