Taxes, Maintenance and Insurance (“TMI”)(CTA)

Ivorylane Corp. v. Country Style Realty Ltd., 2005 CanLII 21861 (ON CA)

[2] On December 13, 2001, Country Style Realty Limited sought and obtained court protection pursuant to the Companies’ Creditors Arrangement Act R.S.C. 1985, Chapter 36, as amended (the “CCAA”). As a result, all pending and potential proceedings against it were stayed pending negotiation and approval of a plan of compromise or arrangement between the company and its creditors. At the time, Country Style was in arrears in the payment of the portion of its rent pertaining to adjusted taxes, maintenance and insurance (“TMI”) respecting a fast-food retail outlet leased from Ivorylane Corporation and located near Shanty Bay, Ontario. The arrears amount to $146,892.12.