British Columbia · Receivership (court-appointed)
Petition to the Court
Application / notice of application · 7 July 2023
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 filing8 verified
- applicantRoyal Bank of Canada
- commencement date7 July 2023
- courtIN THE SUPREME COURT OF BRITISH COLUMBIA
- court file no23 2362
- appointeeMNP Ltd.
- appointee rolereceiver
- secured creditorsnote: Guarantor Gulnaisa Kathrada is an individual/personal guarantor; mortgage principal increased from $618,750 to $2,000,000 (registration ceiling now secures all obligations, not a balance) · page: 6 · as of: 2023-07-05 · amount: 585422.87 · debtor: LAH Holdings Ltd. · creditor: Royal Bank of Canada · currency: CAD · security: General security agreement dated Aug 6, 2021 (BC PPR Base Reg. No. 064689N); site-specific security agreement dated Mar 25, 2021 over Unit 118 - 18525 53rd Ave, Surrey, B.C. (BC PPR Base Reg. No. 857102M); collateral mortgage dated Mar 25, 2021, registered New Westminster LTO CA88748211, originally in the principal amount of $618,750, later modified pursuant to the Second Amendment (Apr 6, 2023) to increase the principal to $2,000,000 and to secure all present and future obligations of the Borrowers to RBC; guarantee and postponement of claim from Sourcing limited to $618,750; guarantee and postponement of claim from Gulnaisa Kathrada limited to $618,750
- secured creditorsnote: Facilities comprised a revolving demand loan (limit $1,500,000) and a corporate credit card facility (limit $57,500) - facility limits, not balances; guarantors Gulnaisa and Faizel Kathrada are individuals/personal guarantors · page: 6 · as of: 2023-07-05 · amount: 1570899.45 · debtor: LAH Sourcing Ltd. · creditor: Royal Bank of Canada · currency: CAD · security: General security agreement dated Aug 6, 2021 (BC PPR Base Reg. No. 064109N); Holdings GSA also secures Sourcing obligations; guarantee and postponement of claim from Holdings limited to $1,557,500; guarantee and postponement of claim from Gulnaisa and Faizel Kathrada limited to $600,000; EDC guarantee dated Aug 6, 2021 as additional security