2508342 Ontario Inc. o/a Ultramar

2508342 Ontario Inc., operating as Ultramar, was placed in court-appointed receivership on November 28, 2018 in the Ontario Superior Court of Justice, under section 243 of the Bankruptcy and Insolvency Act and provincial Judicature Act authority. The application followed a demand by Bank of Montreal, described as the company's senior secured creditor, which delivered a Notice of Intention to Enforce Security by letter dated October 18, 2018. The bank's position rested on a General Security Agreement dated June 6, 2016, a mortgage registered June 9, 2016 with Standard Charge Terms, a fixed rate term loan and an overdraft demand loan both dated June 6, 2016, a commercial letter of credit and a promissory note. No balance owing is stated in the record. The proceeding is closed.