Ontario · Receivership (court-appointed)
Application Record of the Applicant dated January 13, 2025
Application / notice of application · 13 January 2025
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 filing16 verified
- applicantTHE TORONTO-DOMINION BANK
- courtSUPERIOR COURT OF JUSTICE
- court file noCV-24-00088415-0000
- proceeding typereceivership_court
- statutory basisSUBSECTION 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
- statutory basisSUBSECTION 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 date19 December 2024
- secured creditorsnote: Affidavit states parcel register reflects a subsequent-ranking mortgage in favour of another stakeholder; name and amount not stated in the extracted pages. · page: 68 · debtor: 1951831 Ontario Inc. (195 ONT) · creditor: Unnamed subsequent-ranking mortgagee (Barton Real Property) · currency: CAD · security: Subsequent-ranking mortgage registered on title to Barton Real Property, junior to TD's Barton Mortgage; instrument details in Exhibit "N" (not included in extracted pages)
- secured creditorsnote: Arrears cited by affidavit as constituting an Event of Default under the Credit Agreements/Security and diminishing TD's security position; not otherwise identified as a separate registered charge. · page: 70 · as of: 2025-01-09 · amount: 2295.78 · debtor: 1000120501 Ontario Inc. (100 ONT) · creditor: City of Hamilton · currency: CAD · security: Municipal realty tax arrears per City of Hamilton realty tax certificate (189 King Real Property); statutory tax lien
- secured creditorsnote: Arrears cited by affidavit as constituting an Event of Default under the Credit Agreements/Security and diminishing TD's security position. · page: 70 · as of: 2025-01-09 · amount: 73.59 · debtor: 1951831 Ontario Inc. (195 ONT) · creditor: City of Hamilton · currency: CAD · security: Municipal realty tax arrears per City of Hamilton realty tax certificate (Barton Real Property); statutory tax lien
- secured creditorsnote: Name and amount of this mortgagee are not stated in the extracted pages; registration without TD's consent constitutes an Event of Default under the 388 Credit Agreement. · page: 73 · debtor: 2866388 Ontario Inc. (388 ONT) · creditor: Unnamed subsequent-ranking mortgagee (219 King Real Property) · currency: CAD · security: Subsequent-ranking mortgage/charge registered on title to 219 King Real Property, junior to TD's 219 King Mortgage; a new charge was registered December 16, 2024 without TD's consent
- secured creditorsnote: Name and amount of this mortgagee are not stated in the extracted pages; registration without TD's consent constitutes an Event of Default under the 414 Credit Agreement. · page: 73 · debtor: 2866414 Ontario Inc. (414 ONT) · creditor: Unnamed subsequent-ranking mortgagee (215 King Real Property) · currency: CAD · security: Subsequent-ranking mortgage/charge registered on title to 215 King Real Property, junior to TD's 215 King Mortgage; a new charge was registered December 16, 2024 without TD's consent
- secured creditorsnote: Per Demand Letter/BIA Notice, amount owing as of August 27, 2024 was $1,579,225.59. A new charge was registered against 215 King Real Property on December 16, 2024 without TD's required prior written consent, constituting a further Event of Default. Unlimited personal guarantee by Matthew J. Christie dated October 13, 2021 (related party). Affidavit also states in general terms (¶41) that aggregate Indebtedness owing to TD across all Debtors 'exceeds $4.3 million' (floor figure; word 'exceeds'). · page: 73 · as of: 2025-01-13 · amount: 1503503.1 · debtor: 2866414 Ontario Inc. (414 ONT) · creditor: The Toronto-Dominion Bank · currency: CAD · security: 414 GSA dated October 13, 2021 (PPSA); 215 King Mortgage - first charge/mortgage, registered principal $1,650,000, Instrument No. WE1554680 (October 20, 2021); 215 King GAR
- secured creditorsnote: Per Demand Letter/BIA Notice, amount owing as of August 27, 2024 was $501,558.71 (principal, interest, accruing interest and costs); unlimited personal guarantee by Matthew J. Christie (related party guarantor) dated March 9, 2022 also secures this debt. · page: 74 · as of: 2025-01-13 · amount: 447702.81 · debtor: 1000120501 Ontario Inc. (100 ONT) · creditor: The Toronto-Dominion Bank · currency: CAD · security: 100 GSA dated March 9, 2022 (PPSA all-asset security); 189 King Mortgage - first charge/mortgage, registered principal $500,000, Instrument No. WE1589792 (March 11, 2022); 189 King GAR (general assignment of rents/leases)
- secured creditorsnote: Per Demand Letter/BIA Notice, amount owing as of August 27, 2024 was $1,162,091.24. A new charge was registered against 219 King Real Property on December 16, 2024 without TD's required prior written consent, constituting a further Event of Default. Unlimited personal guarantee by Matthew J. Christie dated October 4, 2021 (related party). · page: 74 · as of: 2025-01-13 · amount: 1130638.23 · debtor: 2866388 Ontario Inc. (388 ONT) · creditor: The Toronto-Dominion Bank · currency: CAD · security: 388 GSA dated October 1, 2021 (PPSA); 219 King Mortgage - first charge/mortgage, registered principal $1,250,000, Instrument No. WE1551623 (October 6, 2021); 219 King GAR; Assignment of term deposits and credit balances registered in name of 388 ONT, amount $150,000
- secured creditorsnote: Per Demand Letter/BIA Notice, amount owing jointly as of August 27, 2024 was $1,295,219.90. Separate credit facility re: 535 King Street property (185 ONT sole borrower) was repaid in full December 2024 and related security released ('535 King Payout'), so excluded from current balance. Unlimited personal guarantees: Sasha High and Krishna Menon (re 195 ONT, June 29, 2017) and Matthew J. Christie (re 185 ONT, June 28, 2017) - related-party guarantors. · page: 74 · as of: 2025-01-13 · amount: 1216751.22 · debtor: 1858212 Ontario Ltd. (185 ONT) and 1951831 Ontario Inc. (195 ONT), jointly · creditor: The Toronto-Dominion Bank · currency: CAD · security: 185 GSA dated June 28, 2017 (PPSA); 195 GSA dated June 29, 2017 (PPSA); Barton Mortgage - first charge/mortgage on Barton Real Property, registered principal $935,000, Instrument No. WE1218200 (June 30, 2017); Barton GAR (general assignment of rents/leases)