TPine Canada Securitization LP and TPine Canada GP Inc.
- Proceeding
- Receivership (court-appointed)section 101 of the Courts of Justice Act, R.S.O. 1990, c. C.43, as amended
- Court
- Ontario Superior Court of Justice · Commercial List
- File
- CV-24-00728055-00CL
- Industry
- Financial services
TPine Canada Securitization LP and TPine Canada GP Inc. have been in court-appointed receivership since September 24, 2024, when the Ontario Superior Court of Justice (Commercial List) made a receivership order under section 243 of the Bankruptcy and Insolvency Act. The proceeding is carried on the Commercial List under file number CV-24-00728055-00CL. The receivership remains active. No further steps are recorded on the file.
The officer filed report no. Third Report. The Receiver continues to administer the Collection Plan for defaulted vehicle leases, pursuing settlements, reviewing Notices of Dispute, and seeking omnibus default judgments and garnishment relief against non-responsive lessees who continue to possess and use leased vehicles without making payments.
The court appointed BDO Canada Limited as receiver and manager, on the application of ROYAL BANK OF CANADA, IN ITS CAPACITY AS FINANCIAL SERVICES AGENT. Court file CV-24-00728055-00CL.
Source: Amended and Restated Receivership Order dated March 17, 2025
Placed both TPine Canada entities into court-appointed receivership, commencing the Commercial List proceeding at Toronto under file CV-24-00728055-00CL.
Case update
TPine: one default judgment, at 24%, for the undefended truck leases
On July 9, Justice Cavanagh granted a single omnibus default judgment, bearing 24% a year, against TPine truck-lease obligors who neither settled nor disputed BDO's claims. The receiver's June 30 report counted 445 such obligors on 682 leases, and 235 pieces of disputed equipment not returned, their location unknown.
Debtor
TPine Canada Securitization LP and TPine Canada GP Inc.
Receiver
BDO
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Cavanagh | Ontario Superior Court of Justice | 4 orders, Jan 2026 – Jul 2026 | 318 cases on record |
| Justice Osborne | Ontario Superior Court of Justice | 4 orders, Sep 2024 – Mar 2025 | 168 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverBDO | Osler, Hoskin & Harcourt LLP | 17 Mar 2025 | Order · 17 Mar 2025 |
| CreditorAlvarez & Marsal Canada Inc | Cassels Brock & Blackwell LLP | 8 Jan 2026 | Factum · 8 Jan 2026 |
| CreditorRoyal Bank of Canada | Osler, Hoskin & Harcourt LLP | 24 Sep 2024 | Order · 24 Sep 2024 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Royal Bank of Canada, as Financial Services Agent (on behalf of Committed/Conduit Lenders under the Securitization Facility)First priority perfected security interest and hypothec in Collateral/Purchased Assets under Amended and Restated Loan Security Agreement dated December 7, 2022 — Total indebtedness under Securitization Facility; amount exclusive of further accruing interest, expenses and other costs, charges, fees owed under the LSA — debtor: TPine Canada Securitization LP · as of 19 Sep 2024 | $244M | Motion Record - dated March 10, 2025 |
| 5 | PMSI / lessors |
1 more claim in 1 class The stack holds Secured and PMSI / lessors claims.
Every creditor and every amount.
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See all plansThis 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.
FSA: a distribution.Second Report - Receiver · 6 Jan 2026
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Secured | FSA | — | interimconditional | per the receiver | Second Report - Receiver · 6 Jan 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.
1 blurred figure above
The claims and what each class or creditor recovers — each as the filing states it, with its source.
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See all plansCumulative receipts
$91.4M
As at 30 Jun 2026Third Report - Receiver - dated June 30, 2026
Cumulative disbursements
As at
Professional fees
As at
2 more reported figures
Each one as the filing states it, with its source.
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See all plans| Date | Document | File |
|---|---|---|
Omnibus Default Judgement
| PDF · Subscribers | |
| Motion Record - dated June 30, 2026 | PDF · Subscribers | |
Third Report - Receiver - dated June 30, 2026
| PDF · Subscribers | |
| Instruction Letter - English Version | PDF · Subscribers | |
| Instruction Letter - Punjabi Version | PDF · Subscribers | |
Defaulted Lease List - dated February 26, 2026
| PDF · Subscribers | |
Ancillary Relief Order - dated January 13, 2026
| PDF · Subscribers | |
| Blank Notice of Dispute Form | PDF · Subscribers | |
| Publication Notice - English Version | PDF · Subscribers | |
| Publication Notice - Punjabi Version | PDF · Subscribers | |
Receiver's Collection Plan Order dated January 13, 2026
| PDF · Subscribers | |
Receiver's Collections Plan Order dated January 13, 2026
| PDF · Subscribers | |
Factum - dated January 10, 2026
| PDF · Subscribers | |
Joint Factum - BDO Canada Limited and Alvarez & Marsal Canada Inc. - dated January 8, 2026
| PDF · Subscribers | |
| Motion Record - dated January 6, 2026 | PDF · Subscribers | |
Second Report - Receiver - dated January 6, 2026
| PDF · Subscribers | |
Amended and Restated Receivership Order dated March 17, 2025
| PDF · Subscribers | |
Lien and PPSA Claims Discharge Order dated March 17, 2025
| PDF · Subscribers | |
First Report - Receiver -dated March 10, 2025
| PDF · Subscribers | |
Motion Record - dated March 10, 2025
| PDF · Subscribers | |
Endorsement dated September 30 2024
| PDF · Subscribers | |
Receivership Order dated September 24, 2024
| 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., “TPine Canada Securitization LP and TPine Canada GP Inc.” (Receivership (court-appointed)), Ontario Superior Court of Justice · Commercial List. Retrieved 5 November 2026, https://proceedings.ca/case/tpine-canada-securitization-lp-and-tpine-canada-gp-inc