R.D.E. Ventures Inc.

R.D.E. Ventures Inc. has been under court-appointed receivership in Alberta since August 16, 2019, under BIA s. 243 and provincial Judicature Act authority; the proceeding is closed. National Bank of Canada, described as the fulcrum creditor, was owed $11.1 million as of July 8, 2019 under four credit facilities secured by a general security agreement registered in the Alberta, British Columbia and Saskatchewan personal property registries, which Blakes opined was valid and enforceable in Alberta and British Columbia subject to standard qualifications. Ranking ahead of the bank were approximately 25 equipment lessors or lenders holding security in roughly 250 capital assets. The Receiver retained a $122,000 holdback for four garage keepers' liens registered against three pieces of equipment in the Wolverine Transaction, and a $400,000 holdback against a CRA deemed trust claim for unremitted payroll source deductions from January to August 2019, which the Receiver disputed.