Ontario · Receivership (court-appointed)
Application record
Application / notice of application · 6 February 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 filing10 verified
- applicantBANK OF MONTREAL
- courtSUPERIOR COURT OF JUSTICE
- court file noCV-25-00000030-0000
- provinceONTARIO
- 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
- commencement date22 January 2025
- secured creditorsnote: No balance/amount stated; registration subordinate to BMO's prior PPSA registration · page: 25 · as of: July 17, 2024 (PPSA registration date) · debtor: 1000193106 Ontario Incorporated · creditor: Journey Capital Inc. · currency: CAD · security: General security agreement (collateral classified as inventory, equipment, accounts, and other) securing repayment of funds advanced under a Motor Fuels Supply Agreement dated December 16, 2020, assigned by Assignment and Assumption Agreement dated October 25, 2022; PPSA financing statement registered after the Bank's GSA registration
- secured creditorsnote: No balance/amount stated; registration subordinate to BMO's prior PPSA registration · page: 25 · as of: November 3, 2022 (PPSA registration date) · debtor: 1000193106 Ontario Incorporated · creditor: McDougall Energy Inc. · currency: CAD · security: General security agreement (collateral classified as inventory, equipment, accounts, and other) securing repayment of funds advanced under a Motor Fuels Supply Agreement dated December 16, 2020, assigned by Assignment and Assumption Agreement dated October 25, 2022; PPSA financing statement registered after the Bank's GSA registration
- secured creditorsnote: No balance/amount or underlying agreement details stated; registration subordinate to BMO's prior PPSA registration · page: 26 · as of: August 16, 2024 (PPSA registration date) · debtor: 1000193106 Ontario Incorporated · creditor: Canacap · currency: CAD · security: PPSA financing statement, collateral classified as accounts and other
- secured creditorsnote: Approximate figure stated in Bank's November 28, 2024 demand letter for the combined 'Loans' (Mortgage Loan – non-revolving demand real estate loan, original principal $2,730,000; Mastercard Facility – authorized limit $40,000, balance $64,885.77 as of December 9, 2024 when cancelled; Operating Loan – demand revolving overdraft, max $94,000). Arrears specifically (not full balance) totaled $193,210.01 as of December 16, 2024. Also secured by joint and several personal guarantee of Shameema Yasmeen (sole director) and Mohammed Mahmood Quaraishi (spouse, non-officer) — related-party/personal guarantors, no monetary figure stated for guarantee. · page: 27 · as of: November 28, 2024 (demand letter date) · amount: 2700000 · debtor: 1000193106 Ontario Incorporated · creditor: Bank of Montreal · currency: CAD · security: General Security Agreement dated October 6, 2022; Charge/Mortgage in the principal amount of $2,864,000 registered against 8936 Wellington County Road 124, Guelph, Ontario on November 3, 2022 as instrument no. WC689202