Ontario · Receivership (private)
S245 Notice and Statement
Notice of receiver (s. 245 / Form 87) · 27 May 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 filing10 verified
- appointeeMNP Ltd.
- appointee roleReceiver
- commencement date27 May 2024
- financial positionnote: Secured claims: Bank of Montreal $390,100 (estimated); Mercedes-Benz Financial unknown. Fitness club, Mississauga, ON. The Receiver will collect the cash on hand and distribute per the priority of claims. · page: 1 · basis: The Property described in the Notice and Statement of Receiver: cash on hand $49,700. · scope: Xclusive Muscle & Fitness Club Inc. (entity level) — the receivership property is the cash on hand. · currency: CAD · total assets: 49700
- proceeding typereceivership_private
- secured creditorsnote: The amount is stated as “unknown”. · page: 1 · basis: Notice and Statement of Receiver (ss.245 & 246(1) BIA), MNP Ltd., dated May 27, 2024, item 4(d): estimated amounts owed to creditors holding security. MNP was appointed receiver May 27, 2024 under a General Security Agreement held by the Bank of Montreal (spelled “Bank of Montrael” in the notice). · debtor: Xclusive Muscle & Fitness Club Inc. · creditor: Mercedes-Benz Financial · currency: CAD · security: Listed under item 4(d) as a creditor holding security on the property.
- secured creditorsnote: Estimated amount. The notice spells the name “Bank of Montrael”. · page: 1 · basis: Notice and Statement of Receiver (ss.245 & 246(1) BIA), MNP Ltd., dated May 27, 2024, item 4(d): estimated amounts owed to creditors holding security. MNP was appointed receiver May 27, 2024 under a General Security Agreement held by the Bank of Montreal (spelled “Bank of Montrael” in the notice). · amount: 390100 · debtor: Xclusive Muscle & Fitness Club Inc. · creditor: Bank of Montreal · currency: CAD · security: General Security Agreement; BMO is the appointing lender.
- statutory basisSubsection 245 & 246 (1) of the Bankruptcy and Insolvency Act
- unsecured creditorsnote: The amount is stated as “unknown” (spelled “Mercedes Bez Financial” on the list); the same party appears under item 4(d) as a possible secured creditor. · page: 3 · basis: Creditor List attached to the same notice (p.3) — “the list of other creditors of the insolvent person and the amount owed to each creditor”. Both rows state the amount only as “unknown”. · debtor: Xclusive Muscle & Fitness Club Inc. · creditor: Mercedes-Benz Financial · currency: CAD
- unsecured creditorsnote: The amount is stated as “unknown”. Crown claim. · page: 3 · basis: Creditor List attached to the same notice (p.3) — “the list of other creditors of the insolvent person and the amount owed to each creditor”. Both rows state the amount only as “unknown”. · debtor: Xclusive Muscle & Fitness Club Inc. · creditor: Canada Revenue Agency · currency: CAD