Ontario · Receivership (court-appointed)
Application Record dated May 7, 2025
Application / notice of application · 7 May 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 filing12 verified
- court file noCV-25-00034903-0000
- appointeeTDB Restructuring Limited
- appointee roleReceiver
- applicantWINDSOR FAMILY CREDIT UNION LIMITED
- commencement date5 May 2025
- courtSUPERIOR COURT OF JUSTICE
- statutory basissection 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
- secured creditorsnote: Subordinated/postponed its first-position GSA to WFCU's GSA pursuant to Postponement and Subordination Agreement dated April 14, 2023; balance not stated in excerpt · page: 6 · debtor: 1000200839 Ontario Inc. · creditor: Motor City Community Credit Union Limited (MCCCU) · currency: CAD · security: First-position General Security Agreement over Phase 1 and Phase 2 Lots
- secured creditorsnote: Demand letter (Miller Thomson LLP, April 15, 2025) also claims legal fees of $2,000.00 plus interest at 8% per annum from April 15, 2025; NOI issued under BIA s.244; personal guarantors named Gasper Galifi and Nathaniel Sherman · page: 9 · as of: 2025-04-15 · amount: 2798235.81 · debtor: 1000200839 Ontario Inc. · creditor: Trinity Woods Inc. · currency: CAD · security: Second (vendor take-back) Mortgage, Instrument No. CE1148584, registered amount $4,785,000.00, over Phase 1 and Phase 2 Lots; Balance Due Date April 13, 2025
- secured creditorsnote: Demand letter (Gowling WLG, April 23, 2025) amount comprised of $2,915,042.66 principal and $10,929.41 interest; joint and several personal guarantee limited to $2,917,200.00 given by directors Gasper Galifi and Hemanshu (Martin) Pathak · page: 9 · as of: 2025-04-23 · amount: 2925972.07 · debtor: 1000200839 Ontario Inc. · creditor: Windsor Family Credit Union Limited (Facility 2) · currency: CAD · security: Charge/Mortgage Instrument No. CE1148582 (registered principal $3,000,000.00) over Phase 2 Lots; General Security Agreement (first floating charge) over Phase 1 & Phase 2 Lots; Promissory Note $2,917,200.00
- secured creditorsnote: Demand letter (Gowling WLG, April 23, 2025) amount comprised of $3,979,575.62 principal and $14,920.68 interest; joint and several personal guarantee limited to $4,482,800.00 given by directors Gasper Galifi and Hemanshu (Martin) Pathak · page: 9 · as of: 2025-04-23 · amount: 3994496.3 · debtor: 1000200839 Ontario Inc. · creditor: Windsor Family Credit Union Limited (Facility 1) · currency: CAD · security: Charge/Mortgage Instrument No. CE1130472 (registered principal $4,482,800.00) over Phase 1 Lots; General Security Agreement (first floating charge) over Phase 1 & Phase 2 Lots; Promissory Note $4,482,800.00
- secured creditorsnote: Demand letter (Miller Thomson LLP, April 15, 2025) also claims legal fees of $2,000.00; personal guarantors named Gasper Galifi and Nathaniel Sherman · page: 10 · as of: 2025-04-15 · amount: 1923076.9 · debtor: 1000200839 Ontario Inc. · creditor: Silver Leaf Rock Developments Inc. · currency: CAD · security: Security over other property owned by the Debtor (Blocks 12-20, Plan 12M695, Lasalle, Ontario); NOI issued under BIA s.244 accompanied demand letter, implying secured status; specific instrument not detailed in excerpt