1731861 ONTARIO INC. operating as PLASTICAP

1731861 Ontario Inc., operating as Plasticap, is in a court-appointed receivership under section 243 of the Bankruptcy and Insolvency Act, commenced 23 May 2023 in the Ontario Superior Court of Justice under court file CV-22-00691955-00CL. The proceeding is active. The secured position is held by Royal Bank of Canada under a General Security Agreement dated 26 July 2020 covering all present and after-acquired personal property and undertaking of the debtor, supported by personal guarantees and postponements of claim from Peter J. Gossmann and Thomas F. Lato, both officers and directors. As of 19 December 2022, RBC's Canadian-dollar operating and Visa facilities stood at $1,301,055.16, a figure that excludes two term loans referenced in the credit agreement and legal fees, with a further US$41,323.24 on the US Visa facility. A CRA deemed-trust claim for source deductions and HST was put at approximately $100,000 as of 17 November 2022.