Ontario · Receivership (court-appointed)
Application Record of TD Bank - Volume 1
Application / notice of application · 22 July 2024
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What we verified from this filing17 verified
- applicantTHE TORONTO-DOMINION BANK
- courtSUPERIOR COURT OF JUSTICE
- court file noCV-24-00003238-0000
- statutory basissection 243(1) of the Bankruptcy and Insolvency Act, and section 101 of the Courts of Justice Act
- appointeeMSI SPERGEL INC.
- appointee roleProposed Receiver
- commencement date12 July 2024
- secured creditorsnote: Stated aggregate Visa Facility limit is $55,000; this is a facility limit, not a balance. Outstanding balance not stated in provided pages. · page: 46 · debtor: Ballo Carriers Inc. · creditor: The Toronto-Dominion Bank · currency: CAD · security: TD Business Visa Credit Card Agreement signed February 22, 2023; secured under the Ballo GSA
- secured creditorsnote: Ballo is in arrears under the TDEF Lease Facilities, including Contract #XXX230 and Contract #XXX460, per TD counsel's email of June 4, 2024. A payout statement was sent (Exhibit V) but exact outstanding figures are not included in the provided pages. · page: 46 · debtor: Ballo Carriers Inc. · creditor: The Toronto-Dominion Bank · currency: CAD · security: Master Lease Agreement dated June 29, 2021 and Master Equipment Lease No. T000006070 Schedules 23007210, 21011230, 21020460, 21018500 and 21012290 (TDEF Lease Facilities)
- secured creditorsnote: Term Facility/registered mortgage principal is $750,000; this is a facility limit/registered principal, not a stated balance. Per affidavit para 42, the June 2024 Term Facility payment is in arrears. Exact indebtedness as of July 15, 2024 referenced in affidavit (para 44) but underlying figures not included in provided pages. Also secured by unlimited personal guarantees of company directors Bhupinderjot Singh Boparai and Nawabbir Singh Boparai (related parties). Parcel register confirms TD as first mortgagee. · page: 47 · debtor: 1000228842 Ontario Inc. · creditor: The Toronto-Dominion Bank · currency: CAD · security: General Security Agreement (100 GSA) dated February 21, 2023, PPSA-registered; Charge/Mortgage Instrument No. PR4173363 registered February 22, 2023, principal amount $750,000, payable on demand, against the Brampton Property (17-2131 Williams Parkway, Brampton, PIN 19416-0017); Notice of Assignment of Rents-General registered as Instrument No. PR4173364
- secured creditorspage: 49 · as of: 2024-04-30 · amount: 4022 · debtor: 1000228842 Ontario Inc. · creditor: Peel Condominium Corporation No. 416 · currency: CAD · security: Condominium lien registered against the Brampton Property ('Condo Lien/98')
- secured creditorsnote: Per realty tax certificate effective June 17, 2024: $3,440.17 tax owing plus $171.53 penalties/interest. · page: 49 · as of: 2024-06-17 · amount: 3611.7 · debtor: 1000228842 Ontario Inc. · creditor: City of Brampton (Realty Taxes) · currency: CAD · security: Statutory municipal property tax arrears/lien on the Brampton Property
- secured creditorsnote: Second-ranking registered charge on the Brampton Property, behind TD's mortgage. · page: 49 · as of: 2024-01-05 · amount: 200000 · debtor: 1000228842 Ontario Inc. · creditor: 2418338 Ontario Inc. · currency: CAD · security: Charge registered against the Brampton Property (the '241 Charge')
- secured creditorsnote: Forbearance Agreement (clause (bb)) identifies Bodkin as a secured creditor of Ballo and required Ballo to provide the security agreement and statement of indebtedness owing to Bodkin by March 15, 2024. Amount not stated in provided pages. · page: 52 · debtor: Ballo Carriers Inc. · creditor: Bodkin · currency: CAD · security: Security agreement referenced in Forbearance Agreement; PPSA registration
- secured creditorsnote: Regulatory claim - fuel tax arrears. Forbearance Agreement (clause (dd)) required Ballo to cure the 'MOF Fuel Tax Arrears' and discharge the MOF PPSA Registration by May 31, 2024; amount not stated in the provided pages. · page: 52 · debtor: Ballo Carriers Inc. · creditor: Ontario Ministry of Finance · currency: CAD · security: PPSA registration ('MOF PPSA Registration') against Ballo in connection with fuel tax arrears
- secured creditorsnote: Operating Loan facility limit is $650,000 (uncommitted, repayable on demand). Per TD counsel's email of June 4, 2024, Ballo was 'over its line limit by $30k today ($680k usage vs. $650k limit)'; the $680,000 figure is an approximate line-usage figure quoted in that email, not an exact dated balance statement. Exact indebtedness as of July 15, 2024 is referenced in the affidavit (para 44) but the underlying figures are not included in the provided pages. Also secured by unlimited personal guarantees of company directors Bhupinderjot Singh Boparai and Nawabbir Singh Boparai (related parties). · page: 54 · as of: 2024-06-04 · amount: 680000 · debtor: Ballo Carriers Inc. · creditor: The Toronto-Dominion Bank · currency: CAD · security: General Security Agreement (Ballo GSA) dated March 29, 2021, registered under the Personal Property Security Act (Ontario)
- unsecured creditorsnote: Likely a wage-related statutory claim; treated as a preferred claim given its basis in labour standards enforcement. · page: 55 · as of: 2024-07-19 · basis: Requirement to Pay / third-party demand received by TD in connection with Ballo's account, issued pursuant to an order under the Canada Labour Code, Part III (Labour Standards) · amount: 20792.7 · debtor: Ballo Carriers Inc. · creditor: Government of Canada (Labour Standards Officer, Canada Labour Code Part III) · currency: CAD