Ontario · Receivership (court-appointed)
Application Record
Application / notice of application · 2 July 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 filing2 verified
- secured creditorsnote: Component/original-advance figures stated in Notice of Application paras 4 and 16; not summed per reporting rules; see demand letter (page 40) for the dated outstanding balance figures which supersede this prose approximation. · page: 9 · debtor: Ignace Medical Pharmacy Inc. and Sahota Pharmacy Professional Corporation (Principal Borrowers), guaranteed by LNS Properties Inc. · creditor: National Bank of Canada / Canadian Western Bank (aggregate principal advanced to Principal Borrowers) · currency: CAD · security: Aggregate principal amount of credit facilities advanced: $3,393,653 (comprised of $2,750,900 to Sahota Corp. under promissory notes dated March 14, 2021 and November 16, 2023; and $643,753 to Ignace under promissory notes dated March 14, 2021 and December 8, 2023) — this is the original advance/facility figure, not an outstanding balance
- secured creditorsnote: Demand letter (Exhibit J) quantifies Direct Indebtedness (Ignace) of CAD $526,063.06 and Indirect Indebtedness (Sahota Corp., via guarantee) of CAD $2,799,945.07 as at March 17, 2025, aggregating to $3,326,008.13 demanded from Ignace as guarantor of Sahota; Notice of Application (para 4) separately states aggregate principal amount of credit facilities extended of $3,393,653 (original advances, not a balance) to the two Principal Borrowers (Ignace and Sahota Corp.), which the Debtor guaranteed unconditionally; para 28 of the Notice of Application leaves indebtedness amount/date as [DATE]/[AMOUNT] placeholders (not completed in this record). PPSA registration against Debtor perfected July 26, 2017 (all collateral classes except consumer goods). · page: 157 · as of: 2025-03-17 · amount: 3326008.13 · debtor: LNS Properties Inc. (as guarantor of Ignace Medical Pharmacy Inc. and Sahota Pharmacy Professional Corporation) · creditor: National Bank of Canada (as successor to Canadian Western Bank / CWB Maxium Financial Inc.) · currency: CAD · security: Two first-ranking General Security Agreements dated November 16, 2023 and December 8, 2023; first-ranking registered charge against Real Property (78 Spruce Street, Vermilion Bay, Ontario) in principal amount of $250,000 (Instrument No. KN117525, registered November 20, 2023); unlimited guarantees dated December 8, 2023 (re: Ignace) and November 16, 2023 (re: Sahota Corp.)