Ontario · Receivership (court-appointed)
Application Record
Application / notice of application · 9 January 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 filing9 verified
- applicantROYAL BANK OF CANADA
- courtSUPERIOR COURT OF JUSTICE
- court file noCV-24-00000091-0000
- appointeeTHE FULLER LANDAU GROUP INC.
- appointee roleProposed Receiver
- commencement date8 January 2023
- secured creditorsnote: Personal guarantor of the Debtor's obligations to the Bank; sole principal of the Debtor; not a company · page: 13 · debtor: Vandyk-Vanmills Plaza Inc. · creditor: John Vandyk · currency: CAD
- secured creditorsnote: Comprises Revolving Demand Facility (limit $70,000.00, balance $60.49 as at 2023-12-05) and Term Loan (limit $13,500,000.00, balance $12,426,285.82 as at 2023-12-05); Term Loan in arrears $260,963.13 with payments in arrears since Nov 1, 2023 · page: 60 · as of: 2023-12-05 · amount: 12426346.31 · debtor: Vandyk-Vanmills Plaza Inc. · creditor: Royal Bank of Canada · currency: CAD · security: Site Specific Security Agreement dated December 30, 2014; Mortgage/Charge of Land (first position), principal sum $13,500,000.00, instrument PR3507208 registered 2019-07-15, governed by Standard Charge Terms 9912/976; Assignment of Rents dated July 15, 2019, instrument PR3507218; PPSA financing statement over personal property
- secured creditorsnote: Realty tax arrears; prior-ranking municipal tax claim; potential priority over Bank's Indebtedness per Letter/Mortgage Agreement covenants · page: 64 · as of: 2023-11-23 · amount: 753021.93 · debtor: Vandyk-Vanmills Plaza Inc. · creditor: City of Mississauga · currency: CAD · security: Tax Warrant naming Barton & Company (Bailiffs) Ltd. as tax collector; Collector has attorned rents at the Real Property