Ontario · Receivership (court-appointed)
Motion Record - Receiver - The Fuller Landau Group Inc. - 27-OCT-2026
Application / notice of application · 27 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 filing14 verified
- applicantBUSINESS DEVELOPMENT BANK OF CANADA
- courtSUPERIOR COURT OF JUSTICE
- court file noCV-25-00002630-0000
- provinceONTARIO
- statutory basisSection 101 of the Courts of Justice Act, R.S.O. 1990 c.C.43 and Section 243(1) of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3
- commencement date5 August 2025
- appointeeThe Fuller Landau Group Inc.
- appointee rolereceiver and manager
- secured creditorsnote: Three Receiver Certificates issued (site clean-up, unauthorized vehicle removal, professional fees), paid by BDC; Receiver's borrowings of $245,000 are to be repaid first from sale proceeds. Court-ordered charge, not a pre-filing debt; as-at date not stated. · page: 34 · amount: 245000 · debtor: 1000599184 Ontario Inc. · creditor: Receiver's Borrowings Charge / Receiver's Certificates (funded by BDC) · currency: CAD · security: Receiver's Borrowings Charge on all Property, ranking behind only the Receiver's Charge and statutory BIA charges; authorized limit $250,000, requested increase to $400,000 if the sale does not close.
- secured creditorsnote: Amount is the BDC Claim accepted by the Receiver per BDC payout statement as at Oct 23, 2026. Receiver's counsel (TGF) opined BDC's security is valid and enforceable, first-ranking, subject to customary qualifications, unregistered interests, deemed trusts, statutory priorities and Appointment Order charges. BDC expected to suffer a shortfall; no proceeds expected for subordinate creditors. Earlier figures: $7,953,721.01 at Feb 21, 2025 demand; $8,082,055.80 at May 23, 2025 (per diem $2,097.43). Guarantees exist: unlimited from corporate guarantors (secured by their GSAs) and limited to $500,000 each from individual guarantors (directors/principals). · page: 34 · as of: 2026-10-23 · amount: 9571905.61 · debtor: 1000599184 Ontario Inc. · creditor: Business Development Bank of Canada (BDC) · currency: CAD · security: First-ranking charge/mortgage registered Aug 22, 2023 as PR4240120 on both Bovaird properties (registered principal $7,500,000 — a registration amount, not the balance); General Assignment of Rents PR4240131; General Security Agreement dated Aug 21, 2023 (PPSA registered). Credit Agreement: letter of offer Aug 9, 2023 (original loan principal $7,500,000), amended July 9, 2024.
- secured creditorsnote: Registered without BDC's prior written approval or knowledge (the 'Unauthorized Third Mortgage', an event of default). Outstanding balance not stated. No proceeds expected for subordinate secured creditors. The Golding affidavit cites instrument no. PR4355791, whereas the parcel registers show PR4366791. · page: 65 · debtor: 1000599184 Ontario Inc. · creditor: Jagjit Singh (third mortgage) · currency: CAD · security: Third charge registered Aug 16, 2024 as PR4366791 (registered amount $175,000 — a registration amount, not a stated outstanding balance) with assignment of rents PR4366792, on both Bovaird properties.
- secured creditorsnote: Registered without BDC's prior written approval or knowledge (described by BDC as the 'Unauthorized Second Mortgage', an event of default under BDC's loan). Outstanding balance not stated. Receiver states no proceeds will be available to subordinate secured creditors; charge to be vested out with encumbrances attaching to sale proceeds in existing priority. · page: 65 · debtor: 1000599184 Ontario Inc. · creditor: Jagjit Singh and Harbhinder Kahlon (second mortgage) · currency: CAD · security: Second charge registered Nov 3, 2023 as PR4269785 (registered amount $485,000 — a registration amount, not a stated outstanding balance) with assignment of rents PR4269786, on both Bovaird properties.
- unsecured creditorsnote: Municipal taxes rank as a statutory priority ahead of secured claims; the Receiver says property tax arrears continue to accrue to closing and are payable as priority payables from sale proceeds. Earlier 2024 tax default cited at $15,446.49. Current balance not stated. · page: 66 · as of: 2025-02-25 · basis: Municipal tax certificates dated Feb 25, 2025 (Golding affidavit) · amount: 16063.72 · debtor: 1000599184 Ontario Inc. · creditor: City of Brampton (municipal property tax arrears) · currency: CAD
- recovery outcomeentries: basis: estimated · quote: BDC will suffer a shortfall on its claim and no proceeds will be available to subordinate secured or unsecured creditors. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: BDC, first-ranking mortgagee · claims amount: 9571905.61 · creditor name: Business Development Bank of Canada · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: BDC will suffer a shortfall on its claim and no proceeds will be available to subordinate secured or unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: receiver · class label: subordinate secured or unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2026-10-27 · table missing: