R & N Turna Holdings Incorporated and Turna’s Petroleum Incorporated
Follow- Proceeding
- Receivership (court-appointed)subsection 243(1) of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, as amended and section 101 of the Courts of Justice Act, R.S.O. 1990, c. C.43, as amended
- File
- CV-25-00000743-0000
R & N Turna Holdings Incorporated and Turna's Petroleum Incorporated were placed in court-appointed receivership on 21 March 2025, when the Ontario Superior Court of Justice appointed The Fuller Landau Group Inc. as receiver under section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act, on the application of the Royal Bank of Canada. RBC's claim is dominated by a matured term loan of $3,035,895.71, accruing interest at $245.99 a day, alongside a demand loan of $40,183.12. The Canada Revenue Agency is owed HST and income-tax remittances.
The court granted an approval and vesting order for the sale to 14351011 Canada Inc. Closing terms, as extracted: Vesting effective upon delivery of Receiver's Certificate confirming payment of purchase price and satisfaction of closing conditions. Sealed: unredacted Sale Agreement.
Source: Approval and Vesting Order
The officer filed report no. First Report. The Receiver determined that continuing to operate the Gas Station would not be profitable and elected not to continue operations during the receivership; instead it focused on marketing and selling the Arthur Property, ultimately entering into an agreement of purchase and sale now awaiting court approval.
Source: Receiver's First Report
The court appointed The Fuller Landau Group Inc. as receiver, on the application of ROYAL BANK OF CANADA. Court file CV-25-00000743-0000.
Source: Receivership Appointment Order
Debtor
R & N Turna Holdings Incorporated and Turna’s Petroleum Incorporated
Receiver
Fuller Landau
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Mitchell | Ontario Superior Court of Justice | 2 orders, Jan 2026 | 7 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverFuller Landau | Aird & Berlis LLP | 21 Jan 2026 | Factum · 21 Jan 2026 |
| ApplicantRoyal Bank of Canada | Soloway Wright LLP | 21 Mar 2025 | Order · 21 Mar 2025 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Royal Bank of Canada · in 556 casesGeneral Security Agreement dated April 16, 2021 (R&N GSA); first mortgage/charge on 40 Arthur Street West, Thornbury registered April 22, 2021; guarantees limited to $3,418,000.00 from Turna's Petroleum Incorporated and Personal Guarantors — Matured Term Loan, Loan No. 07512-54525762-002, plus per diem interest of $245.99 exclusive of accrued interest, fees, disbursements, costs and HST; total combined indebtedness (R&N + Turna) later stated as $3,076,078.83 as of Jan 16, 2025, and $3,089,363.20 as of Jan 30, 2025 (with Turna arrears growing to $50,023.66) — debtor: R & N Turna Holdings Incorp · as of 16 Jan 2025 | $3.04M | Application Record |
| 4 | Secured | Royal Bank of Canada · in 556 casesGeneral Security Agreement dated April 16, 2021 (Turna GSA); guarantees limited to $75,000.00 from R&N Inc. and Personal Guarantors — Demand Loan, Loan No. 07512-54467205-001, plus per diem interest of $8.23, exclusive of accrued interest, fees, disbursements, costs and HST; Turna Credit Facilities include revolving demand facility of $50,000 and business credit card facility of $25,000 (facility limits, not balances) — debtor: Turna's Petroleum Incorporated · as of 16 Jan 2025 | $40.2K | Application Record |
| 4 | Secured | Turna's Petroleum IncorporatedGuarantee and postponement of claim limited to the principal sum of $3,418,000.00, supported by the Turna GSA — Related party (affiliated operating company) guarantee; amount is a guarantee limit, not a stated balance — debtor: R & N Turna Holdings Incorporated | — | Application Record |
| 4 | Secured | R & N Turna Holdings IncorporatedGuarantee and postponement of claim limited to the principal sum of $75,000.00 — Related party (affiliated holding company) guarantee; amount is a guarantee limit, not a stated balance — debtor: Turna's Petroleum Incorporated | — | Application Record |
| 4 | Secured | Azaib Turna and Sandeep Turna (Personal Guarantors)Guarantee and postponement of claim limited to the principal sum of $75,000.00 — Personal guarantees by individual guarantors; guarantee limit stated, not a balance; related party — debtor: Turna's Petroleum Incorporated | — | Application Record |
| 8 | Unsecured | Canada Revenue Agency · in 926 casesUnpaid HST remittances; deemed trust class (priority payable) — debtor: Turna's Petroleum Incorporated · as of 25 Nov 2024 | $105K | Application Record |
| 8 | Unsecured | Canada Revenue Agency · in 926 casesUnpaid HST remittances; deemed trust class (priority payable) — debtor: R & N Turna Holdings Incorporated · as of 25 Nov 2024 | $60.4K | Application Record |
| 8 | Unsecured | Canada Revenue Agency · in 926 casesUnpaid corporate income tax; deemed trust class (priority payable) — debtor: Turna's Petroleum Incorporated · as of 25 Nov 2024 | $20.6K | Application Record |
| 8 | Unsecured | Canada Revenue Agency · in 926 casesUnpaid source deduction remittances; deemed trust class (priority payable) — debtor: Turna's Petroleum Incorporated · as of 25 Nov 2024 | $2.39K | Application Record |
“not stated” means the record names the claim without a figure; “—” means not in the extracted record.
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.
Sale approved — Court approved the TransactionApproval and Vesting Order · 30 Jan 2026
| Purchaser | Price | Status | Source |
|---|---|---|---|
| 14351011 Canada Inc.Turna's right, title and interest in and to the Property and any chattels described in the Sale Agreement (collectively, the "Purchased Assets") · real property · agreement 25 Nov 2025 | Sealed | Approved30 Jan 2026 | Approval and Vesting Order |
Unsecured creditors: no distribution. RBC short.Motion Record of the Receiver · 16 Sep 2026
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Secured | RBC's secured claim | — | $1.7Minterim | Finalper the receiver | Motion Record of the Receiver · 16 Sep 2026 |
| Secured | RBC | — | shortfallconditional | Estimatedper the receiver | Receiver's First Report · 20 Jan 2026 |
| Unsecured | creditors from Petroleum's assets | — | no distribution | per the receiver | Motion Record of the Receiver · 16 Sep 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.
Professional fees to date
$84.8K
As at 20 Jan 2026Receiver's First Report
| Date | Document | File |
|---|---|---|
Motion Record of the Receiver
| ||
Ancillary Relief Order
| ||
Approval and Vesting Order
| ||
Endorsement
| ||
Factum of the Receiver
| ||
Motion Record
| ||
Receiver's First Report
| ||
Receivership Appointment Order
| ||
Application Record
| ||
Filing titles, dates, and extracted key facts are public.
CiteProceedings., “R & N Turna Holdings Incorporated and Turna’s Petroleum Incorporated” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 20 September 2026, https://proceedings.ca/case/r-n-turna-holdings-incorporated-and-turna-s-petroleum-incorporated