Tung Air Transport Ltd. et al.
Follow- Proceeding
- Receivership (court-appointed)section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act
- File
- CV-25-00738060-00CL
Tung Air Transport Ltd. is in court-appointed receivership under s. 243 of the Bankruptcy and Insolvency Act, commenced April 14, 2025 and still active, alongside related Credit Parties 2527366 Ontario Inc. and R. Lessard Trucking Limited, with 1000101395 Ontario Inc. as a related-party secured guarantor. Royal Bank of Canada, the moving secured creditor, put principal and interest outstanding as of January 9, 2025 at $1,595,068.35 from Tung Air, $13,643,746.94 from 2527366 and $2,793,188.23 from Lessard, an aggregate RBC states as $18,032,003.52, secured by general security agreements registered under the Ontario PPSA, cross-guarantees among the three debtors, guarantees from 1000101395 dated May 30, 2023, and mortgages over the Kamato and Manning Road properties totalling $29,200,000. Some three dozen equipment and vehicle financiers are also listed as secured parties, with no amounts stated.
Approval and Vesting Order of the Honourable Justice Cavanagh dated November 24, 2025 — Approval and vesting order
Endorsement of the Honourable Justice Cavanagh dated November 24, 2025 — Endorsement / reasons
Approval and Vesting Order (Windsor Transaction) of the Honourable Justice Steele dated October 14, 2025 — Approval and vesting order
The court appointed msi Spergel Inc., on the application of Royal Bank of Canada. Court file CV-25-00738060-00CL.
Source: Order of the Honourable Justice J. Dietrich dated April 14, 2025
Endorsement of the Honourable Justice J. Dietrich dated April 14, 2025 — Endorsement / reasons
Application Record of the Respondent dated March 26, 2025 was filed. Court file CV-25-00738060-00CL.
Source: Application Record of the Respondent dated March 26, 2025
Debtor
Tung Air Transport Ltd. et al.
Applicant
RBC
Receiver
msi Spergel inc.
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Cavanagh | Ontario Superior Court of Justice | 2 orders, Nov 2025 | 288 cases on record |
| Justice Steele | Ontario Superior Court of Justice | 2 orders, Oct 2025 | 220 cases on record |
| Justice Dietrich | Ontario Superior Court of Justice | 2 orders, Apr 2025 | 89 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| Receivermsi Spergel inc. | Borden Ladner Gervais LLP | 8 Oct 2025 | Factum · 8 Oct 2025 |
| DebtorTung Air Transport Ltd. et al. | Kramer Simaan Dhillon LLP | 7 Apr 2025 | Factum · 7 Apr 2025 |
| CreditorRoyal Bank of Canada | Aird & Berlis LLP | 11 Apr 2025 | Affidavit · 11 Apr 2025 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Royal Bank of Canada (RBC) · in 556 casesKamato Mortgage ($18,040,000.00 registered principal, first-priority charge on Kamato Property, direct grantor 252); Lessard-Manning Mortgage ($10,060,000.00 registered principal) via Lessard-252 Cross-Guarantee (limited to $13,597,000.00); 100-Manning Mortgage ($1,100,000.00 registered principal) via 100-252 Guarantee (limited to $13,597,000.00); GSA blanket personal property security — Figure is RBC's alleged direct indebtedness as of Jan 9, 2025, per responding affidavit para. 32(b); an earlier exact dated balance in RBC's demand letter Schedule 'A' (Exhibit D) states 2527366 Ontario Inc. t · as of 9 Jan 2025 | $13.6M | Application Record of the Respondent dated March 26, 2025 |
| 4 | Secured | Royal Bank of Canada (RBC) · in 556 casesLessard-Manning Mortgage ($10,060,000.00 registered principal, first-priority charge on Lessard's portion of Manning Property, direct grantor Lessard); Kamato Mortgage ($18,040,000.00 registered principal) via 252-Lessard Cross-Guarantee (limited to $3,630,000.00); 100-Manning Mortgage ($1,100,000.00 registered principal) via 100-Lessard Guarantee (limited to $3,630,000.00); GSA blanket personal property security — Figure is RBC's alleged direct indebtedness as of Jan 9, 2025, per responding affidavit para. 32(c); an earlier exact dated balance in RBC's demand letter Schedule 'A' (Exhibit D) s · as of 9 Jan 2025 | $2.79M | Application Record of the Respondent dated March 26, 2025 |
| 4 | Secured | Royal Bank of Canada (RBC) · in 556 casesGSA (first-ranking security interest in all present and after-acquired personal property); Kamato Mortgage ($18,040,000.00 registered principal, first-priority charge on Kamato Property, PIN 13294-0034, inst. PR4208028) via the 252-Tung Air Cross-Guarantee (limited to $3,063,000.00); Lessard-Manning Mortgage ($10,060,000.00 registered principal, PIN 75009-0015, inst. CE1137095) via Lessard-Tung Air Cross-Guarantee (limited to $3,063,000.00); 100-Manning Mortgage ($1,100,000.00 registered principal, PIN 75009-0016, inst. CE1137089) via 100-Tung Air Guarantee (limited to $3,063,000.00) — Figure · as of 9 Jan 2025 | $1.6M | Application Record of the Respondent dated March 26, 2025 |
| 4 | Secured | The Bank of Nova Scotia · in 110 casesSecured party per service list; nature of security not stated — No amount stated on these pages | — | Application Record of the Respondent dated March 26, 2025 |
| 4 | Secured | Milenov, Ivan and Milenov, DennisSecured party per service list; nature of security not stated — Individuals named directly on the service list as 'Secured Party'; no amount or debtor stated | — | Application Record of the Respondent dated March 26, 2025 |
| 4 | Secured | Aulakh, ParmjitSecured party per service list; nature of security not stated — Individual named directly on the service list as 'Secured Party'; no amount or debtor stated | — | Application Record of the Respondent dated March 26, 2025 |
| 4 | Secured | Concentra Bank · in 7 casesSecured party per service list (c/o Comm Leasing); nature of security not stated — No amount stated on these pages | — | Application Record of the Respondent dated March 26, 2025 |
| 4 | Secured | 1000101395 Ontario Inc. (100)100-Manning Mortgage ($1,100,000.00 registered principal, first-priority charge on 100's portion of Manning Property, PIN 75009-0016, inst. CE1137089) — 100 is not a direct borrower under the Credit Agreements; it is a related-party secured guarantor (holding company, no day-to-day operations) whose only mortgaged real property secures the other Credit Parties' obligations via the Guarantees dated May 30, 2023 — debtor: Tung Air Transport Ltd. / 2527366 Ontario Inc. / R. Lessard Trucking Limited | — | Application Record of the Respondent dated March 26, 2025 |
| 4 | Secured | Bank of Montreal · in 279 casesSecured party per service list; nature/priority of security not stated on these pages — Listed twice with different floor addresses at 5750 Explorer Drive, Mississauga (3rd Floor and 2nd Floor); no amount stated | — | Application Record of the Respondent dated March 26, 2025 |
| 5 | PMSI / lessors | PPSA equipment financiers (PMSI class) · in 183 casesEquipment/vehicle purchase-money security interests (serialized equipment PMSI registrations) — Aggregated per document's own service list of 'Secured Party' entities with no amounts stated: Toyota Industries Commercial Finance Canada Inc.; Compass Equipment Finance Inc.; Glasvan Trailers Inc.; Nissan Canada Inc.; LBEL Inc.; Daimler Truck Financial Services Canada Corporation; VFS Canada Inc.; Mercedes-Benz Financial; Mercedes-Benz Financial Services Canada Corporation; Finloc 2000 Inc.; Grand Touring Financial Services; Mitsubishi HC Capital Canada Leasing Inc.; Lithia Canada Leasing, LP; Lit | — | Application Record of the Respondent dated March 26, 2025 |
| 5 | PMSI / lessors | The Toronto-Dominion Bank · in 111 casesSecured party per service list; nature of security not stated — Listed distinctly from 'TD Equipment Finance Canada, a division of The Toronto-Dominion Bank' (aggregated in PMSI class entry); no amount stated | — | Application Record of the Respondent dated March 26, 2025 |
“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.
2 transactions · 2 approved — Transctio aprovedApproval and Vesting Order of the Honourable Justice Cavanagh dated… · 24 Nov 2025
| Purchaser | Price | Status | Source |
|---|---|---|---|
| 2150817 Ontario LimtedPurchased Aset · asset sale · agreement 22 Sep 2025 | not statedPurchase Price referenced but amount not stated in text | Approved14 Oct 2025 | Approval and Vesting Order (Auction Services… |
| Vince Moceri Holdings Inc.the Lessard Assets and the 100 Ontario Inc. Assets · real property · agreement 12 Sep 2025 | not stated | Approved14 Oct 2025 | Approval and Vesting Order (Windsor… |
| Date | Document | File |
|---|---|---|
Ancillary Order of the Honourable Justice Cavanagh dated November 24, 2025
| ||
Approval and Vesting Order of the Honourable Justice Cavanagh dated November 24, 2025
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Endorsement of the Honourable Justice Cavanagh dated November 24, 2025
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Ancillary Order of the Honourable Justice Steele dated October 14, 2025
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Approval and Vesting Order (Auction Services Agreement) of the Honourable Justice Steele dated October 14, 2025
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Approval and Vesting Order (Windsor Transaction) of the Honourable Justice Steele dated October 14, 2025
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Endorsement of the Honourable Justice Steele dated October 14, 2025
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Factum of the Approval of Sales and Auction Agreement dated October 8, 2025
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Endorsement of the Honourable Justice J. Dietrich dated April 14, 2025
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Order of the Honourable Justice J. Dietrich dated April 14, 2025
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Supplementary Affidavit dated April 11, 2025
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Factum of the Respondents dated April 7, 2025
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Application Record of the Respondent dated March 26, 2025
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Filing titles, dates, and extracted key facts are public.
CiteProceedings., “Tung Air Transport Ltd. et al.” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 20 September 2026, https://proceedings.ca/case/tung-air-transport-ltd-et-al