Ontario · Receivership (court-appointed)
Application Record dated May 12, 2025
Application / notice of application · 12 May 2025
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 · 1 withheld
- applicantUBC SOLUTIONS INCORPORATED
- courtSUPERIOR COURT OF JUSTICE (COMMERCIAL LIST)
- statutory basissubsection 243(1) of the Bankruptcy and Insolvency Act, R.S.C. 1985, c.B-3, as amended and section 101 of the Courts of Justice Act, R.S.O. 1990, c. C.43, as amended
- appointeeTDB RESTRUCTURING LIMITED
- appointee roleThe Proposed Receiver
- commencement date9 April 2025
- secured creditorsnote: Loan facility (principal) originally $65,000,000, increased to $70,000,000 aggregate (Tranche A $55M, Tranche B $10M, Tranche C $5M) per Feb 15, 2024 Amendment Agreement - these are facility/registration figures, not the balance; the $78,862,624.38 outstanding as of March 14, 2025 is the stated 'Indebtedness' balance per the Notice of Application, plus accruing interest, fees and costs. Debenture/UBC Charge $80,000,000 figures are registration ceilings, not balances. Events of default and demands (Feb 11, 2025 and Mar 14, 2025 demand letters) are continuing/unresolved as of filing. · page: 11 · as of: 2025-03-14 · amount: 78862624.38 · debtor: 1680 Brimley Limited Partnership (borrower); 2808908 Ontario Inc. and Brimley Progress Developments Inc. (guarantors) · creditor: UBC Solutions Incorporated · currency: CAD · security: UBC Charge (first mortgage/charge on Mortgaged Lands, registered Oct 2, 2023, Instrument No. AT6432275, registered amount $80,000,000); Demand Debenture (Nominee promises to pay up to $80,000,000 on demand); Beneficial Charge over Mortgaged Lands; General Assignment of Rents and Leases (Instrument No. AT6432276); General Security Agreements over 1680, 280 and the Nominee, each perfected by PPSA registration (Nos. 20230920 1518 1590 1180 / 1181 / 1182); Guarantee and Indemnity by 280 and the Nominee (corporate guarantors)
- secured creditorsnote: Subcontractor to Atriacon Management Inc. (Construction Manager) for shoring work; lien arose from Atria's default in paying subcontractor · page: 26 · as of: 2024-12-02 · amount: 875597 · debtor: Brimley Progress Developments Inc. (registered owner of Mortgaged Lands) · creditor: Astro Shoring Inc. · currency: CAD · security: Construction lien registered against title to the Mortgaged Lands, Instrument No. AT6710220; perfected December 23, 2024
- secured creditorsnote: Subcontractor to Atriacon Management Inc. (Construction Manager) for excavation work; lien arose from Atria's default in paying subcontractor · page: 27 · as of: 2024-12-02 · amount: 2188373 · debtor: Brimley Progress Developments Inc. (registered owner of Mortgaged Lands) · creditor: Astro Excavating Inc. · currency: CAD · security: Construction lien registered against title to the Mortgaged Lands, Instrument No. AT6710235; perfected December 23, 2024
1 extracted value is withheld: either a trap-shaped field where models produce confident wrong numbers, or an identity value whose quotation could not be found in the document. Withheld values are shown to no one.