Ontario · Receivership (court-appointed)
Application Record of the Applicant dated November 28, 2024
Application / notice of application · 28 November 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 filing8 verified
- secured creditorsnote: Guarantee limited to $8,375,000 (a cap, not a stated balance), dated Jan 9, 2023; guarantor demand and NITES issued Nov 18, 2024 (later than other guarantors, who were demanded Oct 7, 2024). · page: 20 · debtor: 13225585 Canada Inc. · creditor: Bank of Montreal (as beneficiary of 132's guarantee security) · currency: CAD · security: GSA granted by 13225585 Canada Inc. registered under PPSA Jan 12, 2023, registration no. 20230112 1106 1590, as security for its guarantee of Michelangelo's indebtedness
- secured creditorsnote: Deemed trust / tax lien class; ranks ahead of ordinary registered security. · page: 39 · as of: 2023-06-16 · amount: 27897.39 · debtor: 2150386 Ontario Inc. · creditor: Canada Revenue Agency (His Majesty The King in Right of Canada, Minister of National Revenue) · currency: CAD · security: Lien registered as Instrument No. WE1681362 on title to the Barton Property
- secured creditorsnote: Deemed trust / tax lien class; ranks ahead of ordinary registered security. · page: 39 · as of: 2023-06-16 · amount: 639761.36 · debtor: 2150386 Ontario Inc. · creditor: Canada Revenue Agency (His Majesty The King in Right of Canada, Minister of National Revenue) · currency: CAD · security: Lien registered as Instrument No. WE1681398 on title to the Barton Property
- secured creditorsnote: Deemed trust / tax lien class; ranks ahead of ordinary registered security. · page: 40 · as of: 2024-04-08 · amount: 402400 · debtor: Mario's Catering Service Ltd. o/a Michelangelo Banquet Centre · creditor: Canada Revenue Agency (His Majesty The King in Right of Canada, Minister of National Revenue) · currency: CAD · security: Lien registered as Instrument No. WE1730642 on title to the Ottawa St. Property
- secured creditorsnote: Deemed trust class tax arrears claim; CRA Requirement to Pay directed to the Bank respecting tax arrears owed by Michelangelo. · page: 40 · as of: 2024-08-28 · amount: 155510.8 · debtor: Mario's Catering Service Ltd. o/a Michelangelo Banquet Centre · creditor: Canada Revenue Agency · currency: CAD · security: Third-party Requirement to Pay served on the Bank (not a registered lien on title)
- secured creditorsnote: Deemed trust / tax lien class; ranks ahead of ordinary registered security. · page: 40 · as of: 2024-04-08 · amount: 156236 · debtor: Mario's Catering Service Ltd. o/a Michelangelo Banquet Centre · creditor: Canada Revenue Agency (His Majesty The King in Right of Canada, Minister of National Revenue) · currency: CAD · security: Lien registered as Instrument No. WE1730637 on title to the Ottawa St. Property
- secured creditorsnote: Bank stated to be senior ranking secured creditor of Michelangelo. Exact dated demand-letter balance calculated to Oct 1, 2024 (incl. FRTL IRD penalty $282,874.12 and ODL fee $50.00); affidavit separately states a prose 'balance outstanding on the Michelangelo Facilities' of $8,112,906.43 as of the same date (excludes penalty/fee). Also in arrears $163,451.27 and MasterCard delinquent $7,062.60 per affidavit (as of Nov 20, 2024 swearing). Guaranteed by 13225585 Canada Inc. (132, limited $8,375,000, secured by its own GSA), 2150386 Ontario Inc. (as 'Grand Olympia Realco', limited $8,375,000), 9440763 Canada Inc. (as 'Grand Olympia', limited $8,375,000), and personally by Aftab Elahi (limited $8,375,000) - all dated Jan 9, 2023; personal guarantee is a related-party (director) obligation. · page: 260 · as of: 2024-10-01 · amount: 8395830.55 · debtor: Mario's Catering Service Ltd. o/a Michelangelo Banquet Centre · creditor: Bank of Montreal · currency: CAD · security: GSA (PPSA registration no. 20230112 1101 1590 6510 / file ref 789918309); demand collateral mortgage in the amount of $8,375,000.00 registered as Instrument No. WE1655741 on title to the Ottawa Street Property (Jan 12, 2023); general assignment of rents registered as Instrument No. WE1655742 (PPSA file ref 789916716); Assignment, Postponement and Subordination granted by Aftab Elahi (director/related party) in favour of the Bank
- secured creditorsnote: Total Amount of Indebtedness per demand letter calculated to Oct 1, 2024 (includes FRTL IRD penalty $67,859.86). 2150386 Ontario Inc. also guarantees Michelangelo's indebtedness (as 'Grand Olympia Realco', limited $8,375,000). · page: 279 · as of: 2024-10-01 · amount: 6101330.51 · debtor: 2150386 Ontario Inc. · creditor: Bank of Montreal · currency: CAD · security: Fixed Rate Term Loan no. 371460830001; specific collateral instruments (e.g., mortgage on Barton Property, GSA) referenced in Table of Contents exhibits not included in this excerpt