Ontario · Receivership (court-appointed)
Motion Record, returnable December 18, 2025
Application / notice of application · 18 December 2025
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What we verified from this filing13 verified
- applicantNATIONAL BANK OF CANADA
- appointeeErnst and Young Inc.
- appointee roleReceiver
- commencement date11 December 2025
- courtSUPERIOR COURT OF JUSTICE
- court file noCV-25-00746494-00CL
- statutory basissection 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
- secured creditorsnote: Listed as 'PPSA Registrant' on the service list; no claim amounts or collateral details stated in the record. · page: 4 · debtor: Hano Investment Ltd. · creditor: PPSA equipment financiers (PMSI class) - TD Auto Finance (Canada) Inc.; VW Credit Canada Inc. · currency: CAD · security: PPSA registrations (presumed serialized-equipment/vehicle financing security interests)
- secured creditorsnote: Amount is inclusive of accrued interest but excludes fees, costs and expenses, per commitment letter dated May 30, 2023 (as amended). Obligations personally guaranteed by the Debtor's directors/principals (individuals named in report - roles: owners/directors). Belaty Ltd., a company owned and controlled by one of the Principals (Warda) - a related party - has provided certain undertakings regarding the Debtor's obligations under the NBC Loan Agreement. · page: 28 · as of: 2025-06-25 · amount: 15800000 · debtor: Hano Investment Ltd. · creditor: National Bank of Canada (NBC) · currency: CAD · security: First-ranking Mortgage and Rent Assignment over the Baywood Property (30 Baywood Road); General Security Agreement over all other personal property of the Debtor. Notice of Motion states the registered mortgage secures a loan in the principal amount of $16,200,000 (registration/facility figure, distinct from the outstanding balance).
- secured creditorsnote: Discovered via title search shortly before the receivership proceeding; registered without NBC's prior consent. Only the registered principal is stated; no balance figure given. · page: 29 · debtor: Hano Investment Ltd. · creditor: 9523-5685 Quebec Inc. (Third Mortgagee) · currency: CAD · security: Third-ranking mortgage registered on title to the Baywood Property; registered principal amount $1,000,000 (per title search - not a confirmed outstanding balance)
- secured creditorsnote: Amount is exclusive of accrued interest and costs. Registered without NBC's prior consent, constituting a default under the NBC Loan Agreement. Notice of Motion (same filing) separately states the mortgage's principal amount as $3,500,000, which differs from this First Report indebtedness figure - discrepancy not reconciled in the record. · page: 29 · as of: as of June 2025 · amount: 5000000 · debtor: Hano Investment Ltd. · creditor: 1832763 Ontario Inc. (Second Mortgagee) · currency: CAD · security: Second-ranking mortgage registered on title to the Baywood Property
- secured creditorsnote: DISCHARGED as of September 19, 2025 according to a title search performed by the Receiver; not a current secured claim. Separate CRA payroll-tax unpaid balance of approximately $43,000 exists but is not stated to be secured. · page: 30 · debtor: Hano Investment Ltd. · creditor: Canada Revenue Agency (CRA) · currency: CAD · security: Lien registered against title to the Baywood Property
- fee scheduleengagements: form: prose · rows: · money: total: quote: DW's fees and disbursements in representing the Receiver during the period from July 8, 2025 to and including November 27, 2025 total $26,241.20 including HST. · amount: 26241.2 · includes tax: true · includes disbursements: true · approximate: false · period: end: 2025-11-27 · kind: invoice · quote: DW's fees and disbursements in representing the Receiver during the period from July 8, 2025 to and including November 27, 2025 total $26,241.20 including HST. · start: 2025-07-08 · approval: state: unstated · averages: rate: 1820 · quote: Average hourly rate $1,820 · currency: · invoices: · firm text: Dickinson Wright LLP · firm quote: I am a partner with the law firm of Dickinson Wright LLP (' DW '). · context quote: Lawyers for the Court-appointed Receiver, Ernst and Young Inc.