Ontario · Receivership (court-appointed)
Application Record dated May 16, 2025 Part 2
Application / notice of application · 16 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 filing8 verified
- secured creditorsnote: Facility comprises Operating Facility (ending 4856) $2,502,888.40, VISA Facility $45,176.22 and VISA Facility $11,834.10; guaranteed by Dali Drywall Ltd., Massive Devcon Corporation and Ali Kerem Ozden (personal guarantor - name for identification only). · page: 154 · as of: 2025-03-11 · amount: 2559898.72 · debtor: BECC Construction Inc. (jointly defined as 'the Debtor' together with 2737566 Ontario Inc. in this demand letter) · creditor: Royal Bank of Canada · currency: CAD · security: General security agreement dated July 12, 2021 granted by the Debtor in favour of RBC
- secured creditorsnote: Facility comprises Operating Line (ending 0989) $1,623,652.48 and VISA Facility $96,503.20; guaranteed by 2737566 Ontario Inc. and Massive Devcon Corporation. · page: 158 · as of: 2025-03-11 · amount: 1720155.68 · debtor: Dali Drywall Ltd. · creditor: Royal Bank of Canada · currency: CAD · security: General security agreement dated July 12, 2021 granted by the Debtor (Dali Drywall Ltd.) in favour of RBC
- secured creditorsnote: Facility comprises 566-Operating Facility (ending 4092) $90,198.74 and 566-VISA Facility $4,583.00; guaranteed by Dali Drywall Ltd., Massive Devcon Corporation and Ali Kerem Ozden (personal guarantor - name for identification only). · page: 162 · as of: 2025-03-11 · amount: 94781.74 · debtor: 2737566 Ontario Inc. · creditor: Royal Bank of Canada · currency: CAD · security: General security agreement dated July 12, 2021 granted by the Debtor in favour of RBC
- secured creditorsnote: Guarantee and postponement of claim agreement dated November 2, 2023, limited to principal sum of $1,000,000.00 plus interest from date of demand; underlying guaranteed debtor obligation totals $2,559,898.72. · page: 168 · as of: 2025-03-11 · amount: 1000000 · debtor: Massive Devcon Corporation (guarantor of 2737566 Ontario Inc. and BECC Construction Inc. obligations) - related/affiliated corporate guarantor · creditor: Royal Bank of Canada · currency: CAD · security: General security agreement dated January 12, 2021 granted by the Guarantor (Massive Devcon Corporation) in favour of RBC
- secured creditorsnote: Guarantees dated July 12, 2021: (i) re 566 obligations limited to $100,000 principal, and (ii) re BECC obligations limited to $1,000,000 principal, each plus interest from date of demand; demand amount reflects full 566 debt ($94,781.74) plus capped BECC guarantee ($1,000,000). · page: 172 · as of: 2025-03-11 · amount: 1094781.74 · debtor: Dali Drywall Ltd. (guarantor of 2737566 Ontario Inc. and BECC Construction Inc. obligations) - related/affiliated corporate guarantor · creditor: Royal Bank of Canada · currency: CAD · security: General security agreement dated January 12, 2021 granted by the Guarantor (Dali Drywall Ltd.) in favour of RBC
- secured creditorsnote: Guarantee and postponement of claim agreement dated January 12, 2021, limited to principal sum of $2,600,000.00 plus interest from date of demand; demand equals full underlying Dali Drywall debt as it is below the guarantee cap. · page: 176 · as of: 2025-03-11 · amount: 1720155.68 · debtor: 2737566 Ontario Inc. (guarantor of Dali Drywall Ltd. obligations) - related/affiliated corporate guarantor · creditor: Royal Bank of Canada · currency: CAD · security: General security agreement dated January 12, 2021 granted by the Guarantor (2737566 Ontario Inc.) in favour of RBC
- secured creditorsnote: Guarantee and postponement of claim agreement dated January 12, 2021, limited to principal sum of $2,600,000.00 plus interest from date of demand; demand equals full underlying Dali Drywall debt as it is below the guarantee cap. · page: 180 · as of: 2025-03-11 · amount: 1720155.68 · debtor: Massive Devcon Corporation (guarantor of Dali Drywall Ltd. obligations) - related/affiliated corporate guarantor · creditor: Royal Bank of Canada · currency: CAD · security: General security agreement dated January 12, 2021 granted by the Guarantor (Massive Devcon Corporation) in favour of RBC
- secured creditorsnote: Floor figure - counsel states claims 'exceed $8 million'; described as having both secured and unsecured claims pursuant to judgment and Indemnity & Security Agreements; claim status/priority not otherwise detailed in these pages. · page: 189 · as of: email dated March 31, 2025 · amount: 8000000 · debtor: BECC Construction Inc. and related guarantors ("Indemnitors") · creditor: Western Surety Company · currency: CAD · security: Judgments (two, underlying garnishment notices) and Indemnity & Security Agreements