Ontario · Receivership (court-appointed)
Application Record of the Applicant dated May 9, 2025
Application / notice of application · 9 May 2025
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What we verified from this filing10 verified
- applicantBANK OF MONTREAL
- courtSUPERIOR COURT OF JUSTICE
- court file noCV-25-00090173-0000
- statutory basisSUBSECTION 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
- commencement date8 May 2025
- secured creditorsnote: Outstanding balance broken down as Loan 3712-1669-002: principal $257,227.70 + interest $13,612.01 = $270,839.71; Loan 3712-1669-004: principal $339,398.67 + interest $17,950.63 = $357,349.30 (as of 2025-04-30). Earlier prose figure: $982,250.40 outstanding as of 2024-03-13 per Standstill Agreement, which then included a third loan (secured on since-sold 75 Queenston Street property) that has since been repaid. Notices of Sale dated 2024-10-01 stated amounts due as of 2024-09-18 of $345,125.17 (Centre St: $341,625.17 principal/interest + $3,500 legal costs) and $262,422.52 (Rykert St: $258,922.52 principal/interest + $3,500 legal costs), plus further accruing interest at mortgagee's prime rate + 5%. Loans payable on demand; personal guarantee of the indebtedness given by principal Thomas Dylan Suitor, confirmed binding/enforceable and undisputed in the Standstill Agreement. · page: 18 · as of: 2025-04-30 · amount: 628189.01 · debtor: Happy Town Housing Inc. · creditor: Bank of Montreal · currency: CAD · security: Charge/mortgage over 43 Centre Street, St. Catharines (registered principal $396,000, instrument NR520562, registered 2019-09-06, Niagara North LRO #30) and charge/mortgage over 34 Rykert Street, St. Catharines (registered principal $334,000, instrument NR520563, registered 2019-09-06); Bank holds first ranking charge over both properties, subject to any unpaid realty taxes.
- secured creditorsnote: Registered principal, not a stated balance. Postdates BMO's mortgages on title. Possible related party: address for service (4-245 Wyecroft Road, Oakville) matches Happy Town Housing Inc.'s own registered address (245 Wyecroft Road, Suite 4, Oakville), and notice correspondence for Happy Town uses email dylan@elevationrealty.ca (principal Thomas Dylan Suitor). · page: 19 · as of: 2024-05-21 · debtor: Happy Town Housing Inc. · creditor: Elevation Realty Network Inc. · currency: CAD · security: $597,597 charge registered 2024-05-21 (instrument NR666382) against both 43 Centre Street Property and 34 Rykert Street Property.
- secured creditorsnote: Registered principal, not a stated balance. Postdates BMO's mortgages on title. · page: 19 · as of: 2024-05-08 · debtor: Happy Town Housing Inc. · creditor: J&Y Bulk Enterprises Inc. · currency: CAD · security: $80,500 charge registered 2024-05-08 (instrument NR665623) against both 43 Centre Street Property and 34 Rykert Street Property.
- secured creditorsnote: Registered principal amounts, not stated current balances. Postdates BMO's mortgages on title. Amounts differ between the two properties and are not summed. · page: 19 · as of: 2023-05-15 · debtor: Happy Town Housing Inc. · creditor: 2762147 Ontario Inc. (as assignee of Cheryl Johnston-Klemens and 1000027984 Ontario Limited) · currency: CAD · security: $127,218 charge registered against 34 Rykert Street Property (instrument NR641699) and $132,842 charge registered against 43 Centre Street Property (instrument NR641701), both registered 2023-05-15 in favour of Cheryl Johnston-Klemens and 1000027984 Ontario Limited; assigned to 2762147 Ontario Inc. on 2024-07-12 (instruments NR670503/NR670505).
- secured creditorsnote: Amount of the charge is not stated in this document. A related but distinct claim: bankruptcy application against the Debtor's principal, Thomas Dylan Suitor, alleges Suitor is personally indebted to The Lion's Share Group Inc. in the amount of $2,671,342 — this is Suitor's personal alleged debt, not a stated Happy Town balance. · page: 21 · as of: 2024-06-26 · debtor: Happy Town Housing Inc. · creditor: The Lion's Share Group Inc. · currency: CAD · security: Order made 2024-06-26 in The Lion's Share Group Inc. receivership proceeding declaring certain promissory notes issued by Happy Town Housing Inc. to constitute good and valid charges upon the Real Properties (and the since-sold Queenston Property); registered against title to the Real Properties on 2024-08-08.