Ontario · Receivership (court-appointed)
Application Record of the Applicant dated January 3, 2025
Application / notice of application · 3 January 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 filing11 verified
- applicantMERIDIAN CREDIT UNION LIMITED
- courtSUPERIOR COURT OF JUSTICE
- court file noCV-24-00733400-00CL
- statutory basissection 243 (1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act
- appointeemsi Spergel Inc.
- appointee roleProposed Receiver
- commencement date16 December 2024
- secured creditorsnote: Amount is the registered principal of the charge, not a stated balance. Registered without Meridian's required written consent, in breach of the Credit Agreement's negative-covenant restricting further encumbrances. · page: 27 · as of: 2024-07-16 · debtor: 2465 Brock Rd Development Inc. · creditor: New Canadian Capital Inc. · currency: CAD · security: Charge registered against Brock Road Property, Instrument No. DR2332390, in the registered principal amount of $200,000.00; also holds a Notice of Assignment of Rents registered as Instrument No. DR2332391 on the same date
- secured creditorsnote: Amount is the registered principal of the charge, not a stated balance. Registered without Meridian's required written consent, in breach of the Credit Agreement's negative-covenant restricting further encumbrances. · page: 27 · as of: 2024-02-08 · debtor: 2465 Brock Rd Development Inc. · creditor: The Forty Eight Corporation · currency: CAD · security: Charge registered against Brock Road Property, Instrument No. DR2296536, in the registered principal amount of $1,500,000.00
- secured creditorsnote: Regulatory/municipal priority claim; affiant states property tax arrears take priority over Meridian's Mortgage, erode equity, and diminish Meridian's security (per Tax Certificate dated January 2, 2025). · page: 54 · as of: 2025-01-02 · amount: 18234.39 · debtor: 2465 Brock Rd Development Inc. · creditor: City of Pickering (municipal property tax arrears) · currency: CAD · security: Statutory municipal property tax lien on the Brock Road Property
- secured creditorsnote: Exact dated balance per Nov 1, 2024 demand letter and Notice of Intention to Enforce Security: principal $13,724,560.02 + accrued interest $197,276.45 + administrative fee $2,900.00 = $13,924,736.47 as of Oct 31, 2024 (prose in application also cites this figure). Also secured by personal guarantee of Sacha Singh (director, related party) and corporate guarantee of 9319697 Canada Ltd. (related party), each limited to $13,800,000.00. · page: 146 · as of: 2024-10-31 · amount: 13924736.47 · debtor: 2465 Brock Rd Development Inc. · creditor: Meridian Credit Union Limited · currency: CAD · security: First-ranking collateral mortgage/charge registered June 22, 2023 as Instrument No. DR2240625 for $15,250,000.00 (registered principal, not a balance); General Security Agreement dated June 14, 2023, perfected under the Ontario PPSA; Notice of Assignment of Rents registered June 22, 2023 as Instrument No. DR2240626; demand loan of $13,800,000.00 advanced under Credit Agreement/Commitment Agreement dated June 22, 2023