Jade Equipment Co. Ltd. and Elvaan Group Inc.
FollowClosed
- Proceeding
- Receivership (court-appointed)BIA s. 243 / prov. Judicature Acts
Filings held34
Last activity17 Jun 2026
On the record355 days
Secured debt$5.38M
OverviewSummary updated
Jade Equipment Co. Ltd. and Elvaan Group Inc. are subject to an active court-appointed receivership under BIA s. 243 and provincial Judicature Act authority, commenced October 1, 2025, with an order dated May 20, 2026 on the record. Royal Bank of Canada is the principal secured creditor, claiming $6,067,999.62 against Jade and $5,967,999.62 against Elvaan Group as of September 12, 2025, the latter under an August 3, 2023 guarantee capped at $7,200,000, supported by first-ranking security in all present and after-acquired personal property. Related company Trenchless Utility Equipment Inc. carries floorplan debt of $12,354,450, BDC Capital Inc. debt of $4,434,877 and Toronto-Dominion Bank debt of $1,600,000 as of May 31, 2025, per a Consolidated Debt Summary on which RBC states it lacks full information.
Claims processIf you are owed money
A claims procedure has been established — see the order for deadlines.
Proceedings AIAsk this case — answers cite the filings
Case updates32 dated entries · 3 undated
#Order
Lifting Stay of Proceedings Order dated May 20, 2026 was filed.
Source: Lifting Stay of Proceedings Order dated May 20, 2026
#Filing
Motion Record of the Receiver dated May 8, 2026 (Part 1 of 2) — Application / notice of application
#Filing
Motion Record of the Receiver dated May 8, 2026 (Part 2 of 2) — Application / notice of application
#Filing
Motion Record of the Receiver dated January 16, 2026 (Part 1 of 2) — Application / notice of application
#Filing
Motion Record of the Receiver dated January 16, 2026 (Part 2 of 2) — Application / notice of application
#Filing
Notice and Statement of the Receiver dated October 9, 2025 — Notice of receiver (s. 245 / Form 87)
#Filing
Application Record dated September 15, 2025 (Part 1 of 3) — Application / notice of application
#Filing
Application Record dated September 15, 2025 (Part 2 of 3) — Application / notice of application
#Filing
Application Record dated September 15, 2025 (Part 3 of 3) — Application / notice of application
Parties
Debtor
Jade Equipment Co. Ltd. and Elvaan Group Inc.
Applicant
Royal Bank of Canada
Receiver
KPMG
Bench and counselPer the orders and service lists on the record
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Steele | Ontario Superior Court of Justice | 3 orders, May 2026 | 220 cases on record |
| Justice Conway | Ontario Superior Court of Justice | 3 orders, Jan 2026 | 285 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverKPMG | Aird & Berlis LLP | 9 Oct 2025 | Service list · 9 Oct 2025 |
| ApplicantRoyal Bank of Canada | Borden Ladner Gervais LLP | 9 Oct 2025 | Service list · 9 Oct 2025 |
| CreditorBDC Capital Inc | Brazeau Seller LLP | 9 Oct 2025 | Service list · 9 Oct 2025 |
| CreditorCWB National Leasing Inc | Miller Thomson LLP | 16 Jan 2026 | Service list · 16 Jan 2026 |
| CreditorGlobal Environmental Products | Agrozaffiro LLP | 9 Oct 2025 | Service list · 9 Oct 2025 |
| CreditorToronto-Dominion Bank | Garfinkle, Biderman LLP | 9 Oct 2025 | Service list · 9 Oct 2025 |
Capital structureAs asserted in the filings
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Mitsubishi HC Capital, Inc. (Floor Plan)Floor plan financing secured by inventory on hand — 31-Dec-24 balance was $6,649,812; also insurance loss payee; GL (2025-06) shows combined Mitsubishi floorplan of ~$3,245,976 across Trenchless/Jade sub-accounts (different snapshot/scope) — debtor: Trenchless Utility Equipment Inc. · as of 31 May 2025 | $5.38M | Application Record dated September 15, 2025 (Part 3 of 3) |
| 4 | Secured | Royal Bank of Canada (RBC) - Term Loan · in 556 casesTerm loan, 7.50% interest rate, $93,554/month installment — 31-Dec-24 balance was $5,126,532; general ledger (as of 2025-06) shows 'ROYAL BANK TERM LOAN' balance of $4,753,320.52 for Jade (different snapshot date) — debtor: Jade Equipment Co Ltd. · as of 31 May 2025 | $4.82M | Application Record dated September 15, 2025 (Part 3 of 3) |
| 4 | Secured | BDC (Business Development Bank of Canada) · in 44 casesTerm loan, BDC rate + 6%, approx. $60,000/month installment — 31-Dec-24 balance was $4,519,877; general ledger (as of 2025-06) shows 'BDC LOAN' balance of $3,919,862.56 (different snapshot date) — debtor: Trenchless Utility Equipment Inc. · as of 31 May 2025 | $4.43M | Application Record dated September 15, 2025 (Part 3 of 3) |
| 4 | Secured | Wells Fargo Equipment Finance (Floor Plan) · in 6 casesFloor plan financing secured by inventory on hand — 31-Dec-24 balance was $4,058,987; also insurance loss payee — debtor: Trenchless Utility Equipment Inc. · as of 31 May 2025 | $4.28M | Application Record dated September 15, 2025 (Part 3 of 3) |
| 4 | Secured | Huntington Commercial Finance (Floor Plan)Floor plan financing secured by inventory on hand; 10.84% interest, 36 months from invoice date — 31-Dec-24 balance was $1,776,621; also insurance loss payee — debtor: Trenchless Utility Equipment Inc. · as of 31 May 2025 | $1.67M | Application Record dated September 15, 2025 (Part 3 of 3) |
| 4 | Secured | The Toronto-Dominion Bank - Line of CreditLine of credit, credit limit $1,600,000, rate TD prime plus 1% — 31-Dec-24 balance was $1,104,623; also listed as insurance loss payee — debtor: Trenchless Utility Equipment Inc. · as of 31 May 2025 | $1.6M | Application Record dated September 15, 2025 (Part 3 of 3) |
| 4 | Secured | Amman America (Floor Plan)Floor plan financing secured by inventory on hand — 31-Dec-24 balance was $1,685,287; may correspond to 'SLR Floorplan - Ammann' referenced in general ledger — debtor: Trenchless Utility Equipment Inc. · as of 31 May 2025 | $1.56M | Application Record dated September 15, 2025 (Part 3 of 3) |
| 4 | Secured | Royal Bank of Canada (RBC) - Line of Credit · in 556 casesRevolving line of credit; combined credit limit (with Trenchless) of $1,200,000, per debt-financing schedule — 31-Dec-24 balance was $950,000; part of 'Third party financial institution debt' grouping — debtor: Jade Equipment Co Ltd. · as of 31 May 2025 | $1.1M | Application Record dated September 15, 2025 (Part 3 of 3) |
| 4 | Secured | Meridian Credit Union Limited (Floor Plan) · in 17 casesFloor plan financing secured by inventory on hand — 31-Dec-24 balance was $1,150,582; also insurance loss payee — debtor: Trenchless Utility Equipment Inc. · as of 31 May 2025 | $1.03M | Application Record dated September 15, 2025 (Part 3 of 3) |
| 4 | Secured | Auxilior Capital Partners Canada ULCFloor plan financing secured by inventory on hand; also loss payee (ATIMA/ISAOA) on property insurance — No balance shown as of 31-Dec-24; GL (2025-06) shows related 'AUXILLOR CAPITAL' notes payable of $299,630.19 — debtor: Trenchless Utility Equipment Inc. · as of 31 May 2025 | $306K | Application Record dated September 15, 2025 (Part 3 of 3) |
| 4 | Secured | VTB (Vendor Take-Back) LoanVendor take-back loan, 8% interest, $12,206/month, matures Aug-27 — Subordinated and postponed to financial institutions (per schedule comment); 31-Dec-24 balance was $350,706 — debtor: Jade Equipment Co Ltd. · as of 31 May 2025 | $301K | Application Record dated September 15, 2025 (Part 3 of 3) |
| 4 | Secured | VTB (Vendor Take-Back) LoanVendor take-back loan, 4% interest, $7,781/month, matures May-27 — Subordinated and postponed to financial institutions (per schedule comment); 31-Dec-24 balance was $225,573 — debtor: Trenchless Utility Equipment Inc. · as of 31 May 2025 | $195K | Application Record dated September 15, 2025 (Part 3 of 3) |
| 4 | Secured | RCAP Leasing Inc. · in 69 casesFloor plan/equipment financing secured by inventory/equipment; also loss payee on property insurance — No balance shown as of 31-Dec-24; general ledger (2025-06) separately records 'RCAP LEASING GRADER LEASE' of $112,510.04 attributed to Jade Equipment - possible entity attribution discrepancy — debtor: Trenchless Utility Equipment Inc. · as of 31 May 2025 | $115K | Application Record dated September 15, 2025 (Part 3 of 3) |
| 4 | Secured | Royal Bank of Canada (RBC) - Line of Credit · in 556 casesRevolving line of credit; shared credit limit of $1,200,000 with Jade portion — Schedule comment states 'Credit cards in Jade $100k and Trench $100k' - this figure may represent a corporate credit card facility rather than the RBC line of credit itself; no Trenchless balance shown at 31-Dec-24 — debtor: Trenchless Utility Equipment Inc. · as of 31 May 2025 | $100K | Application Record dated September 15, 2025 (Part 3 of 3) |
| 4 | Secured | Nations Fund I, LLCas of Policy term May 12, 2025-2026 — Loss payee (ISAOA) on blanket property insurance policy covering Elvaan Group Inc., Trenchless Utility Equipment Inc. and Jade Equipment Co Ltd. — Amount/balance not disclosed in these pages | — | Application Record dated September 15, 2025 (Part 3 of 3) |
| 4 | Secured | De Lage Landen · in 16 casesas of Policy term May 12, 2025-2026 — Loss payee on blanket property insurance policy covering Elvaan Group Inc., Trenchless Utility Equipment Inc. and Jade Equipment Co Ltd. — Amount/balance not disclosed in these pages | — | Application Record dated September 15, 2025 (Part 3 of 3) |
| 5 | PMSI / lessors | PPSA equipment financiers (PMSI class) · in 183 casesSerialized vehicle liens/leases per fleet insurance schedule: 'Wallace' (multiple light/medium duty trucks), 'BMW' (2 private passenger vehicles), 'Taylor-Made Auto Credit' (2023 Dodge 1500, VIN 1C6SRVT9PN615851) — No loan balances stated; existence of PMSI/lease interests only — debtor: Trenchless Utility Equipment Inc.; Jade Equipment Co Ltd. (specific serialized vehicles) | — | Application Record dated September 15, 2025 (Part 3 of 3) |
“not stated” means the record names the claim without a figure; “—” means not in the extracted record.
RecoveriesAs declared or paid
Unsecured creditors: no distribution. Royal Bank of Canada $915K.EstimatedTrustee's Preliminary Report · 17 Jun 2026
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Secured | Royal Bank of Canada | — | $915Kinterim | Finalper the receiver | Trustee's Preliminary Report · 17 Jun 2026 |
| Unsecured | — | — | no distribution | Estimatedper the trustee | Trustee's Preliminary Report · 17 Jun 2026 |
Each row is one filing's statement, copied as it reads and never computed. "Estimated" is the officer's forecast; "Under the plan" is the plan's or proposal's own term; "Final" is a declared or paid distribution; a row with no chip states no footing. A range is the two numbers stated; "of proven claims" is the document's own denominator.
Fees and ratesAs stated in the filings
3 engagements · 2 firms — latest: Aird & Berlis LLP, 1 Feb – 28 Feb 2026, $2,971.60 in feesSecond Report of the Receiver dated May 7, 2026 (Part 2 of 2) · 7 May 2026
| Firm | Period | Hours | Fees | Rates | Source | ||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Aird & Berlis LLPCounsel to the receiverperiod 2 of 2 | 1 Feb – 28 Feb 2026 | 5.9 | $2,971.60ex. tax | $310 – $6005 people | Second Report of the Receiver dated May 7, 2026 (Part 2 of 2) · 7 May 2026 | ||||||||||||||||||||||||||||||
5 people — Aird & Berlis LLP, 1 Feb – 28 Feb 2026
| |||||||||||||||||||||||||||||||||||
| Aird & Berlis LLPCounsel to the receiverperiod 1 of 2 | — | 6.9 | $3,629.70ex. tax | $519 – $6002 people | Second Report of the Receiver dated May 7, 2026 (Part 2 of 2) · 7 May 2026 | ||||||||||||||||||||||||||||||
2 people — Aird & Berlis LLP, —
| |||||||||||||||||||||||||||||||||||
| KPMG Inc.Receiver | — | — | — | $454.04stated average | Motion Record of the Receiver dated May 8, 2026 (Part 1 of 2) · 8 May 2026 | ||||||||||||||||||||||||||||||
Top rate $600 · 15th percentile of counsel rates, 2026 · of 69
Estate financialsReported figures — never derived
Total assets at filing$9.48M
Total liabilities at filing$8.71M
As at 29 Sep 2025 · per Unaudited internal financial statements / book values (assets, generated Sept 30, 2025); estimated liabilities per Debtors' books and records as at Date of Appointment (Sept 29, 2025) · Asset figures are entity-specific to Jade Equipment Co. Ltd. only (as of Sept 30, 2025); liability figures are combined for the Debtors (Jade Equipment Co. Ltd. and Elvaan Group Inc.) as at the Date of Appointment (Sept 29, 2025) — EGI is a non-operating holding company with no material assets other than its interests in Jade and Trenchless; asset table (book values, may differ materially from realizable value) covers Jade only, while liability table covers both Debtors combined, creating a scope mismatch between the two figures
Documents
34 filings
| Date | Document | File |
|---|---|---|
Trustee's Preliminary Report dated June 17, 2026
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| Notice to Creditors | ||
| Certificate of assignment dated May 28, 2026 | ||
Distribution and Discharge Order dated May 20, 2026
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Endorsement of Justice Steele dated May 20, 2026
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Lifting Stay of Proceedings Order dated May 20, 2026
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Service list as of May 13, 2026
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Service list as of May 12, 2026
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Motion Record of the Receiver dated May 8, 2026 (Part 1 of 2)
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Motion Record of the Receiver dated May 8, 2026 (Part 2 of 2)
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Second Report of the Receiver dated May 7, 2026 (Part 1 of 2)
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Second Report of the Receiver dated May 7, 2026 (Part 2 of 2)
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Service list as of January 28, 2026
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Ancillary Relief Order dated January 27, 2026
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Approval and Vesting Order dated January 27, 2026
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Endorsement of Justice Conway dated January 27, 2026
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Factum of the Receiver dated January 21, 2026
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First Report of the Receiver dated January 16, 2026 (Part 1 of 2)
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First Report of the Receiver dated January 16, 2026 (Part 2 of 2)
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| Motion Record of the Receiver dated January 16, 2026 (Part 1 of 2) | ||
| Motion Record of the Receiver dated January 16, 2026 (Part 2 of 2) | ||
Service list as of January 16, 2026
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Service list as of November 5, 2025
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| Notice and Statement of the Receiver dated October 9, 2025 | ||
| PPSA Service list as of October 9, 2025 | ||
Service list as of October 9, 2025
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Appointment Order dated September 29, 2025
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| Factum of the Applicant dated September 23, 2025 | ||
Application Record dated September 15, 2025 (Part 1 of 3)
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Application Record dated September 15, 2025 (Part 2 of 3)
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Application Record dated September 15, 2025 (Part 3 of 3)
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| Guide on how to complete Proof of Claim | ||
| Proof of Claim | ||
| Proxy | ||
Filing titles, dates, and extracted key facts are public.
CiteProceedings., “Jade Equipment Co. Ltd. and Elvaan Group Inc.” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 20 September 2026, https://proceedings.ca/case/jade-equipment-co-ltd-and-elvaan-group-inc