Ontario · Receivership (court-appointed)
Affidavit of L. Meunier dated April 14, 2025
Affidavit · 14 April 2025
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What we verified from this filing2 verified
- secured creditorsnote: Indebtedness continues to accrue interest at $473.35/diem plus legal and other fees/expenses; Term Loan principal was $2.8 million per Commitment Letter dated June 29, 2023 as amended Aug 30, 2024; secured also by unlimited personal guarantee of Kamal Patel, sole director/officer of the Debtor (related party guarantor) · page: 2 · as of: 2025-04-01 · amount: 2999758.26 · debtor: 2338486 Ontario Limited · creditor: ICICI Bank Canada · currency: CAD · security: First-ranking charge/mortgage on 392 & 398 Erb Street West, Waterloo (Instrument No. WR1517871, registered Aug 4, 2023, in the original principal amount of $2,800,000 - a registered principal, not the balance); general security agreement (GSA) dated June 29, 2023 over all present and after-acquired personal property (excl. consumer goods), registered under PPSA June 29, 2023; general assignment of rents and leases (GAR) dated June 29, 2023, registered as Instrument No. WR1517872
- secured creditorsnote: Also acted as financial advisor to the Debtor; the granting of this security interest to CORFinancial constituted a further default under the Commitment Letter, which prohibited the Debtor from granting security without Bank consent · page: 7 · as of: 2025-01-28 · amount: 50000 · debtor: 2338486 Ontario Limited · creditor: CORFinancial Corp. · currency: CAD · security: PPSA security interest registered against the Debtor; further details of the registration unknown to the Bank