Ontario · Receivership (court-appointed)
Application Record dated October 17, 2024 - Part 3
Application / notice of application · 17 October 2024
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What we verified from this filing7 verified
- secured creditorsnote: Figure is from RBC's Notice of Intention to Enforce Security (BIA s.244(1)) and is stated to include the revolving demand facility, two VISA credit card facilities, lease arrangements with RBC, and HST. Earlier July 24, 2024 demand letter stated $2,736,460.38 (Revolving Demand Facility $2,509,052.99, credit card ending 0247 $196,504.57, credit card ending 4647 $30,902.82, less per diem credit). September 18, 2024 update (excluding lease/HST) stated: Revolving demand facility $2,505,865.21; credit card 0247 $201,714.31; credit card 4647 $36,154.57. Indebtedness also guaranteed personally by a director (guarantee dated Nov 24, 2022, limited to $750,000 plus interest from date of demand) - related-party personal guarantee. · page: 27 · as of: 2024-09-16 · amount: 5313581.69 · debtor: 1175648 Ontario Limited · creditor: Royal Bank of Canada · currency: CAD · security: General Security Agreement dated November 24, 2022 over all personal property, assets and undertakings of the Debtor
- secured creditorsnote: Listed as secured party in RBC receivership application service list; no amount stated. · page: 34 · debtor: 1175648 Ontario Limited · creditor: Business Development Bank of Canada · currency: CAD · security: Secured Party per service list; security type/collateral not stated
- secured creditorsnote: Listed twice as secured party in service list (Mississauga and Toronto addresses), possibly two separate registrations; no amount stated. · page: 35 · debtor: 1175648 Ontario Limited · creditor: Bank of Montreal · currency: CAD · security: Secured Party per service list; security type/collateral not stated
- secured creditorsnote: Named as 'Secured Party' on the service list for RBC's s.243 BIA receivership application against 1175648 Ontario Limited (current as of October 16, 2024); no amounts stated in the document. · page: 35 · debtor: 1175648 Ontario Limited · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: PPSA registrations against specific serialized vehicles/equipment (leases/PMSI); includes Mercedes-Benz Financial Services Canada Corporation, VFS Canada Inc., Coast Capital Auto & Equipment Finance Limited, Somerville National Leasing & Rentals Limited, Concentra Bank (c/o Comm Leasing), Mercado Capital Corporation (registered against specified trailers, VINs 2TX1FMB26PE230001 and 2TX1FMB28PE230002), Bodkin (a division of Bennington Financial Corporation), Mitsubishi HC Capital Canada Leasing Inc., Toyota Credit Canada Inc., Toyota Industries Commercial Finance Canada Inc., CWB National Leasing Inc., and Riordan Leasing Inc.
- secured creditorsnote: Listed as secured party in RBC receivership application service list; no amount stated. · page: 36 · debtor: 1175648 Ontario Limited · creditor: The Bank of Nova Scotia · currency: CAD · security: Secured Party per service list; security type/collateral not stated
- secured creditorsnote: Listed as secured party in RBC receivership application service list; no amount stated. · page: 36 · debtor: 1175648 Ontario Limited · creditor: Frew Energy Limited · currency: CAD · security: Secured Party per service list; security type/collateral not stated
- counselAird & Berlis LLP