Vellend-Tech Inc.

Active

Proceeding: Receivership (court-appointed)section 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act
Court: Ontario Superior Court of Justice
File: CV-23-00698375-00CL

Filings held4

Last activity1 Aug 2023

On the record1,224 days

OverviewSummary updated 14 August 2026

Vellend-Tech Inc. is subject to an active court-appointed receivership commenced on May 16, 2023 in the Ontario Superior Court of Justice under BIA s. 243 and provincial Judicature Act authority, court file CV-23-00698375-00CL. The moving secured creditor is Royal Bank of Canada, which holds a general security agreement (RBC form 924) constituting a first-ranking security interest in all of the company's personal property. RBC's facilities comprised an $800,000 revolving demand facility and a $200,000 seasonal revolving demand facility under a February 24, 2020 agreement, amended March 10, 2022 to a $1,000,000 revolving demand facility reducing to $800,000 on June 30, 2022, a credit card facility to a maximum of $50,000, and a BDC HASCAP term facility added October 28, 2021. RBC demanded payment by letter dated April 26, 2022; its motion materials state that the demands expired and the indebtedness remains outstanding. Robert Vellend and Martin Vellend gave personal guarantees limited to $925,000 plus interest at Prime plus 5% from demand, together with a postponement and assignment of their claims against the borrower to RBC.

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Case updates4 dated entries

1 Aug 2023

#Filing

Motion Record of the Receiver Returnable August 1, 2023 — Application / notice of application

PDF

16 May 2023

#Order

A receivership order was granted. Court file CV-23-00698375-00CL.

Source: Receivership Order

16 May 2023

#Order

Endorsement of The Honourable Justice Steele — Endorsement / reasons

PDF

24 Apr 2023

#Filing

Motion Record of RBC was filed. Court file CV-23-00698375-00CL.

Source: Motion Record of RBC

Parties

Debtor

Vellend-Tech Inc.

Receiver

msi Spergel inc.

Bench and counselPer the orders and service lists on the record

Bench

Judge	Court	On this docket	Cases on record
Justice Steele	Ontario Superior Court of Justice	2 orders, May 2023	220 cases on record

Counsel of record

Party	Counsel	First seen	Source
ApplicantRoyal Bank of Canada	Minden Gross LLP	16 May 2023	Order · 16 May 2023

Capital structureAs asserted in the filings

Priority class	Creditor	Amount	Source
Secured	Royal Bank of Canada · in 556 casesGeneral Security Agreement (RBC form 924) constituting a first-ranking security interest in all personal property of Vellend-Tech Inc.; credit facilities were: Facility #1(a) $800,000.00 revolving demand facility and Facility #1(b) $200,000.00 seasonal revolving demand facility (Feb 24, 2020 agreement); Facility #1 later amended to a $1,000,000.00 revolving demand facility reducing to $800,000.00 on June 30, 2022 (March 10, 2022 amendment); Credit Card 'Other Facility' to a maximum of $50,000.00; a BDC HASCAP term facility was also added (Oct 28, 2021 amendment), amount not stated on these pag	—	Motion Record of RBC

“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.

Fees and ratesAs stated in the filings

1 engagement · 1 firm — msi Spergel inc., to 19 Jul 2023, $41,265.34 in feesMotion Record of the Receiver · 1 Aug 2023

Firm	Period	Hours	Fees	Rates	Source
msi Spergel inc.Receiver	to 19 Jul 2023	135.3	$41,265.34	$269.90stated average	Motion Record of the Receiver · 1 Aug 2023

Documents4 filings

Date	Document	File
1 Aug 2023	Motion Record of the Receiver Returnable August 1, 2023 Fee schedule Engagements: Form: prose · Rows: · Money: Fees: $41.3K · Quote: fees of $41,265.34 inclusive of HST was charged by Spergel · Approximate: false · Period: End: 2023-07-19 · Kind: cumulative · Quote: In connection with the receivership for the period to and including July 19, 2023 fees of $41,265.34 inclusive of HST was charged by Spergel · Approval: State: unstated · Averages: — · Currency: · Invoices: · Firm text: msi Spergel inc. · Firm quote: Receiver, msi Spergel inc. · Hours total: Quote: This represents a total of 135.30 hours at an average rate of $269.90 per hour. · Value: 135.3 · Context quote: I am a Licensed Insolvency Trustee with msi Spergel inc. (' Spergel '), the Court-Appointed Receiver (the ' Receiver ') of Velland-Tech Inc. · Context unverified: true	PDF

16 May 2023	Endorsement of The Honourable Justice Steele Presiding officer Justice Steele	PDF

16 May 2023	Receivership Order Applicant ROYAL BANK OF CANADA Appointee msi Spergel inc. Appointee role receiver Commencement date 16 May 2023 + 6 more extracted facts	PDF

24 Apr 2023	Motion Record of RBC Applicant ROYAL BANK OF CANADA Appointee MSI SPERGEL INC. Appointee role Proposed Receiver Commencement date 24 April 2023 + 4 more extracted facts	PDF

Filing titles, dates, and extracted key facts are public.

CiteProceedings., “Vellend-Tech Inc.” (Receivership (court-appointed)), Ontario Superior Court of Justice. Retrieved 20 September 2026, https://proceedings.ca/case/vellend-tech-inc