British Columbia · Receivership (court-appointed)
Affidavit #1 of Claudia Dennison
Affidavit · 23 August 2023
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 filing4 verified
- secured creditorspage: 4 · debtor: Con-Tech Systems Ltd. · creditor: Meridian Onecap Credit Corp. · currency: CAD · security: Registered financing statement in the BC Personal Property Registry against some or all of Con-Tech's personal property (per PPR search dated July 19, 2023)
- secured creditorsnote: The $1,507,000 loan principal is owed by the Aschenbroichs personally as Borrowers, not directly by Con-Tech; Con-Tech's exposure to Lanyard is as Guarantor. $606,059.16 of this loan was used to pay out the (now discharged) Domain Mortgage Corp. loan and $860,272.13 was paid to Con-Tech · page: 4 · debtor: Con-Tech Systems Ltd. · creditor: LFC Webster19 Limited Partnership ("Lanyard LP"), by its general partner Lanyard Investments Inc. ("Lanyard GP") · currency: CAD · security: Registered financing statement in the BC PPR against some or all of Con-Tech's personal property; Con-Tech is Guarantor under an unlimited guarantee of the $1,507,000 principal Lanyard Loan (facility letter dated May 21, 2019) made to Horst Karl Aschenbroich and Hildegard Elfriede Aschenbroich, with a first-ranking GSA over the Borrower's personal property and (per Facility Letter Schedule A cl. V(g)) an indemnity-secured security interest over the present and after-acquired personal property of the Borrower and each Guarantor (except consumer goods) pending registration of the formal Security Documents
- secured creditorsnote: $655,000 principal Aventus Loan was made to Horst Karl Aschenbroich and Hildegard Elfriede Aschenbroich personally (per direction to pay dated January 25, 2022); Con-Tech's specific guarantee/security terms for this loan are not detailed in the excerpted pages · page: 4 · debtor: Con-Tech Systems Ltd. · creditor: Aventus Capital Corp. · currency: CAD · security: Registered financing statement in the BC PPR against some or all of Con-Tech's personal property
- secured creditorsnote: Related party (founders'/director's estates). Amount is an estimate/floor - affiant believes Con-Tech is indebted to the Petitioners 'in an amount in excess of $7 million'; precise amount secured by the GSI not yet determined pending detailed review of books and records; underlying advances reportedly include amounts funded via Domain, Lanyard and Aventus loans (all secured by Aschenbroichs' personal assets) and Bank of Nova Scotia lines of credit to Horst and Hildegard personally (amounts advanced to Con-Tech from those LOCs not known to affiant) · page: 5 · amount: 7000000 · debtor: Con-Tech Systems Ltd. · creditor: Estate of Horst Karl Aschenbroich and Estate of Hildegard Elfriede Aschenbroich · currency: CAD · security: General Security Instrument (GSI) dated August 5, 2005 over all present and after-acquired personal property of Con-Tech; perfected by PPR registration No. 9685191 made November 23, 2015 and renewed October 20, 2020