Ontario · Receivership (court-appointed)
Motion Record 24-JUL-2024
Application / notice of application · 24 July 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 filing9 verified
- applicantRoyal Bank of Canada
- commencement date24 July 2024
- courtSUPERIOR COURT OF JUSTICE
- court file noCV-24-0000693-0000
- provinceONTARIO
- appointeeBDO Canada Ltd.
- appointee rolecourt-appointed receiver
- secured creditorsnote: The $715,000 figure is the original facility principal/registered mortgage sum, not the outstanding balance. Exact balance stated is CDN$508,440.63 as of Feb 23, 2024 for principal and interest, plus accruing interest and costs. RBC issued demand and a s.244(1) NOI on Nov 6, 2023. Independent counsel (Dickinson Wright LLP) retained to opine on validity, priority and enforceability of the security as amongst secured creditors and against unsecured creditors (opinion pending as of First Report date, July 17, 2024). · page: 13 · as of: 2024-02-23 · amount: 508440.63 · debtor: 2202227 Ontario Inc. · creditor: Royal Bank of Canada · currency: CAD · security: Site Specific Security Agreement dated June 7, 2016 and Charge/Mortgage on the Real Property (252 Dundas Street, London, Ontario) dated June 16, 2016, registered/original principal sum $715,000 (the '2202 Credit Facility' - Fixed Rate Loan under Letter of Agreement dated April 16, 2016)
- secured creditorsnote: Only a registered principal/ceiling amount is stated; no outstanding balance is disclosed in these pages. Registered against the Real Property without RBC's knowledge or consent, which the Receiver's report identifies as constituting a default by the Debtor under the RBC credit facility. Priority as amongst secured creditors is to be the subject of an opinion by independent counsel (Dickinson Wright LLP), not yet confirmed as of the First Report date (July 17, 2024). · page: 13 · debtor: 2202227 Ontario Inc. · creditor: Olympia Trust Company · currency: CAD · security: Charge/Mortgage registered March 16, 2020 against the Real Property, registered principal sum $648,000 (the 'Subsequent Charge')