Ontario · Receivership (court-appointed)
Application Record
Application / notice of application · 18 April 2024
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 filing11 verified
- applicantMERIDIAN CREDIT UNION LIMITED
- commencement date18 April 2024
- courtONTARIO SUPERIOR COURT OF JUSTICE (COMMERCIAL LIST)
- court file noCV-24-00718667-00CL
- statutory basissection 243(1) of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, as amended, section 68 of the Construction Act, R.S.O. 1990, c. C.30, and section 101 of the Courts of Justice Act, R.S.O. 1990, c. c-43, as amended
- appointeeEY
- appointee roleReceiver
- secured creditorsnote: Ranks ahead of the Westmount Mortgage (Westmount Fiera Postponement) but behind the Meridian Mortgage; no outstanding balance stated — $14,300,000 is registered principal, not a balance. · debtor: 2486357 Ontario Inc., TRAC Developments Inc. · creditor: Fiera FP Real Estate Financing Inc. and Fiera FP Real Estate Financing Fund, L.P. · currency: CAD · security: Mortgage/charge dated March 6, 2020, registered principal $14,300,000 (Fiera Mortgage), against the Mortgaged Lands (PIN 21365-0009(LT) and PIN 21365-0346(LT)).
- secured creditorsnote: Approximate indebtedness per affidavit as at April 9, 2024. Earlier Demand Letter (Nov 16, 2023) and Notice of Intention to Enforce Security stated exact Indebtedness of $40,794,919.76 as at November 14, 2023 (Construction Loan principal $38,619,669.32 + accrued interest $676,043.56 + fees $5,000; Swingline principal $199,834.73 + interest $619.21 + fees $25; undrawn Letters of Credit $1,257,260; legal fees $36,467.94). Facility limits (not balances): Demand Loan (Construction) up to $47,039,338; Standby LC facility up to $2,000,000. Ranks ahead of Westmount Mortgage per Westmount Meridian Postponement (registered March 6, 2020). Repayment jointly and severally guaranteed by individual guarantors Michael Giamou and Chris Giamou (personal guarantees dated Feb 25, 2020). · as of: 2024-04-09 · amount: 42252410.97 · debtor: 260 High Park Limited Partnership, TRAC Developments Inc., 2486357 Ontario Inc. · creditor: Meridian Credit Union Limited · currency: CAD · security: First-ranking mortgage/charge against the Mortgaged Lands (PINs 21365-0346(LT) and 21365-0009(LT)) dated March 6, 2020, registered principal $50,000,000 (Meridian Mortgage); General Security Agreement over all personal property of 260 High Park LP and 2486357 Ontario Inc. dated Feb 25, 2020; Assignment of Rents and Leases; Assignment of Material Contracts; joint and several completion/cost-overrun funding undertaking.
- secured creditorsnote: Ten liens totalling $14,069,187 registered against PIN 21365-0346(LT) between Dec 21, 2023 and March 18, 2024: Knightsbridge Group Canada Inc. ($3,412,584 x2), 8230498 Canada Inc. o/a Knightsbridge Group Canada Inc. ($2,932,110), Construction One Contracting Inc. ($987,006 and $1,123,200), Anax Inc. ($300,241), Topcrete Forming Inc. ($615,856), Clark Construction Management Inc. ($1,029,348), Top Line Metalworks ($164,840), Dolente Concrete & Drain Company Limited ($91,418). Three of these liens (8230498 Canada Inc. $2,932,110; Anax Inc. $300,241; Clark Construction Management Inc. $1,029,348) were also registered against PIN 21365-0009(LT). · amount: 14069187 · debtor: TRAC Developments Inc. (PIN 21365-0346(LT)); three of the liens also registered against 2486357 Ontario Inc. (PIN 21365-0009(LT)) · creditor: Construction lien claimants (multiple contractors) · currency: CAD · security: Construction liens registered under the Construction Act (Ontario) against title to the Mortgaged Lands.
- secured creditorsnote: Subordinated: postponed in favour of the Meridian Mortgage (Westmount Meridian Postponement, registered March 6, 2020) and in favour of the Fiera Mortgage (Westmount Fiera Postponement); no outstanding balance stated in the document — $20,000,000 is the registered principal, not a balance. · debtor: TRAC Developments Inc., 2486357 Ontario Inc. · creditor: Westmount Guarantee Services Inc. · currency: CAD · security: Mortgage/charge dated November 23, 2018, registered principal $20,000,000 (Westmount Mortgage), against the Mortgaged Lands (PIN 21365-0009(LT) and PIN 21365-0346(LT)); also acts as deposit insurer for the Project and retains priority over pre-sale purchaser deposits held in trust with 260 High Park's counsel.