Ontario · Receivership (court-appointed)
Application Record dated August 20, 2025 - Volume I of II
Application / notice of application · 20 August 2025
A plain-language read of this filing opens with a subscription.
What we verified from this filing7 verified
- applicantNATIONAL BANK OF CANADA
- courtONTARIO SUPERIOR COURT OF JUSTICE (COMMERCIAL LIST)
- court file noCV-25-00749775-00CL
- 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 date18 August 2025
- secured creditorsnote: Principal (US$6,545,454.57) plus interest (US$731,181.80) owing under Credit facility loan #10078335, per Demand Letters/BIA Notices issued May 21, 2025 · page: 13 · as of: 2025-05-21 · amount: 7276636.37 · debtor: Drop Technologies Inc. (formerly Drop Loyalty Inc.), Drop Technologies USA Inc., and Drop Technologies Holdings ULC (joint and several borrowers under the Loan Agreement) · creditor: National Bank of Canada (as successor to Silicon Valley Bank, which sold NBC its Canadian loan portfolio in April 2023) · currency: USD · security: Security interest in all present and after-acquired personal property under s.4.1 of the Loan Agreement, perfected by PPSA (Ontario) registration (amended to include IP after initially excluding it); IP Pledge registered in the applicable IP registry; PPSA (Alberta) registration against Drop ULC (assigned from SVB); UCC registration against Drop USA
- secured creditorsnote: Professional Fees owed pursuant to the credit facilities, per Demand Letters/BIA Notices issued May 21, 2025 · page: 14 · as of: 2025-05-21 · amount: 140322.65 · debtor: Drop Technologies Inc. (formerly Drop Loyalty Inc.), Drop Technologies USA Inc., and Drop Technologies Holdings ULC · creditor: National Bank of Canada (as successor to Silicon Valley Bank) · currency: CAD · security: Same security as credit facility above (all-asset PPSA/IP Pledge)