Ontario · Receivership (court-appointed)
Application of TD Bank dated August 26, 2025
Application / notice of application · 26 August 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 filing14 verified · 1 withheld
- applicantTHE TORONTO-DOMINION BANK
- courtSUPERIOR COURT OF JUSTICE
- court file noCV-25-00750251-00CL
- provinceONTARIO
- appointeeMSI Spergel Inc.
- appointee roleReceiver
- secured creditorsnote: Listed as a PPSA Registrant on the service list; the Bank's affidavit/Notice of Application, when describing TD's ranking as second only to De Lage Landen's registration, does not mention Roynat, so Roynat's priority/status relative to TD is not clarified in these pages · page: 3 · debtor: 1322297 Ontario Inc. · creditor: Roynat Inc. · currency: CAD · security: PPSA registration (collateral/nature not detailed in provided pages)
- commencement date25 August 2025
- secured creditorsnote: Per Bank's Notice of Application, TD Bank is Debtor's second-ranking secured creditor 'subject only to' this PPSA registration, indicating this registrant ranks ahead of TD's general security interest as to the registered motor vehicle collateral · page: 24 · debtor: 1322297 Ontario Inc. · creditor: De Lage Landen Financial Services Canada Inc. · currency: CAD · security: PPSA registration for a motor vehicle
- unsecured creditorsnote: Deemed trust class; Bank states it has no visibility into the status of the Debtor's statutory deemed trust payments as of the application; the Debtor's own May 2025 Borrowing Base Certificate (as at May 31, 2025) reported Total Priority Payables (HST, income taxes, source deductions) as nil · page: 27 · basis: Bank has no visibility; Debtor's May 2025 Borrowing Base Certificate self-reported nil priority payables · debtor: 1322297 Ontario Inc. · creditor: CRA / statutory deemed trust claims (source deductions, HST) · currency: CAD
- secured creditorsnote: Approximate figure per Bank's sworn affidavit and Notice of Application, exclusive of accruing interest and professional fees; stated together with a separate USD-denominated component of the same Indebtedness (see companion entry) · page: 36 · as of: 2025-08-20 · amount: 2760133.23 · debtor: 1322297 Ontario Inc. · creditor: The Toronto-Dominion Bank · currency: CAD · security: General Security Agreements dated August 17, 2018 and October 31, 2022, granting security interest over all present and after-acquired personal property of the Debtor; second-ranking secured creditor, subject only to a PPSA registration for a motor vehicle in favour of De Lage Landen Financial Services Canada Inc.
- secured creditorsnote: Approximate figure per Bank's sworn affidavit and Notice of Application, exclusive of accruing interest and professional fees; stated together with a separate CAD-denominated component of the same Indebtedness (see companion entry); affidavit elsewhere describes the Bank generally as the Debtor's 'senior secured creditor'; the July 2025 reporting (May 2025 Borrowing Base Certificate) showed the Bank undercollateralized by approximately $12,667,598 (~$12.6 million) · page: 36 · as of: 2025-08-20 · amount: 16015726 · debtor: 1322297 Ontario Inc. · creditor: The Toronto-Dominion Bank · currency: USD · security: General Security Agreements dated August 17, 2018 and October 31, 2022, granting security interest over all present and after-acquired personal property of the Debtor; per Bank's Notice of Application, the Bank is the Debtor's second-ranking secured creditor, subject only to a PPSA registration for a motor vehicle in favour of De Lage Landen Financial Services Canada Inc.
- unsecured creditorsnote: Preferred claim; Bank has no visibility into whether payroll due Friday, August 22, 2025 was paid before the Board resigned; TD believes any unpaid wages would be 'in the range of at least tens of thousands of dollars' and, per counsel, would take priority over the Bank's security · page: 44 · as of: 2025-08-22 · basis: Bank's affidavit belief, unconfirmed · debtor: 1322297 Ontario Inc. · creditor: Employees (unpaid wages, if any) · currency: CAD
- secured creditorsnote: Distinct facility/debt of related company 11572288 Canada Inc. under a demand operating facility agreement dated November 12, 2019; 1322297 Ontario Inc. is guarantor, not primary obligor; demand for payment and s.244 notice delivered June 3, 2025 restated the same $3,183,417.44 figure as the amount secured 'at the present time' · page: 174 · as of: 2025-05-26 · amount: 3183417.44 · debtor: 1322297 Ontario Inc. (as Guarantor of 11572288 Canada Inc.'s indebtedness to the Bank) · creditor: The Toronto-Dominion Bank · currency: CAD · security: Guarantee dated January 31, 2020 by 1322297 Ontario Inc. of 11572288 Canada Inc.'s obligations to the Bank; secured by General Security Agreements dated August 17, 2018 and October 31, 2022 (the 'Guarantor GSAs') - the same GSAs securing 1322297 Ontario Inc.'s own direct Indebtedness
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.