Ontario · Receivership (court-appointed)
Receiver's Motion Record Returnable January 14, 2025 ( Stalkinmg Horse Sale Procedure)
Application / notice of application · 14 January 2025
A plain-language read of this filing opens with a subscription.
What we verified from this filing11 verified
- applicantAFC MORTGAGE ADMINISTRATION INC.
- commencement date5 January 2026
- courtSUPERIOR COURT OF JUSTICE (COMMERCIAL LIST)
- court file noCV-25-00746724-00CL
- statutory basisS. 243(1) OF THE BANKRUPTCY AND INSOLVENCY ACT, R.S.C. 1985, C.B-3, AS AMENDED, AND SECTION 101 OF THE COURTS OF JUSTICE ACT, R.S.O 1990 C. C43, AS AMENDED
- appointeeROSEN GOLDBERG INC.
- appointee roleReceiver
- secured creditorsnote: Notice of Motion states an approximate indebtedness of $7,076,736.98 as at January 4, 2026, plus interest, costs and expenses continuing to accrue. Earlier exact dated balances on the same debt: Lender Payoff Statement showed $6,180,651.93 as of June 4, 2025 (per diem $3,121.06); BIA Notice of Intention to Enforce Security dated June 13, 2025 stated total amount due of $6,180,651.93; an updated payout statement dated September 5, 2025 showed $6,453,491.61 plus daily interest of $2,977.42. The loan is personally guaranteed by Sohail Siddiqui, the Debtor's Officer and Director. · page: 11 · as of: 2026-01-04 · amount: 7076736.98 · debtor: Wasaga Heights Inc. · creditor: AFC Mortgage Administration Inc. · currency: CAD · security: AFC Charge - second registered charge (Instrument No. SC1933143, registered September 27, 2022) with registered principal amount of $3,640,000, increased by notice (Instrument No. SC2008063, registered September 14, 2023) to a registered principal amount of $4,475,000; also secured by a general assignment of rents and a general security agreement; AFC is the only party with a PPSA registration against the Debtor's personal property (covering general security agreement, assignments of rents and leases, and guarantee).
- secured creditorsnote: Registered/principal amount only, not a stated outstanding balance. The 225 Ontario Charge was contractually postponed in favour of the AFC Charge by registered postponements. The Receiver has not received copies of the underlying 225 Ontario loan documents. · page: 22 · debtor: Wasaga Heights Inc. · creditor: 2251055 Ontario Inc. · currency: CAD · security: 225 Ontario Charge - first registered charge (Instrument No. SC1517147, registered June 13, 2018) in the principal amount of $300,000, together with a general assignment of rents (Instrument No. SC1517148).
- secured creditorsnote: No dollar charge amount stated for this registration; priority is established via postponement of other registered charges in the Town's favour, not a registered monetary charge. · page: 22 · debtor: Wasaga Heights Inc. · creditor: The Corporation of the Town of Wasaga Beach · currency: CAD · security: Notice registered pursuant to section 71 of the Land Titles Act relating to a site plan agreement between the Debtor and the Town dated May 21, 2024; the AFC Charge and the 225 Ontario Charge are each subject to postponements in favour of the Town in respect of this notice.
- secured creditorsnote: Approximate figure ('approximately $93,000') as stated in the endorsement of Justice Dietrich; distinct from the site-plan-agreement notice registration and not a registered PPSA/land charge amount, but municipal tax arrears carry statutory priority. · page: 58 · as of: 2025-08-14 · amount: 93000 · debtor: Wasaga Heights Inc. · creditor: The Corporation of the Town of Wasaga Beach (property tax arrears) · currency: CAD · security: Municipal property tax arrears (statutory priority lien) for the 2024 and 2025 tax years.