Ontario · Receivership (court-appointed)
Application Record returnable October 10, 2024
Application / notice of application · 8 October 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 filing5 verified
- secured creditorsnote: Junior in priority to TD Bank · page: 55 · debtor: 1974592 Ontario Inc., 1646395 Ontario Inc. and Creative Homescapes Inc. · creditor: Vault Capital Corporation · currency: CAD · security: PPSA registration (general/blanket, amount not stated); registered after TD Bank
- secured creditorsnote: Subordinated all security interests in Creative to TD Bank's security interests pursuant to Priority Agreement dated March 21, 2023; described as Creative's vinyl fencing supplier · page: 56 · debtor: Creative Homescapes Inc. · creditor: CertainTeed Canada, Inc. · currency: CAD · security: PPSA registration (general/blanket, amount not stated); registered before TD Bank
- secured creditorsnote: Subordinated all security interests in Creative, save for certain inventory ('Wells Fargo Inventory'), to TD Bank's security interests pursuant to Priority Agreement dated March 22, 2023; described as lessor of certain landscaping equipment · page: 56 · debtor: Creative Homescapes Inc. · creditor: Wells Fargo Capital Finance Corporation Canada · currency: CAD · security: PPSA registration (general/blanket, amount not stated); registered before TD Bank
- secured creditorsnote: Related party: 164 is a co-respondent debtor and guarantor of Creative and 197's obligations to TD Bank, but also independently registered as a general secured creditor of Creative · page: 56 · debtor: Creative Homescapes Inc. · creditor: 1646395 Ontario Inc. (164) · currency: CAD · security: PPSA registration (general/blanket, amount not stated); registered before TD Bank
- secured creditorsnote: Total per Demand Letters/BIA Notice comprises Operating Line ($1,956,464.95) and Visa Facilities ($100,441.10); exclusive of legal fees, disbursements and accruing interest, which continue to accrue. Obligations cross-guaranteed by Creative and 197 (unlimited), guaranteed by 164 (unlimited), and personally guaranteed by director Shawn Kelly (limited to $200,000 - individual guarantor, not a company). · page: 58 · as of: 2024-09-10 · amount: 2056906.05 · debtor: Creative Homescapes Inc., 1974592 Ontario Inc. and 1646395 Ontario Inc. · creditor: The Toronto-Dominion Bank · currency: CAD · security: General security agreements dated March 3, 2023 granted by each of Creative, 1974592 Ontario Inc. and 1646395 Ontario Inc., registered under the PPSA (Ontario); TD Bank is senior-most ranking general secured creditor of 197 and 164, and holds priority over CertainTeed and Wells Fargo in Creative pursuant to Priority Agreements