New Brunswick · Receivership (court-appointed)
Affidavit of Rod Randall
Affidavit · 26 March 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 filing2 verified
- secured creditorsnote: Subordinated and postponed to CWB's (Senior Lender's) security pursuant to a Subordination Agreement (with Postponement) dated December 13, 2017, notwithstanding registration order. · page: 52 · debtor: Royal Oaks Golf Club Inc. · creditor: Sunset CRE Investments I LLP · currency: CAD · security: Registered mortgage against the Property (PIDs 70344148, 70327937, 70488663); amount not stated in excerpt
- secured creditorsnote: Earlier stated balance of $1,904,896.28 as of September 22, 2023 per affidavit (para. 20), prior to the February 2024 receivership appointment letter figure used above. The 2017 facility is also personally guaranteed by Patrick Miniutti (former President of Royal Oaks; guarantee capped at $250,000) and Esmond Cloutier (director/shareholder of TW1 Oaks Inc.; guarantee capped at $250,000), and by Ron Hrynyk (director of HR Corporate Strategies Inc.; guarantee amount not stated in excerpt) - all related-party/personal guarantees. · page: 122 · as of: 2024-02-23 · amount: 2052114.29 · debtor: Royal Oaks Golf Club Inc. · creditor: Canadian Western Bank (CWB) (formerly CWB Maximum Financial Inc. / Maxium Financial Services Inc. / 1951584 Ontario Inc.) · currency: CAD · security: General Security Agreement dated December 20, 2017 (Reg. No. 21978853); General Security Agreement dated December 2, 2022 (Reg. No. 29997038); Collateral Mortgage/Assignment of Rents/Mortgage dated November 23, 2012 on PID 70344148 (Reg. Nos. 32193048, 32196165, 32196306), PID 70488663 (Reg. Nos. 32193048, 32196165, 32196397), and PID 70327937 (Reg. Nos. 32193048, 32196165, 32196272); underlying facilities were a 2012 Promissory Note ($2,150,000.00 original principal advance) and a 2017 Promissory Note ($2,150,000.00 original principal advance), both original advances, not balances.