Ontario · Receivership (court-appointed)
Application Record dated May 24, 2023
Application / notice of application · 24 May 2023
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 filing6 verified
- secured creditorsnote: Underlying Loan principal advanced was $12,000,000; written demand made April 19, 2023 for $12,115,693.83 together with issuance of NOI under s.244 BIA; both First Charge and GSA contain contractual receivership rights on default · page: 8 · as of: 2023-04-19 · amount: 12115693.83 · debtor: 111 Sherwood Investments Inc. · creditor: NHE Capital Corp. · currency: CAD · security: First Charge registered March 24, 2022 against the Real Property securing principal of $14,400,000 (loan amount plus 20% cushion, not the balance); General Security Agreement (GSA) over present and after-acquired personal property relating to the Real Property, registered under PPSA March 24, 2022; general assignment of leases and rents registered March 24, 2022
- secured creditorsnote: Registered subsequent in time to the First Charge and without the Applicant's consent, in breach of a covenant prohibiting subordinate encumbrances; no subordination/standstill agreement had been executed as of the application date · page: 8 · as of: 2022-10-19 · debtor: 111 Sherwood Investments Inc. · creditor: Olympia Trust Company · currency: CAD · security: Charge registered October 19, 2022 against the Real Property in the principal amount of $7,965,000 (registered principal, not a confirmed balance)
- secured creditorsnote: Undischarged as of application date; Debtor failed to discharge the lien as required as a condition of loan renewal · page: 8 · as of: 2023-03-16 · amount: 180132 · debtor: 111 Sherwood Investments Inc. · creditor: Lubek Electric Inc. · currency: CAD · security: Construction lien registered March 16, 2023 against the Real Property
- secured creditorsnote: DISCHARGED - paid out from the Applicant's loan advance on closing March 24, 2022; not a current secured creditor · page: 33 · as of: 2022-03-24 · amount: 4818464.76 · debtor: 111 Sherwood Investments Inc. · creditor: Brantcord Leasing Ltd. · currency: CAD · security: First mortgage against the Real Property (prior in priority to NHE Capital Corp.'s First Charge)
- secured creditorsnote: DISCHARGED - paid out from the Applicant's loan advance on closing March 24, 2022; not a current secured creditor · page: 33 · as of: 2022-03-24 · amount: 3177596.82 · debtor: 111 Sherwood Investments Inc. · creditor: BFT Mortgage Services Inc. · currency: CAD · security: Second mortgage against the Real Property
- secured creditorsnote: DISCHARGED - paid out from the Applicant's loan advance on closing March 24, 2022; not a current secured creditor · page: 33 · as of: 2022-03-24 · amount: 1266147.27 · debtor: 111 Sherwood Investments Inc. · creditor: 2225763 Ontario Inc. · currency: CAD · security: Third mortgage against the Real Property