Ontario · Receivership (court-appointed)
Application Record March 14, 2025
Application / notice of application · 14 March 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 filing23 verified
- applicantALEXANDRA LOZOVSKI, ALEX MAKRONETS, DANIEL SLOBODSCOY, ERIC BARAPP, 2806569 ONTARIO INC., NICK RANIERI, VALDIMIR DAGAEV, POLINA DAGAEV, NELLI GRIU, VLADISLAV ANDREYEV
- courtSUPERIOR COURT OF JUSTICE
- court file noCV-25-00735286-00CL
- proceeding typereceivership_court
- 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
- 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 date24 February 2025
- secured creditorsnote: Document states the Applicants are the 'second highest-ranking secured creditors under the PPSA' and 'Elle Mortgage Corporation is the only higher ranking secured creditor' · page: 11 · debtor: Equityline Mortgage Investment Corporation · creditor: Elle Mortgage Corporation · currency: CAD · security: Stated to be the highest-ranking secured creditor of the Debtor under the PPSA; no registration/amount details given in excerpt
- secured creditorsnote: Applicant/investor; part of aggregate Indebtedness reported to exceed $4,120,000 · page: 37 · as of: 2025-01-28 · amount: 400000 · debtor: Equityline Mortgage Investment Corporation · creditor: 2806569 Ontario Inc. · currency: CAD · security: Secured debenture (Exhibit J), PPSA registered, GSA over Debtor's property
- secured creditorsnote: Applicants/investors; part of aggregate Indebtedness reported to exceed $4,120,000 · page: 37 · as of: 2025-01-28 · amount: 700000 · debtor: Equityline Mortgage Investment Corporation · creditor: Polina and Vladimir Dagaev · currency: CAD · security: Secured debenture (Exhibit K), PPSA registered, GSA over Debtor's property
- secured creditorsnote: Applicants/investors; part of aggregate Indebtedness reported to exceed $4,120,000 · page: 37 · as of: 2025-01-28 · amount: 300000 · debtor: Equityline Mortgage Investment Corporation · creditor: Vladislav Andreyev and Nelli Griu · currency: CAD · security: Secured debenture (Exhibit L), PPSA registered, GSA over Debtor's property
- secured creditorsnote: Applicant/investor; part of aggregate Indebtedness reported to exceed $4,120,000 · page: 37 · as of: 2025-01-28 · amount: 700000 · debtor: Equityline Mortgage Investment Corporation · creditor: Alexandra Lozovski · currency: CAD · security: Secured debenture (Exhibit I), PPSA registered, GSA over Debtor's property
- secured creditorsnote: Applicant/investor; part of aggregate Indebtedness reported to exceed $4,120,000 · page: 37 · as of: 2025-01-28 · amount: 150000 · debtor: Equityline Mortgage Investment Corporation · creditor: Daniel Slobodscoy · currency: CAD · security: Secured debenture (Exhibit H), PPSA registered, GSA over Debtor's property
- secured creditorsnote: Applicant/investor; part of aggregate Indebtedness reported to exceed $4,120,000 · page: 37 · as of: 2025-01-28 · amount: 120000 · debtor: Equityline Mortgage Investment Corporation · creditor: Alexander Makaronets · currency: CAD · security: Secured debenture (Exhibit G), PPSA registered, GSA over Debtor's property
- secured creditorsnote: Applicant/investor; part of aggregate Indebtedness reported to exceed $4,120,000 · page: 37 · as of: 2025-01-28 · amount: 1350000 · debtor: Equityline Mortgage Investment Corporation · creditor: Barapp Law Firm PC · currency: CAD · security: Secured debenture (Exhibit F), PPSA registered, GSA over Debtor's property
- secured creditorsnote: Applicant/investor; the group of Applicants' aggregate Indebtedness from the Debtor is separately stated to exceed $4,120,000 (excl. legal/financial advisor fees and accruing interest) as of Jan 28, 2025; Notice of Application (later, Feb 24, 2025) references 'over $3,000,000' owing as a rounder approximation · page: 37 · as of: 2025-01-28 · amount: 400000 · debtor: Equityline Mortgage Investment Corporation · creditor: Nick Ranieri · currency: CAD · security: Secured debenture (Exhibit E) with General Security Agreement over Debtor's property and assignment of specific mortgages; registered on PPSA; ranks second behind Elle Mortgage Corporation
- secured creditorsnote: Senior revolving demand facility outstanding balance per Note 8; facility authorized limit (not a balance) was increased to $55,000,000 as at Sept 30, 2023 (previously lesser of $25,000,000 or borrowing base); carrying value after transaction costs was $18,417,015 · page: 786 · as of: 2023-09-30 · amount: 18947880 · debtor: Equityline SPV LP (related borrower entity; facility utilization consolidated into Equityline Mortgage Investment Corporation's financial statements as 'the Originator') · creditor: Equitable Bank (facility with Equityline SPV LP) · currency: CAD · security: First priority lien on all assets of Equityline SPV LP (the Borrower); guaranteed by Equityline Services Corp (the Manager, a related party)
- secured creditorsnote: Note 9 itemizes numerous individual debentures by interest rate/due date but names no individual creditors; GSA stated to rank equal with holders of Series A, B and F redeemable preferred shares (carried as financial liabilities) · page: 787 · as of: 2023-09-30 · amount: 13735249 · debtor: Equityline Mortgage Investment Corporation · creditor: Short-term debenture holders (aggregate as reported) · currency: CAD · security: Secured by general security agreement (GSA) constituting a charge on all assets of the Company
- secured creditorsnote: Single line item 'Due January 3, 2023, carrying interest rate of 8%' (Note 9); originally part of a $8,000,000 revolving debenture facility with VeleV Capital GP Inc. (related party) · page: 788 · as of: 2023-09-30 · amount: 198964 · debtor: Equityline Mortgage Investment Corporation · creditor: Long-term debenture holder (unnamed, as reported) · currency: CAD · security: Secured by general security agreement (GSA) constituting a charge on all assets of the Company (same GSA as short-term debentures)
- secured creditorsnote: Comprises $6,404,493 principal plus $682,666 accrued interest per Note 10; total as stated in the note's table · page: 788 · as of: 2023-09-30 · amount: 7087159 · debtor: Equityline Mortgage Investment Corporation · creditor: Mortgage payable (unnamed mortgagee) · currency: CAD · security: Mortgage against Company property (mortgagee not named in excerpt)
- financial positionnote: Figure is the stated total of financial liabilities only (accounts payable, distributions payable, short/long-term debentures, Series A/B/F redeemable preferred shares treated as financial liabilities, and credit facility); it is not a full balance-sheet total liabilities figure and total assets are not stated in the reviewed pages. Separately, the Applicants (a subset of the Debtor's secured creditors) state the Debtor's Indebtedness to them exceeds $4,120,000 as of Jan 28, 2025 (see secured_creditors). Affidavit also notes 'additional debts incurred by the MIC' exist but documents evidencing them 'have been withheld from the Applicants by the MIC' - amount unknown. · page: 792 · as at: 2023-09-30 · basis: Draft/unaudited interim financial statements - carrying values of financial liabilities per Note 15 liquidity risk contractual maturity table · scope: Equityline Mortgage Investment Corporation entity-level statements, which include consolidated Equitable Bank credit facility utilization attributed to related entity Equityline SPV LP · currency: CAD · total liabilities: 44590196
- unsecured creditorsnote: Distributions payable to redeemable preferred shareholders; unsecured, due within a year per the note; document names no individual creditors · page: 792 · as of: 2023-09-30 · basis: Liquidity risk note - contractual maturities of financial liabilities (unaudited interim financial statements) · amount: 44529 · debtor: Equityline Mortgage Investment Corporation · creditor: Distributions payable (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Document names no individual creditors · page: 792 · as of: 2023-09-30 · basis: Liquidity risk note - contractual maturities of financial liabilities (unaudited interim financial statements) · amount: 250875 · debtor: Equityline Mortgage Investment Corporation · creditor: Accounts payable and accrued liabilities (aggregate as reported) · currency: CAD