Ontario · Receivership (court-appointed)
First Report of the Receiver dated April 26, 2024.pdf
Court officer report · 26 April 2024
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: Total indebtedness comprised of 1186 Indebtedness $640,275.38 and Suretrust Indebtedness $665,865.75 as of Oct 27, 2023 (per Viikna Affidavit, p.11 [original page 47]); prose in endorsement states total indebtedness is $1,312,465.74 inclusive of interest and costs continuing to accrue, with undisputed principal of approx. $1.2 million; PPSA/Bank Act database searches (current to Oct 25/Aug 15, 2023) disclose no other secured creditors · page: 13 · as of: 2023-10-27 · amount: 1312465.74 · debtor: Suretrust Systems Inc. and 11860925 Canada Inc. · creditor: Royal Bank of Canada · currency: CAD · security: General Security Agreements (Suretrust GSA dated March 23, 2019; 1186 GSA dated March 16, 2020) and Charge/Mortgage dated March 31, 2023 registered on title to 114 & 115, 18 Wynford Drive, Toronto (1186 Credit Agreement charge registered March 31, 2020 for $682,500.00); PPSR searches show RBC as only secured creditor of each Debtor
- secured creditorsnote: Related party (sole director/principal of both Debtors); guarantee subordinated via postponement of claim; guarantor amount is a facility/guarantee limit, not a stated balance · page: 40 · debtor: Suretrust Systems Inc. and 11860925 Canada Inc. · creditor: Takintope Akinbiyi (Personal Guarantor) · currency: CAD · security: Personal guarantee limited to $600,000.00 (Suretrust) and $682,500.00 (1186), each with postponement of claim dated March 23/16, 2020
- secured creditorsnote: Related-party cross-guarantee between co-debtors; postponement of claim (subordinated); limit stated, not a balance · page: 40 · debtor: Suretrust Systems Inc. · creditor: 11860925 Canada Inc. (as guarantor of Suretrust obligations) · currency: CAD · security: Guarantee and Postponement of Claim dated March 23, 2020, limited to principal amount of $600,000.00
- secured creditorsnote: Related-party cross-guarantee between co-debtors; postponement of claim (subordinated); limit stated, not a balance · page: 41 · debtor: 11860925 Canada Inc. · creditor: Suretrust Systems Inc. (as guarantor of 1186 obligations) · currency: CAD · security: Guarantee and Postponement of Claim dated March 16, 2020, limited to principal amount of $682,500.00