Ontario · Receivership (court-appointed)
Application Record of The Toronto-Dominion Bank (for motion returnable November 3, 2023)
Application / notice of application · 3 November 2023
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- applicantTHE TORONTO-DOMINION BANK
- courtSUPERIOR COURT OF JUSTICE
- court file noCV-23-00002368-0000
- appointeeAlbert Gelman Inc.
- appointee roleProposed Receiver
- commencement date25 October 2023
- secured creditorsnote: Total Indebtedness comprised of: Operating Loan $202,116.28 (limit $200,000.00); Term Loan 1 $1,397,637.03 (limit $1,384,362.00); Term Loan 2 $201,455.29 (limit $205,929.00); TD Business Visa $86,151.50 (limit $80,000.00); CEBA loan $60,000.00. Exact dated balance confirmed in demand letter of October 20, 2023 (Exhibit J). Also secured by unlimited personal guarantees from James Arnold and Kelly McDonnell (individuals - related parties/principals) and a guarantee/GSA from James Arnold Professional Corporation. · page: 11 · as of: 2023-10-19 · amount: 1947360.1 · debtor: Cooper Professional Corporation · creditor: The Toronto-Dominion Bank · currency: CAD · security: General Security Agreement dated December 3, 2020 (Debtor GSA), perfected by PPSA financing statement registrations against the Debtor
- secured creditorsnote: Deemed trust claim (unremitted HST/RT) cited by the Bank as one of the Debtor's defaults; ranks as a quasi-governmental deemed-trust class claim. · page: 13 · as of: 2023-10-11 · amount: 144970.92 · debtor: Cooper Professional Corporation · creditor: Canada Revenue Agency · currency: CAD · security: Statutory deemed-trust claim for unremitted HST; Requirement to Pay issued to the Bank dated October 11, 2023
- secured creditorsnote: James Arnold PC is both a guarantor (unlimited guarantee dated December 3, 2020) and a grantor of its own GSA securing the Debtor's obligations to the Bank; amount excludes the CEBA loan and is per the Guarantor Demand dated October 20, 2023 (Exhibit K). James Arnold PC amalgamated with the Debtor effective February 1, 2022 per corporate profile, though treated as a distinct security grantor in the pleadings. · page: 26 · as of: 2023-10-19 · amount: 1887360.1 · debtor: James Arnold Professional Corporation · creditor: The Toronto-Dominion Bank · currency: CAD · security: General Security Agreement dated December 3, 2020 (JAPC GSA), perfected by PPSA financing statement registrations against James Arnold PC