Ontario · Receivership (court-appointed)
Application Record to Appoint Receiver Part 1/5, Returnable August 11, 2021
Application / notice of application · 2 July 2021
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 filing5 verified
- secured creditorsnote: Discharge statement shows $22,161,944.87 owing as at June 29, 2021, with per diem of $4,796.82; prose states principal amount of $20,720,000.00 plus interest and legal fees. Personal guarantees provided by Jiubin Feng, Dianyuan Zhang and Xiaoxin Zhang (individuals, note only). · page: 41 · as of: 2021-06-29 · amount: 22161944.87 · debtor: Bayview Creek (CIM) LP, CIM Invests Development Inc., CIM Bayview Creek Inc. · creditor: DUCA Financial Services Credit Union Ltd. · currency: CAD · security: First mortgage/charge (DUCA Charge) registered May 18, 2016; General security agreement (DUCA GSA); Notice of assignment of rents; original principal amount $20,720,000.00
- secured creditorsnote: DISCHARGED - charge discharged in December 2018 and replaced by Romspen Charge; do not report as current · page: 43 · debtor: Bayview Creek (CIM) LP, CIM Invests Development Inc., CIM Bayview Creek Inc. · creditor: ADJ Holdings Inc. · currency: CAD · security: Charge registered November 17, 2017 in the amount of $12,000,000 (registered principal, not a balance); notice of assignment of rents
- secured creditorsnote: Registered without DUCA's knowledge/approval, constituting a breach of DUCA's mortgage terms · page: 43 · debtor: Bayview Creek (CIM) LP, CIM Invests Development Inc., CIM Bayview Creek Inc. · creditor: Romspen Investment Corporation · currency: CAD · security: Charge registered in favour of Romspen Investment Corporation for $15,000,000 (registered principal, not a balance)
- secured creditorsnote: Balance not stated in these pages; amount of increase not quantified · page: 44 · debtor: Bayview Creek (CIM) LP, CIM Invests Development Inc., CIM Bayview Creek Inc. · creditor: Bryton Capital Corp. GP Ltd. · currency: CAD · security: Second mortgage on the Property (the "Bryton Mortgage"), registered June 17, 2019, authorized as part of forbearance arrangements; amount subsequently increased pursuant to July 2020 forbearance agreement
- secured creditorsnote: Registered without DUCA's knowledge or consent, constituting further breach of mortgage terms · page: 46 · debtor: Bayview Creek (CIM) LP, CIM Invests Development Inc., CIM Bayview Creek Inc. · creditor: GR (CAN) Investment Co. Ltd. and Monest Financial Inc. · currency: CAD · security: Third mortgage on the Property (the "GR Charge"), registered September 4, 2020