Luxury and Sports Cars (2236715 Ontario Limited)

Luxury and Sports Cars (2236715 Ontario Limited) is the subject of a court-appointed receivership application brought under BIA s. 243 and the provincial Judicature Act. Royal Bank of Canada's application states total indebtedness of approximately $450,284.84 in principal and interest, plus accruing interest and recovery costs, as of April 9, 2018, secured by a General Security Agreement dated June 10, 2013 over all present and after-acquired personal property of the debtor, together with separate PPSA registrations against certain specific vehicles. The debtor and guarantors entered a Forbearance Agreement dated May 11, 2018 under which the debtor gave a Secured Consent to the appointment of an interim receiver. The obligations are also personally guaranteed by Hossein Totonchian and Tana Totonchian, limited to $490,000.00 plus interest from the date of demand at RBC prime plus 5.0%.