Ontario · Receivership (court-appointed)
Application Record-Applicant-dated June 1, 2026
Application / notice of application · 1 June 2026
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 filing14 verified
- applicantMERIDIAN CREDIT UNION LIMITED
- commencement date1 June 2026
- courtSUPERIOR COURT OF JUSTICE
- court file noCL-26-00000241-0000
- provinceONTARIO
- statutory basissection 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; and section 68 of the Construction Act, R.S.O. 1990, c. C-30
- appointeeBDO CANADA LIMITED
- appointee roleProposed Receiver
- secured creditorsnote: Listed as a secured creditor on the service list, represented by Fasken Martineau DuMoulin LLP; Priority Agreement with Meridian dated May 30, 2022 (amended November 14, 2024) referenced in the record index (Exhibit C) but not included in the provided pages · page: 3 · debtor: Monde Development Group Inc. · creditor: The Sovereign General Insurance Company · currency: CAD
- secured creditorsnote: Listed as a secured creditor on the service list; no further detail as to security or amount provided in these pages · page: 3 · debtor: Monde Development Group Inc. · creditor: Meridian OneCap Credit Corp. · currency: CAD
- secured creditorsnote: Listed as a secured creditor on the service list; Tarion is the Ontario new home warranty regulator - no amount or specific security detail provided in these pages · page: 3 · debtor: Monde Development Group Inc. · creditor: Tarion · currency: CAD
- secured creditorsnote: Listed as a secured creditor on the service list, represented by Cassels Brock & Blackwell LLP; no further detail as to security or amount provided in these pages · page: 3 · debtor: Monde Development Group Inc. · creditor: Ducimus Capital Inc. · currency: CAD
- secured creditorsnote: First Mortgage Obligations capped at maximum advances of $35,000,000.00 (facility limit per Subordination and Standstill Agreement, not a stated balance); registered principal of Charge amended and restated to $36,000,000 by Amended and Restated Charge registered November 19, 2024 (also a registration/principal amount, not a balance); personal guarantees exist from Majid Hamid (unlimited) and Hina Majid ($3,000,000) - related-party individual guarantors · page: 45 · debtor: Monde Development Group Inc. · creditor: Meridian Credit Union Limited · currency: CAD · security: First Mortgage Security: Charge/Mortgage against the Lands (registered principal $35,000,000, per Charge registered June 17, 2022, Instrument No. DR2144654); General Security Agreement (PPSA (ON) File No. 783400248); General Assignment of Rents and Leases; Assignment of Insurance Proceeds; Assignment of Condominium voting rights; Assignment of Construction Management Agreement; Assignment of Funds on Deposit ($200,000); Indemnity re Letters of Credit; Environmental Undertaking and Indemnity; Assignment of Material Project Agreements; Assignment of Sale Agreements
- secured creditorsnote: Second Mortgage Obligations comprise a Mezzanine Credit Facility (maximum principal $5,159,000.00) and a Cost Overrun Credit Facility (up to $2,000,000.00) - facility limits, not stated balances; postponed/subordinated to Meridian Credit Union's First Mortgage Security and First Mortgage Obligations (to the extent of $35,000,000 plus interest/costs) under Subordination and Standstill Agreement dated June 17, 2022; Unlimited Guarantee and Postponement of Claim from Majid Hamid and Hina Majid - related-party individual guarantors · page: 46 · debtor: Monde Development Group Inc. · creditor: MarshallZehr Group Inc. · currency: CAD · security: Second Mortgage Security: Charge/Mortgage registered as Instrument No. DR2119823 (registered principal $8,000,000.00); Assignment of Rents and Leases (Instrument No. DR2119824, PPSA File No. 781550685); General Security Agreement (PPSA File No. 781550676); Assignment of Insurance Proceeds; Assignment of Material Documents; Assignment of Sale Agreements