#Order
The court appointed msi Spergel inc. as receiver, on the application of Royal Bank of Canada. Court file CV-24-00725845-00CL.
Source: Order of the Honourable Justice Cavanagh dated September 10, 2024
Gifft Express Inc.
FollowActive
- Proceeding
- Receivership (court-appointed)section 243(1) of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, as amended (the "BIA") and section 101 of the Courts of Justice Act, R.S.O. 1990, c. C.43, as amended (the "CJA")
- File
- CV-24-00725845-00CL
OverviewSummary updated
Gifft Express Inc. is the subject of insolvency proceedings of unspecified type. Royal Bank of Canada holds security including an Equipment Lease and a General Security Agreement dated July 31, 2023 covering all personal property of the borrower. As of June 17, 2024, RBC's Demand Letter (Exhibit G) put arrears on the Equipment Lease at $480,300.29, with payments at least two months behind. A further Demand Letter dated June 18, 2024 put $3,861,433.20 owing under credit facility 75373994-002, in arrears since May 9, 2024, exclusive of legal fees, disbursements and accruing interest. Two directors, Rejoy and Prince, gave personal guarantees each limited to $3,850,000.00 with accompanying postponement and assignment of claim forms; RBC has not sought relief against them but reserves the right to do so.
Proceedings AIAsk this case — answers cite the filings
Case updates11 dated entries
#Order
Commercial Endorsement of the Honourable Justice Cavanagh dated September 10, 2024 — Endorsement / reasons
8 earlier updates, back to 10 September 2024 — subscribers.
Parties
Debtor
Gifft Express Inc.
Receiver
msi Spergel inc.
Capital structureAs asserted in the filings
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | Royal Bank of Canada · in 556 casesGeneral Security Agreement (Bank's form 924) constituting a first-ranking security interest in all personal property of the Borrower, per Credit Agreements dated July 31, 2023 — Amount owing as of June 18, 2024 per Demand Letter (Exhibit G), exclusive of legal fees, disbursements and accruing interest; demand loan under credit facility 75373994-002 in arrears since May 9, 2024; personal guarantees exist from directors (Rejoy Guarantee and Prince Guarantee), individuals not named per instruction; guarantees each state a $3,850,000.00 limit (not a balance) per Bank's form 812; postponement and a · as of 18 Jun 2024 | $3.86M | Application Record of Royal Bank of Canada dated August 16, 2024 - Part 2 |
This proceeding was commenced by a secured creditor. The record does not include the debtor’s own statement of assets and liabilities — that ceiling is the record’s, not this page’s.
Documents
11 filings
| Date | Document | File |
|---|---|---|
Commercial Endorsement of the Honourable Justice Cavanagh dated September 10, 2024
| PDF · Subscribers | |
Order of the Honourable Justice Cavanagh dated September 10, 2024
| PDF · Subscribers | |
| Service List dated August 23, 2024 | PDF · Subscribers | |
Application Record of Royal Bank of Canada dated August 16, 2024 - Part 1
| PDF · Subscribers | |
Application Record of Royal Bank of Canada dated August 16, 2024 - Part 2
| PDF · Subscribers | |
| Application Record of Royal Bank of Canada dated August 16, 2024 - Part 3 | PDF · Subscribers | |
| Application Record of Royal Bank of Canada dated August 16, 2024 - Part 4 | PDF · Subscribers | |
| Application Record of Royal Bank of Canada dated August 16, 2024 - Part 5 | PDF · Subscribers | |
| Application Record of Royal Bank of Canada dated August 16, 2024 - Part 6 | PDF · Subscribers | |
| Application Record of Royal Bank of Canada dated August 16, 2024 - Part 7 | PDF · Subscribers | |
| Application Record of Royal Bank of Canada dated August 16, 2024 - Part 8 | PDF · Subscribers | |
Filing titles and dates are public, and so is each filing's own page. The figures read from them are for subscribers.
CiteProceedings., “Gifft Express Inc.” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 20 September 2026, https://proceedings.ca/case/gifft-express-inc