Ontario · Receivership (court-appointed)
Responding Application Record of Equitable Bank and CMLS Financial Ltd. dated December 10, 2024
Application / notice of application · 10 December 2024
Also filed as: Responding Application Record of Equitable Bank and CMLS Financial Ltd. dated December 10, 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 filing8 verified
- applicantAshcroft Urban Developments Inc., 2067166 Ontario Inc., 2139770 Ontario Inc., 2265132 Ontario Inc., Ashcroft Homes – La Promenade Inc., 2195186 Ontario Inc, Ashcroft Homes – Capital Hall Inc., and 1019883 Ontario Inc.
- courtSUPERIOR COURT OF JUSTICE
- court file noCV-24-00098058-0000
- secured creditorsnote: Approx. figure; loan matured Sept 1, 2023, demand made Nov 15, 2023; balance was $58,920,629.31 (principal and interest) as of Nov 9, 2023 per forbearance agreement recital, reduced to ~$59M then ~$52M after $10M repayment; second forbearance extension conditional on $20M additional collateral mortgage which was never delivered, so extension not in effect and full repayment now due · page: 6 · as of: present (as of affidavit) · amount: 52000000 · debtor: Ashcroft Urban Developments Inc. · creditor: CMLS Financial Ltd. (with Equitable Bank and General Bank as beneficial participants) · currency: CAD · security: First mortgage on 101 Queen St. and 110 Sparks St., Ottawa (REStays Property); registered instrument no. OC2385994; original loan principal $65,000,000.00; additional $10 million collateral mortgage over 256 Rideau St. provided under forbearance agreement
- secured creditorsnote: Debt owing at time of formal demand and Notice of Intention to Enforce Security (Oct 9, 2024); loan now due in full following default; six delinquent payments totalling approx. $890,000 outstanding as of affidavit · page: 7 · as of: 2024-10-09 · amount: 24296447 · debtor: Ashcroft Homes - Capital Hall Inc. · creditor: Equitable Bank (EQ Bank) · currency: CAD · security: First mortgage on 105 Champagne Ave., Ottawa (ENVIE II Property)
- secured creditorsnote: Total indebtedness (principal and interest) as stated in Forbearance Agreement recital H, plus accruing interest and costs; David Choo is personal guarantor (individual, not a company) · page: 13 · as of: 2023-11-09 · amount: 58920629.31 · debtor: Ashcroft Urban Developments Inc. · creditor: CMLS Financial Ltd. (Lender), with Equitable Bank/General Bank as participants · currency: CAD · security: Mortgage on REStays Property (101 Queen St./110 Sparks St., Ottawa) plus Existing Security per Schedule A; guarantee by David Choo (personal guarantor)
- counselAird & Berlis LLP
- counselAird & Berlis LLP