Ontario · Receivership (court-appointed)
Application Record to Appoint Receiver
Application / notice of application · 10 January 2023
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 filing9 verified
- applicantHOMEDALE-EAGLE CORPORATION
- commencement date10 January 2023
- courtSUPERIOR COURT OF JUSTICE
- court file noCV-24-00084027-0000
- 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, as amended
- appointeeROSEN GOLDBERG INC.
- appointee roleProposed Receiver
- secured creditorsnote: Subordinate to Homedale's first-ranking mortgage; document states mortgage in default but does not state an outstanding balance; registered principal amount is $2,000,000, not a stated balance; Sky is supportive of receivership application · page: 12 · as of: 2022-05-02 · debtor: 253 Queen Street Inc. · creditor: Sky Mortgage Corporation · currency: CAD · security: Subordinate mortgage/Charge registered May 2, 2022 (Instrument No. PR4042905) in the registered principal amount of $2,000,000, plus General Assignment of Rents (Instrument No. PR4042906); also holds PPSA registration (Registration No. 20220502 1157 1590 0397) over Debtor's personal property/general collateral (accounts, other) covering the Property
- secured creditorsnote: Demand letter and Notice of Intention to Enforce Security dated November 22, 2023 quantify total indebtedness as $10,447,829.55 (principal $10,000,000 + interest to Nov 2 $400,000 + interest to Nov 22 $43,309.55 + legal costs $4,520); loan in default since November 2, 2023; also referenced in prose as loan 'in the principal amount of $10 million' · page: 14 · as of: 2023-11-22 · amount: 10447829.55 · debtor: 253 Queen Street Inc. · creditor: Homedale-Eagle Corporation · currency: CAD · security: First-ranking vendor take-back mortgage (Charge registered as Instrument No. PR3318150, May 2, 2018, principal $10,000,000), as amended by Agreement Extending Charge (April 28, 2022) and Charge Extending and Amending Agreement (May 3, 2023)