Ontario · Receivership (court-appointed)
Notice of Application dated July 8, 2025
Application / notice of application · 8 July 2025
What we verified from this filing8 verified
- applicantMORRISON FINANCIAL MORTGAGE CORPORATION
- courtSUPERIOR COURT OF JUSTICE (COMMERCIAL LIST)
- court file noCV-25-00747127-00CL
- statutory basisSUBSECTION 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. C.43, AS AMENDED
- appointeeALBERT GELMAN INC.
- appointee roleProposed Receiver
- commencement date8 July 2025
- secured creditorsnote: Loan facility comprised $10,250,000 to refinance existing debt plus credit facility for soft costs up to maximum total loan of $15,000,000 (facility limit, not balance). Debtors' obligations also guaranteed personally by Mohammed Irfan Ahmed (principal of Debtors) pursuant to Guarantee dated April 24, 2023, and by AG (1000 & 1024 Dundas St. E.) GP Inc. (related-party guarantor) pursuant to GP Guarantee dated March 2024; demand for payment on Guarantees made June 5, 2025. Document states no other mortgages or security interests registered against title to the Dundas Properties. · page: 11 · as of: 2025-06-05 · amount: 14898299.84 · debtor: AG (1000 & 1024 Dundas St. E.) GP Inc., AG (1000 & 1024 Dundas St. E.) LP, AG (1000 & 1024 Dundas St. E.) Inc. · creditor: Morrison Financial Mortgage Corporation · currency: CAD · security: First ranking Charge/Mortgage registered April 25, 2023 as Instrument No. PR4192518 ($15,000,000.00 principal, 1000 Dundas St. E.) and Instrument No. PR4192520 (1024 Dundas St. E.), cross-collateralized; General Security Agreement dated April 24, 2023 registered under PPSA (Ref. File No. 792617229); General Assignment of Rents registered April 25, 2023 as Instrument No. PR4192519 (1000 Dundas St. E.) and PR4192521 (1024 Dundas St. E.)