Ontario · Receivership (court-appointed)
Application Record
Application / notice of application · 17 April 2025
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 filing8 verified
- applicantCAISSE DESJARDINS ONTARIO CREDIT UNION INC.
- courtONTARIO SUPERIOR COURT OF JUSTICE
- court file noCV-25-00001231-0000
- statutory basisSECTION 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
- commencement date8 April 2025
- secured creditorsnote: Instrument type is a 'Notice' (not a registered charge); nature and priority of the underlying claim are not further described in the record; $550,000 is the registered notice amount, not a confirmed secured balance. · page: 39 · debtor: GC King Bond GP Inc. · creditor: Markham Centre Financial Investments Inc. · currency: CAD · security: Notice registered Feb 20, 2025 under Instrument No. YR3768720 for $550,000 against the Mortgaged Lands.
- secured creditorsnote: Postponed in priority to the Caisse mortgage pursuant to a Priority Agreement dated Feb 18, 2022, but retains a first charge on purchaser deposits. No outstanding balance stated in the record; $9,000,000 is the registered charge amount. · page: 39 · debtor: GC King Bond GP Inc. · creditor: Westmount Guarantee Services Inc. · currency: CAD · security: Charge registered Feb 11, 2022 under Instrument No. YR3380650 in the amount of $9,000,000 (registration ceiling, not a stated outstanding balance) against the Mortgaged Lands, granted in connection with Tarion Warranty statutory deposit/warranty coverage and excess deposit insurance provided to the Debtor.
- secured creditorsnote: Exact dated balance is the 'Statement Date Debt' set out in the Forbearance Agreement (as at Jan 27, 2025): Loan No.2 $1,043,234.52; Loan No.5 principal $24,769,968.30 + accrued interest $856,974.36; Perley legal fees $2,912.32; Gowling WLG legal fees $45,881.71; Municipal certificate $780.00 = $26,673,869.50. The Notice of Application (prose) states an approximate indebtedness of $26,681,819.03 as of March 14, 2025. A separate payout statement figure of ~$26,047,672 appears in November 2024 correspondence (superseded/earlier figure). Debt is also guaranteed jointly and severally by corporate guarantors (Green City Investment Inc., SNJ Investment and Asset Management Co. Ltd., TLP Real Estate Inc., Nebula Media Corp., GC King Bond GP Inc.) and individual personal guarantors (Lin Zhang, Yan Zhu, Yingchun Jiao, Bing Zhou, Qingqing Li, Jian Cheng, Xiaojun Cong, Yinuo Cheng). · page: 393 · as of: 2025-01-27 · amount: 26673869.5 · debtor: GC King Bond Limited Partnership (by its general partner GC King Bond GP Inc.) · creditor: Caisse Desjardins Ontario Credit Union Inc. · currency: CAD · security: Continuing first collateral mortgage charge (principal $62,000,000, registered Feb 18, 2022, Instrument No. YR3383732) over the Mortgaged Lands; first-priority ranking General Security Agreement over all present and after-acquired personal property (registered PPSA, File No. 776409111); General Assignment of Rents and Leases (Instrument No. YR3383733); Assignment of Insurance; Assignment of Material Contracts; General Assignment of Agreements of Purchase and Sale; Beneficial Ownership Acknowledgment, Consent and Charge; Joint and Several Cost Overrun and Completion Agreement; Priority Agreement with Westmount Guarantee Services Inc. (Caisse first ranking except as to Westmount's purchaser-deposit charge).