Ontario · Receivership (court-appointed)
Motion Record - Receiver and Monitor
Application / notice of application · 21 January 2025
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What we verified from this filing9 verified
- applicantFARM CREDIT CANADA
- appointee rolereceiver of 14113268 Canada Inc. and monitor of 1337905 Ontario Limited
- courtSUPERIOR COURT OF JUSTICE IN BANKRUPTYCY AND INSOLVENCY
- court file noBK-24-00000005-032T
- provinceONTARIO
- statutory basissubsection 243 of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, as amended and section 101 of the Courts of Justice Act
- appointeeMNP Ltd.
- secured creditorsnote: Amount is exact dated indebtedness balance as of Sept 19, 2024 per demand/report ('plus accruing interest and costs of enforcement'). Trinh and Thai (directors/officers of the Debtors) personally guaranteed the FCC indebtedness to a maximum principal of $8,000,000 under guarantees dated Nov 28, 2022 (personal guarantors, related parties). Receiver's independent counsel (Miller Thomson) is reviewing validity/enforceability of FCC's security and unspecified 'other secured creditors'' security (security opinion pending, other secured creditors not named in the document). · page: 24 · as of: 2024-09-19 · amount: 8540660 · debtor: 14113268 Canada Inc. and 1337905 Ontario Limited · creditor: Farm Credit Canada (FCC) · currency: CAD · security: Charge/mortgage of land, registered principal sum $8,250,000, registered Dec 13, 2022 as instrument no. NR632420 against the Real Property; assignment of rents registered Dec 13, 2022 as instrument no. NR63242; general security agreement from 14113268 Canada Inc. (dated Nov 28, 2022 per Loan Agreements, though document text states Nov 28, 2024); general security agreement from 1337905 Ontario Limited (same date note). Blanket security over all real and personal property of both Debtors.
- fee scheduleengagements: form: prose · rows: · money: fees: quote: The invoice is dated January 20 2025 for the period ended January 10, 2025 in the amount of $105,085.32 plus HST. · amount: 105085.32 · approximate: false · period: end: 2025-01-10 · kind: invoice · quote: The invoice is dated January 20 2025 for the period ended January 10, 2025 in the amount of $105,085.32 plus HST. · approval: state: unstated · averages: rate: 475.56 · quote: The average hourly rate is $475.56. · currency: · invoices: · firm text: MNP Ltd. · firm quote: MNP Ltd. (' MNP '), in its capacity as court-appointed receiver (the ' Receiver '), of the assets, undertakings and properties of 14113268 Canada Inc. · context quote: in its capacity as court-appointed receiver (the ' Receiver ')