Ontario · Receivership (court-appointed)
Application Record of the Plaintiff, Prudent Excellent Mortgage Investment Corporation dated February 22, 2022
Application / notice of application · 22 February 2022
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 filing13 verified
- applicantPRUDENT EXCELLENCE MORTGAGE INVESTMENT CORPORATION
- courtSUPERIOR COURT OF JUSTICE (COMMERCIAL LIST)
- court file noCV-22-00677227-00CL
- 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
- appointeeBDO CANADA LIMITED
- appointee roleProposed Receiver
- commencement date22 February 2022
- secured creditorsnote: Lien claimant asserting priority over Prudent Charge via litigation · page: 22 · as of: 2021-04-30 · amount: 16385.15 · debtor: Triumph Development HK Bradford Twin Regency Inc. · creditor: Gerrits Engineering Limited · currency: CAD · security: Construction Lien registered April 30, 2021 as instrument SC1776388
- secured creditorsnote: Lien claimant asserting priority over Prudent Charge via litigation; Triumph disputes the debt underlying this lien in its statement of defence (disputed claim, alleges Delbrook never supplied materials/services); Ali Haj-Shafiei and Mohammad Mehdi Haj-Shafiei are directors and were previously directors of the Debtor · page: 22 · as of: 2021-04-06 · amount: 1404036.78 · debtor: Triumph Development HK Bradford Twin Regency Inc. · creditor: Delbrook Triumphant Builders Inc. · currency: CAD · security: Construction Lien registered April 6, 2021 as instrument SC1768859
- secured creditorsnote: Lien claimant asserting priority over Prudent Charge via litigation; Triumph disputes the debt underlying this lien in its statement of defence (disputed claim); Mohammad Mehdi Haj-Shafiei is a director and was previously a director of the Debtor · page: 22 · as of: 2021-04-06 · amount: 1870538.95 · debtor: Triumph Development HK Bradford Twin Regency Inc. · creditor: 10853828 Canada Inc. · currency: CAD · security: Construction Lien registered April 6, 2021 as instrument SC1768866
- secured creditorsnote: Registered principal amount, not a confirmed outstanding balance; registered without Prudent's prior written consent contrary to Loan Agreement/Prudent Charge terms; Debtor's principal (Mr. Shen) had no explanation for this charge and stopped responding to inquiries · page: 25 · debtor: Triumph Development HK Bradford Twin Regency Inc. · creditor: Xiaofeng Fu and Meng Sun · currency: CAD · security: Third Charge/Mortgage registered July 12, 2021 as instrument SC1802980, principal amount (registered ceiling) $10,000,000
- secured creditorsnote: Vendor-take-back first mortgage; amount is per Notice of Sale dated February 3, 2022 requiring payment in full by March 10, 2022 · page: 26 · as of: 2022-02-03 · amount: 2067684.93 · debtor: Triumph Development HK Bradford Twin Regency Inc. · creditor: Vander Kooij (Leni Vander Kooij and Peter Vander Kooij) · currency: CAD · security: VTB Charge/Mortgage registered June 19, 2017 as instrument SC1421256, originally $2,795,000 principal, reduced to $2,000,000 principal per Agreement to Amend Charge (Vander Kooij Notice) registered June 20, 2019 as instrument SC1602179
- secured creditorsnote: Amount per Notice of Sale dated November 4, 2021; principal outstanding $600,000 plus 3 months' additional interest $15,750, default administration fee $2,000, legal costs $4,385. Prior demand letter dated October 25, 2021 stated total indebtedness of $603,695. Personal guarantees given by Lu Shen and Yuerong Wang. · page: 158 · as of: 2021-11-04 · amount: 622135 · debtor: Triumph Development HK Bradford Twin Regency Inc. · creditor: Prudent Excellence Mortgage Investment Corporation · currency: CAD · security: Second Charge/Mortgage registered March 5, 2021 as instrument SC1760648, principal amount $800,000