Ontario · Receivership (court-appointed)
Motion Record of the Receiver
Application / notice of application · 18 September 2026
AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
What we verified from this filing5 verified
- secured creditorsnote: Demand issued October 17, 2024 for $3,013,264.86 (inclusive of interest and costs); balance grew to $3,035,895.71 as of January 16, 2025 due to accrual of interest. Independent legal opinion confirming validity/enforceability of RBC's security obtained from A&B. · page: 75 · as of: 2025-01-16 · amount: 3035895.71 · debtor: R & N Turna Holdings Incorporated · creditor: Royal Bank of Canada (RBC) · currency: CAD · security: General security agreement (GSA) and charge/mortgage on the Arthur Property (registered principal amount $3,493,000)
- secured creditorsnote: Demand issued October 17, 2024 for $30,291.43 (inclusive of interest and costs); balance grew to $40,183.12 as of January 16, 2025 due to accrual of interest. · page: 75 · as of: 2025-01-16 · amount: 40183.12 · debtor: Turna's Petroleum Incorporated · creditor: Royal Bank of Canada (RBC) · currency: CAD · security: General security agreement (GSA) and charge/mortgage on the Arthur Property (registered principal amount $3,493,000)
- unsecured creditorsnote: Deemed trust claim (absent a concurrent bankruptcy) in respect of HST; approximate figure ('approximately $55,274'). Amounts due for Holdings' HST are stated to no longer be a priority claim following the subsequent bankruptcy assignment (per Second Report, page 6). · page: 76 · as of: First Report date (January 21, 2026) · basis: Based on correspondence from CRA · amount: 55274 · debtor: R & N Turna Holdings Incorporated · creditor: Canada Revenue Agency (CRA) · currency: CAD
- unsecured creditorsnote: Deemed trust claim (absent a concurrent bankruptcy) in respect of HST; approximate figure ('approximately $77,138'). · page: 76 · as of: First Report date (January 21, 2026) · basis: Based on correspondence from CRA · amount: 77138 · debtor: Turna's Petroleum Incorporated · creditor: Canada Revenue Agency (CRA) · currency: CAD
- recovery outcomeentries: basis: actual · quote: After payment of the foregoing amounts, the Receiver made an interim distribution to RBC in the amount of $1,700,000 in respect of RBC's secured claim. · pct of: unstated · outcome: distribution · class key: secured · stated by: receiver · amount low: 1700000 · cumulative: false · amount high: 1700000 · class label: RBC's secured claim · creditor name: RBC · interim final: interim · claims qualifier: unstated; basis: estimated · quote: RBC is expected to suffer a shortfall on its claim even if the Transaction is completed. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: RBC's secured claim · creditor name: RBC · interim final: unstated · conditional on: even if the Transaction is completed · claims qualifier: unstated; basis: unstated · quote: No funds are available for distribution to creditors from Petroleum's assets after the payment of fees and disbursements. · pct of: unstated · outcome: nil · class key: unsecured · stated by: receiver · class label: creditors from Petroleum's assets · interim final: unstated · claims qualifier: unstated · stated on: 2026-09-16 · table missing: