Ontario · Receivership (court-appointed)
Application Record of the Applicant dated April 24, 2025
Application / notice of application · 24 April 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 filing10 verified
- applicant1000688136 ONTARIO INC.
- commencement date17 March 2025
- courtSUPERIOR COURT OF JUSTICE
- court file noCV-25-00001199-0000
- provinceONTARIO
- statutory basissection 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act
- secured creditorsnote: Comprehensive mortgage statement dated February 26, 2025 (Exhibit P) shows principal and interest owing of $9,504,759.36 (affidavit of Ricardo Sousa, para 26). Demand Letter and Notice of Intention to Enforce Security dated January 31, 2025 stated indebtedness of $9,425,626.68 as at January 22, 2025, plus per diem interest of $2,763.13. Further mortgage payment of $84,201.80 due February 22, 2025 also defaulted. First Mortgagee is the Applicant in this proceeding (assignee of Canadian Western Bank's security as part of a 'Global Resolution' approved by Order of Justice Agarwal dated May 31, 2024, effective June 7, 2024). · page: 27 · as of: 2025-02-26 · amount: 9504759.36 · debtor: 20 Caldari Development Inc. · creditor: 1000688136 Ontario Inc. · currency: CAD · security: First Mortgage/Charge (Instrument No. YR3344879, registered Nov 23, 2021, registered principal $13,120,000, originally to Canadian Western Bank); transferred to 1000688136 Ontario Inc. by Instrument No. YR3655690 registered March 11, 2024; amended by Mortgage Amending Agreement (Instrument No. YR3685546, registered June 7, 2024); also General Security Agreement dated Nov 24, 2021 (assigned March 11, 2024) and Notice of Assignment of Rents-General (Instrument No. YR3344880)
- secured creditorsnote: Related party: J.I.S. Contract Furniture Inc. is also named a Guarantor under the Mortgage Amending Agreement dated June 1, 2024 and holder of a Demand Debenture dated June 1, 2024 (per Index of exhibits). Described in pleadings as the 'Second Mortgagee', which consented to the appointment of a Receiver (Notice of Application, para 15). · page: 32 · debtor: 20 Caldari Development Inc. · creditor: J.I.S. Contract Furniture Inc. · currency: CAD · security: Second Mortgage/Charge registered as Instrument No. YR3685547 on June 7, 2024; registered principal amount $5,800,000 (per Parcel Register) - not stated as an outstanding balance
- secured creditorsnote: Amount alleged owed for equipment installation services (Contractor); disputed by 'the Aurora Brothers' and Counter Top Solutions Inc. (tenant); lien remains registered on title and unresolved as of the affidavit date. Registration constitutes a default under the First and Second Mortgages. · page: 33 · as of: 2024-10-28 · amount: 40329.87 · debtor: 20 Caldari Development Inc. · creditor: Evans Industrial Installations Ltd. · currency: CAD · security: Construction lien registered against title as Instrument No. YR3729300 (October 16, 2024) and Instrument No. YR3732583 (October 28, 2024)
- secured creditorsnote: Municipal property tax arrears (2022, 2023, 2024 tax years) per Statement of Taxes issued December 24, 2024; arrears were approximately $140,490 as at the Order date of July 27, 2024 and increased to $207,946.48 by December 24, 2024. Monthly tax escrow of $6,916.67/$6,941.67 has been remitted by the First Mortgagee but applied by the City to older arrears/interest. · page: 153 · as of: 2024-12-24 · amount: 207946.48 · debtor: 20 Caldari Development Inc. · creditor: City of Vaughan (Property Tax Department) · currency: CAD · security: Statutory property tax arrears/lien on real property (20 Caldari Road); ranks as a charge impairing mortgage security