Ontario · Receivership (court-appointed)
Application Record of the Applicant dated June 12, 2025
Application / notice of application · 12 June 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 filing11 verified
- applicantTHE TORONTO-DOMINION BANK
- courtSUPERIOR COURT OF JUSTICE
- court file noCV-25-00003076-0000
- provinceONTARIO
- statutory basissection 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act
- commencement date3 June 2025
- appointeemsi Spergel inc.
- appointee roleReceiver
- secured creditorsnote: Comprises $5,818.23 current tax owing plus $70.78 penalty for 2025 per Realty Tax Certificate dated May 28, 2025 (Certificate #5688); no arrears reported for 2024, 2023, or 2022 & prior. · page: 26 · as of: 2025-05-28 · amount: 5889.01 · debtor: 2675287 Ontario Ltd. (registered owner of the Property, 5156 Ninth Line, New Tecumseth) · creditor: Town of New Tecumseth (Municipality) - property tax lien · currency: CAD · security: Statutory municipal property tax lien on the Property, ranking ahead of registered mortgage per Ontario municipal tax priority.
- secured creditorsnote: TD's counsel earlier believed the RBC indebtedness was 'around $400,000.00' in summer 2024 (prose approximation, per advice of Ms. Moses) — superseded by the exact dated balance from RBC's payment demand and BIA Notice dated October 4, 2024, as confirmed by RBC's counsel in April/May 2025 correspondence. RBC is separately pursuing summary judgment against guarantors Ricky and Hardeep, returnable June 12, 2025. RBC supports TD's receivership application subject to TD's agreement that RBC has priority over Olympic's assets. · page: 29 · as of: 2024-10-04 · amount: 603458.9 · debtor: 2454934 Ontario Inc. o/a Olympic Roadside (primary); guaranteed by Gurdev Singh Tamber (Ricky) and Hardeep Kaur Tamber · creditor: Royal Bank of Canada · currency: CAD · security: PPSA security interest in Olympic's collateral (specific instrument not detailed in excerpted pages); RBC's counsel (Harrison Pensa LLP) has confirmed RBC's registration is in priority to TD's over the assets of Olympic.
- secured creditorsnote: Document states total of $1,287,001.14 as at June 2, 2025 (excluding legal/professional fees, plus accruing interest); components as reported: Olympic Operating Loan $563,487.04, Olympic Visa acct ending 6483 $97.54, Olympic Visa acct ending 2929 $48.55, 267 Term Loan $723,368.01. Earlier dated figures for same debt: July 25, 2024 demand to Olympic totalled Operating Loan $555,710.98 + overdraft $180.74 + Visa 6483 $5,044.45 + Visa 2929 $2,461.52; March 3, 2025 demand to 267/guarantors for Term Loan stated $716,511.81 (principal $689,789.82 + accrued interest $26,721.99 to Feb 27, 2025); the March 3, 2025 s.244 Notice to Olympic stated total indebtedness secured by the GSA of $1,279,909.50. Certified PPSA search (currency to May 25, 2025) shows 13 registrations against Olympic (only TD and RBC are named/quantified in these pages; other registrants unnamed) and TD as the sole registrant against 267. RBC's counsel has confirmed RBC is in priority to TD over Olympic's PPSA-secured assets (registration-order subordination expressly acknowledged by RBC's support of the receivership subject to that priority). · page: 30 · as of: 2025-06-02 · amount: 1287001.14 · debtor: 2454934 Ontario Inc. o/a Olympic Roadside and 2675287 Ontario Ltd. (cross-collateralized and cross-guaranteed indebtedness) · creditor: The Toronto-Dominion Bank · currency: CAD · security: General Security Agreements (PPSA) signed by Olympic and by 267, each dated June 24, 2022; Charge/Mortgage on the Property (5156 Ninth Line, New Tecumseth) registered as Instrument No. SC1911788 on July 6, 2022, in the principal amount of $1,115,000 (registered principal, not a balance), including Standard Charge Terms 8520; Notice of Assignment of Rents-General registered as Instrument No. SC1911789 on July 6, 2022; also supported by an unlimited personal guarantee of advances from Gurdev Singh Tamber a/k/a Ricky Tamber (a director of both Debtors) dated June 24, 2022, and unlimited cross corporate guarantees between Olympic and 267 each dated May 18, 2023 (guarantees, not primary collateral).