Ontario · Receivership (court-appointed)
Application Record dated May 16, 2025
Application / notice of application · 16 May 2025
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What we verified from this filing15 verified
- applicantFIERA CANADIAN REAL ESTATE DEBT FUND GP INC. and FIERA FP REAL ESTATE FINANCING FUND, L.P.
- commencement date16 May 2025
- courtSUPERIOR COURT OF JUSTICE (COMMERCIAL LIST)
- court file noCV-25-00742866-00CL
- statutory basisSection 243(1) of the Bankruptcy and Insolvency Act (R.S.C., 1985, c. B-3), and Section 101 of the Courts Of Justice Act, R.S.O. 1990, C. C.43
- appointeeTDB Restructuring Limited
- appointee roleProposed Receiver
- secured creditorspage: 35 · debtor: Oxford Road Developments 4 Inc. · creditor: Ritasani Investments Inc. · currency: CAD · security: PPSA registration No. 20241025 0903 1590 3075; nature and amount of security not specified in registration summary
- secured creditorsnote: Two separate PPSA registrations by same creditor · page: 35 · debtor: Oxford Road Developments 4 Inc. · creditor: The Toronto-Dominion Bank · currency: CAD · security: PPSA registrations No. 20190513 1445 1530 1225 (account -11752) and No. 20230307 1933 1531 9706 (account -10852); nature and amount of security not specified
- secured creditorsnote: Judgment/execution creditor; amount not stated · page: 36 · debtor: Oxford Road Developments 4 Inc. · creditor: Ferrell Builders' Supply Limited · currency: CAD · security: Writ of Execution, Certificate #: 51368569-1161904B, Execution #: 25-0000151, Court File #: CV-24-00088033-0000
- secured creditorsnote: Serialized-equipment/PMSI financiers aggregated per convention; amounts not stated · page: 36 · debtor: Oxford Road Developments 4 Inc. · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: Aggregated PPSA registrations: CWB National Leasing Inc. (No. 20221209 0957 6005 4188); BMW Canada Inc. (No. 20230327 0853 1532 7610); Wells Fargo Equipment Finance Company (No. 20230919 1513 1902 2280)
- secured creditorsnote: Judgment/execution creditor; amount not stated · page: 36 · debtor: Oxford Road Developments 4 Inc. · creditor: Wise & Associates Professional Corporation · currency: CAD · security: Writ of Execution, Certificate #: 51368459-3672717B, Execution #: 25-0000080, Court File #: SC-24-00011921-0000
- secured creditorsnote: DISCHARGED - lien vacated pursuant to Order of Justice Robertson dated Nov 29, 2024, and removed from title via Application to Delete Construction Lien (Instrument No. CO304796) registered Dec 4, 2024; not a current encumbrance · page: 37 · debtor: Oxford Road Developments 4 Inc. · creditor: Langford Lumber & Builders Supplies Limited · currency: CAD · security: Construction lien registered Oct 31, 2024 as Instrument No. CO303101 against the Property
- secured creditorsnote: Separate facility/security from the Oxford Road (Woodstock) Loan; subject of separate receivership application bearing Court File No. CV-25-00743191-00CL. Outstanding balance not stated in this filing. · page: 37 · debtor: 2250310 Ontario Inc. and P&H Development Holdings Inc. · creditor: Fiera Canadian Real Estate Debt Fund GP Inc. and Fiera FP Real Estate Financing Fund, L.P. ("Toronto Loan") · currency: CAD · security: Charge and Security Agreement against the Toronto Property (270 Sheppard Avenue West, Toronto and 5 Addington Avenue, Toronto) pursuant to mortgage commitment letter dated May 27, 2022, amended April 3, 2023
- secured creditorsnote: Total Indebtedness per Lender's Payout Statements as at May 8, 2025, comprised of Loan 101080 ($1,132,525.91), Loan 101081 ($7,633,303.24) and Loan 101082 ($2,717,764.82), plus per diem interest, costs, legal fees and disbursements. Earlier stated balances: demand letter dated March 31, 2025 recites Loan 101080 $1,091,470.88, Loan 101081 $7,553,552.64, Loan 101082 $2,690,669.05; Forbearance Agreement acknowledgment as at Jan 8, 2025 recites Loan 101080 $762,127, Loan 101081 $7,316,286, Loan 101082 $2,632,192. Guarantor Zhong Chen (Lawrence Chen) is an individual/related-party personal guarantor. · page: 41 · as of: 2025-05-08 · amount: 11483593.97 · debtor: Oxford Road Developments 4 Inc. · creditor: Fiera Canadian Real Estate Debt Fund GP Inc. and Fiera FP Real Estate Financing Fund, L.P. (the "Lender") · currency: CAD · security: Charge/Mortgage registered Sept 27, 2022 (Instrument No. CO270801) against the Property in Woodstock, Ontario; principal amount increased to $17,550,000 via Notice of Agreement of Amending Charge registered June 5, 2023 (Instrument No. CO281441, the "Lender's Charge" - registration ceiling, not a balance); Notice of Assignment of Rents - General (Instrument No. CO270802); Security Agreement dated Sept 9, 2022; unlimited joint & several Guarantee and Postponement of Claim by Zhong Chen a.k.a. Lawrence Chen dated Sept 12, 2022; Additional Guarantees by 2250310 Ontario Inc. and P&H Development Holdings Inc. per Forbearance Agreement dated Jan 13, 2025 (to be secured by collateral charge against Toronto Property, not yet registered as of the Demand)