British Columbia · Receivership (court-appointed)
Affidavit #1 of A. Bezner
Affidavit · 14 May 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 filing4 verified
- secured creditorsnote: Amount is total advances outstanding under Facility #1 ($9,566,962.65), Facility #2 ($1,327.75), Facility #3 ($2,001,836.82) and VISA Facility ($45,316.69) as stated by TD (the 'Indebtedness'), payable on demand (VISA Facility uncommitted). Also secured by limited personal guarantees (up to $500,000 CAD each) from Titanium's director/president Derek T. Scherk and secretary Jessica Q. Phan (related parties); TD demanded payment and issued a s.244 BIA notice on May 12, 2025. · page: 3 · as of: 2025-05-12 · amount: 11615443.91 · debtor: Titanium Autogroup Ltd. · creditor: The Toronto-Dominion Bank · currency: CAD · security: General Security Agreement dated December 12, 2022 over all present and after-acquired personal property; US General Security Agreement dated November 20, 2023 over all present and after-acquired personal property (collectively the GSAs); TD Security has priority over BNS Security in respect of all Titanium property other than the BNS Priority Collateral, pursuant to a Priority Agreement dated December 13, 2022 among BNS, Titanium and TD
- secured creditorsnote: Pursuant to a Priority Agreement dated December 13, 2022 among BNS, Titanium and TD, BNS Security has priority over TD Security only with respect to specifically identified 'BNS Priority Collateral'; TD Security has priority over BNS Security in respect of all other Titanium property (cession/subordination of rank). · page: 5 · debtor: Titanium Autogroup Ltd. · creditor: The Bank of Nova Scotia · currency: CAD · security: Security interest registered at the BC PPR against Titanium's right, title and interest in, to and under accounts and chattel paper assigned by Titanium to BNS
- secured creditorsnote: Aggregated per PMSI/equipment financier class; document does not specify collateral or balances. · page: 5 · debtor: Titanium Autogroup Ltd. · creditor: PPSA equipment financiers (PMSI class) - Tricor Lease & Finance Corp., Meridian Onecap Credit Corp., GB Auctions, Inc. · currency: CAD · security: Registered financing statements against Titanium in the BC PPR; nature/scope of collateral and amounts not stated in the document
- secured creditorspage: 5 · debtor: Titanium Autogroup Ltd. · creditor: Phi Estate Trust · currency: USD · security: Registered financing statement against Titanium in the Washington State UCC; collateral and amount not stated