Ontario · Receivership (court-appointed)
Application Record of the Applicant dated March 31, 2025
Application / notice of application · 31 March 2025
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- courtSUPERIOR COURT OF JUSTICE
- court file noCV-25-00034702-0000
- provinceONTARIO
- commencement date24 March 2025
- secured creditorsnote: Total indebtedness comprised of four facilities under Letter Agreement dated March 1/4, 2022 (amended Aug 2, 2023 and Nov 30, 2023): Non-Revolving Term Loan 1 - credit limit $1,784,787.66, owing $1,883,106.34; Revolving Demand Loan - limit $75,000.00, owing $78,000.86; Non-Revolving Term Loan 2 - limit $48,801.57, owing $42,859.72; Credit Card (Visa) - limit $25,000.00, owing $24,562.51 (all as at March 10, 2025). Also secured by Guarantee and Postponement of Claim from personal guarantors Mervin Baby and Snoby Joseph, limited to $700,000.00, dated March 4, 2022 (guarantors are individuals, not separate corporate creditors). PIN 75004-0509 LT. · page: 59 · as of: 2025-03-10 · amount: 2035470.51 · debtor: 2664042 Ontario Inc. · creditor: Royal Bank of Canada · currency: CAD · security: General Security Agreement dated October 16, 2021 (all personal property, PPSA perfected, sole registrant confirmed); Charge/Mortgage of Land, principal sum $2,827,500.00, instrument CE1042259, registered November 1, 2021, first charge on Real Property (1000 County Road 22, Belle River, ON), governed by Standard Charge Terms 20015; Assignment of Rents, instrument CE1042260, registered November 1, 2021
- secured creditorsnote: Deemed trust / statutory tax lien class - CRA tax lien registered against title to Real Property. · page: 65 · amount: 194851 · debtor: 2664042 Ontario Inc. · creditor: His Majesty the King in Right of Canada (Canada Revenue Agency) · currency: CAD · security: Tax lien registered on title to the Real Property (1000 County Road 22, Belle River, ON)
- secured creditorsnote: Property tax arrears; potential prior-ranking claim over the Mortgage per terms of Financing. · page: 65 · as of: 2024-10-09 · amount: 11723.63 · debtor: 2664042 Ontario Inc. · creditor: The Corporation of the Town of Lakeshore · currency: CAD · security: Municipal property tax arrears in relation to the Real Property, confirmed by tax certificate