Ontario · Receivership (court-appointed)
Application Record of Royal Bank of Canada dated August 16, 2024 - Part 2
Application / notice of application · 16 August 2024
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: Amount owing as of June 17, 2024 per Demand Letter (Exhibit G); Equipment Lease allowed to go into arrears to the extent of at least two months of payments · page: 1 · as of: 2024-06-17 · amount: 480300.29 · debtor: Gifft Express Inc. · creditor: Royal Bank of Canada · currency: CAD · security: Equipment Lease
- secured creditorsnote: Amount owing as of June 18, 2024 per Demand Letter (Exhibit G), exclusive of legal fees, disbursements and accruing interest; demand loan under credit facility 75373994-002 in arrears since May 9, 2024; personal guarantees exist from directors (Rejoy Guarantee and Prince Guarantee), individuals not named per instruction; guarantees each state a $3,850,000.00 limit (not a balance) per Bank's form 812; postponement and assignment of claim (form 918) also signed by each guarantor; RBC not presently claiming relief against guarantors but reserves right to do so · page: 1 · as of: 2024-06-18 · amount: 3861433.2 · debtor: Gifft Express Inc. · creditor: Royal Bank of Canada · currency: CAD · security: General Security Agreement (Bank's form 924) constituting a first-ranking security interest in all personal property of the Borrower, per Credit Agreements dated July 31, 2023
- applicantRBC
- appointeeSpergel
- appointee rolereceiver