Ontario · Receivership (court-appointed)
Motion Record Returnable August 11, 2026.pdf
Application / notice of application · 11 August 2026
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What we verified from this filing5 verified
- secured creditorsnote: Deemed trust class claim comprising $6,420.80 source deductions and $12,983.97 HST, per proofs of claim received by the Receiver and reported in the First Report dated July 29, 2026 (the 'CRA Priority Claim'); ranks as a priority/deemed-trust claim ahead of ordinary security under the BIA rather than as a registered security interest. The balance of CRA's source deductions claim ($1,846.66) is unsecured - see unsecured_creditors. · page: 78 · as of: 2026-07-29 · amount: 19404.77 · debtor: 2770583 Ontario Inc. · creditor: Canada Revenue Agency (deemed trust priority claim) · currency: CAD
- unsecured creditorsnote: Unsecured portion of CRA's source deductions claim ($6,420.80 deemed trust / $1,846.66 unsecured / $8,267.46 total for source deductions), distinct from the CRA HST deemed trust claim which is entirely priority/deemed trust. · page: 78 · as of: 2026-07-29 · basis: Proofs of claim received by the Receiver from CRA, as reported in the First Report of the Receiver dated July 29, 2026 · amount: 1846.66 · debtor: 2770583 Ontario Inc. · creditor: Canada Revenue Agency (unsecured balance of source deductions claim) · currency: CAD
- secured creditorsnote: Tax certificate of the Town of Cobourg dated May 8, 2025 confirms arrears totalling $75,749.97, with arrears dating back to 2022. During the receivership, Property Tax Arrears were later restated as $125,661.38 as at June 12, 2026, to be paid by the Receiver on closing of the Sale Transaction. · page: 105 · as of: 2025-05-08 · amount: 75749.97 · debtor: 2770583 Ontario Inc. · creditor: Town of Cobourg (municipal property taxes) · currency: CAD · security: Statutory lien for unpaid municipal property taxes on the Real Property, ranking in priority to RBC's registered mortgage
- secured creditorsnote: Aggregate indebtedness as at June 16, 2025 per Bank affidavit: Mortgage Loan $3,273,337.03, Royal Credit Line $100,921.00, Credit Card $11,661.30, Account excess $9,442.07, legal fees/disbursements $5,969.18, total $3,401,330.58 (exclusive of further accrued interest, fees, disbursements and costs). Earlier aggregate as at May 6, 2025 was $3,368,136.29 (prose approximation). Mortgage term loan matures July 27, 2025 and was 2 months in arrears ($57,163.68) at time of demand; NITES and demand letters issued May 7, 2025, expiring May 20, 2025. Post-appointment (during receivership) the same claim was later restated as approximately $3,202,292.10 as at May 4, 2026 (Notice of Motion) and $3,252,583.18 (principal $2,947,626.75 + interest $278,330.57 + legal costs $26,625.86) as at July 29, 2026 (Receiver's First Report), reflecting continued accrual after the pre-filing period. · page: 112 · as of: 2025-06-16 · amount: 3401330.58 · debtor: 2770583 Ontario Inc. · creditor: Royal Bank of Canada (RBC) · currency: CAD · security: First-ranking mortgage (registered principal $5,500,000.00 - a registration ceiling, not a balance) over the Real Property at 428 King Street East, Cobourg, Ontario; General Security Agreement dated April 27, 2022 over all present and after-acquired personal property; sole PPSA (Ontario) registration against the Debtor. Underlying Credit Facilities comprised a revolving demand facility limit of $100,000.00, a fixed rate mortgage term loan with original principal of $3,386,526.51, and a business credit card facility limited to $10,000.00 (facility limits/original advances, not balances). Also secured by guarantee and postponement of claim of two personal guarantors (Soyab Baggia and Mariyam Baggia - related individuals, personal guarantors) limited to principal amount $3,685,000.00, dated April 27, 2022.
- fee scheduleengagements: form: prose · rows: · money: total: quote: an account dated July 14, 2026 in the amount of $5,924.04 in respect of the period from June 1, 2026 to June 30, 2026 · amount: 5924.04 · approximate: false · period: kind: unstated · approval: state: unstated · averages: rate: 468.82 · quote: The average hourly rate of Aird & Berlis LLP is $468.82. · currency: · invoices: date: 2026-07-14 · quote: an account dated July 14, 2026 in the amount of $5,924.04 in respect of the period from June 1, 2026 to June 30, 2026 · total: 5924.04 · period end: 2026-06-30 · period start: 2026-06-01 · firm text: Aird & Berlis LLP · firm quote: AIRD & BERLIS LLP · context quote: Lawyers for the Receiver