Ontario · Receivership (court-appointed)
Motion Record of the Receiver (Fifth Report) 07-OCT-2026
Application / notice of application · 7 October 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 filing1 verified
- secured creditorsnote: The document states no outstanding balance for the Ninepoint Debt; the Retained Ninepoint Debt amount is redacted/blank in the Subscription Agreement. The Lender is described as suffering a 'significant shortfall' under its security. Existing facility interest rate is 11.75% p.a. Guaranteed by Michael Wekerle (personal guarantee dated Sept 7, 2018; remains in force). Proposed restructuring (without novation): a portion ('Retained Ninepoint Debt', amount not stated) stays with WIN2 as a non-revolving term loan, 37-month maturity, 3.06% for 36 months then 10%; remainder transferred to Residual Co. The Purchaser would also guarantee, and the Lender and associates would collectively hold 33.33% of the Purchaser. Priority claims (Receiver's Charge, Receiver's Borrowings Charge, up to $250,000) rank ahead of the Lender's security. · page: 43 · debtor: Waterloo Innovation Network 2 Inc. (WIN2) · creditor: Ninepoint Canadian Senior Debt Master Fund LP (Lender; Waygar Capital Inc. was Agent, replaced by Ninepoint Partners LP on July 4, 2025) · currency: CAD · security: General security agreement over all present and after-acquired personal property and undertakings; first-ranking mortgage/charge over the Property (176 Columbia Street West, Waterloo) securing a registered principal amount of $30 million (a registered principal, not the outstanding balance), with registered assignment of rents; PPSA registrations over all collateral. Charge registered as Instrument No. WR1137400, amended by WR1201598, WR1249625 and WR1331454. Dickinson Wright legal opinion (First Report) confirms valid and enforceable security.