Ontario · Receivership (court-appointed)
Application Record; Returnable on
Application / notice of application · 14 May 2024
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What we verified from this filing7 verified
- courtSUPERIOR COURT OF JUSTICE (COMMERCIAL LIST)
- court file noCV-24-00719841-00CL
- secured creditorsnote: Per affidavit and PPSA Summary (Exhibit K), four parties (including Finloc 2000 Inc. and VFS Canada Inc. per service list) registered financing statements against 231 in respect of motor vehicles/trailers. Amounts not stated. · page: 14 · debtor: 2315269 Ontario Inc. · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: Four PPSA financing statements registered against certain motor vehicles and trailers
- secured creditorsnote: Per affidavit, approximately 19 parties registered multiple financing statements against Roll X appearing to encompass specific leased equipment/motor vehicles/trucks/trailers; located across GTA, BC and Quebec. Includes (per service list) Dynamic Civil Recovery Corp., Finloc 2000 Inc., BMW Canada Inc., TPine Leasing Capital Corp., Coast Capital Equipment Leasing Ltd., Lithia Canada Leasing LP/GP, Daimler Truck Financial Services Canada Corp./Daimler Truck Financial, Royal Bank of Canada, Bodkin (a division of Bennington Financial Corp.), Mercedes-Benz Financial/Financial Services Canada Corp., Meridian OneCap Credit Corp., The Toronto-Dominion Bank/TD Equipment Finance Canada, The Bank of Nova Scotia, RCAP Leasing Inc., VFS Canada Inc., Stoughton Trailers Canada Corp., Tycorra Leasing Inc. Amounts not stated for any registrant. · page: 14 · debtor: Roll X Carriers Inc. · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: Multiple PPSA financing statements registered against specific leased equipment, motor vehicles, trucks and trailers (approximately 19 registrants)
- secured creditorsnote: 143 defaulted on First Charge payments from January 2024; BMO demanded payment March 4, 2024 (Exhibit N - amount not stated in available pages). Creekbank Property sold March 27, 2024; net proceeds repaid balance owing under the First Charge in full (amount not disclosed) and $445,000 surplus applied to reduce the Roll X Loan. The Lender is stated to be the only secured creditor of 143 (PPSA Summary Exhibit J discloses no other registrations). · page: 26 · debtor: 14379373 Canada Inc. · creditor: Bank of Montreal · currency: CAD · security: Guarantee dated November 15, 2022 (guarantee limit $3,300,000) supported by General Security Agreement dated November 15, 2022; collateral second charge in the principal amount of $1,000,000 registered against title to the Creekbank Property (5270 Creekbank Road, Mississauga) behind BMO's existing First Charge, per Forbearance Agreement dated November 6, 2023
- secured creditorsnote: Amount is combined indebtedness of all three Respondents (Roll X, 14379373 Canada Inc. and 2315269 Ontario Inc.) for principal and interest, exclusive of fees, per Henderson affidavit para 32. Earlier exact demand letter balance (Oct 5, 2023) stated Roll X's indebtedness as $3,000,440.98 (principal $2,997,506.69 + interest $2,934.29) as of October 4, 2023. $445,000 surplus proceeds from the March 27, 2024 sale of the Creekbank Property were applied in permanent reduction of this loan. Personal guarantees (guarantee limit $3,300,000 each, dated Nov 15, 2022) also given by three individual director/officer guarantors (guarantee limits, not balances). · page: 30 · as of: 2024-04-30 · amount: 2413843.56 · debtor: Roll X Carriers Inc. · creditor: Bank of Montreal · currency: CAD · security: General Security Agreement dated November 15, 2022 over all present and future personal property of Roll X Carriers Inc.; credit facilities per commitment letter dated October 6, 2022 (as amended): $100,000 Corporate Mastercard, $3,000,000 operating demand loan, $500,000 overdraft lending facility bulge
- secured creditorsnote: Guarantee of Roll X Carriers Inc.'s indebtedness to BMO; demanded amount equals Roll X's exact balance as of October 4, 2023. $3,300,000 is the guarantee limit, not the demanded balance. · page: 183 · as of: 2023-10-04 · amount: 3000440.98 · debtor: 2315269 Ontario Inc. · creditor: Bank of Montreal · currency: CAD · security: Guarantee dated November 15, 2022 in the principal amount of $3,300,000.00 (guarantee limit), bearing interest at Bank prime plus 5.00% from date of demand, supported by a General Security Agreement dated November 15, 2022