Ontario · Receivership (court-appointed)
Application Record of the Applicant dated March 24, 2025 (1)
Application / notice of application · 24 March 2025
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: RBC sent s.18 PPSA enquiry letters to TD Bank on Nov 15, 2024 regarding these two registrations; no response received. Registrations are junior in time/priority to RBC's General RBC Registrations. · page: 65 · debtor: SHR Carrier Inc. (formerly North King Trucking Inc.); Fleet Fix Truck Centre Inc. · creditor: The Toronto-Dominion Bank · currency: CAD · security: PPSA registrations covering all collateral classifications (blanket-style, similar to RBC's 'General RBC Registrations'), not limited to specific collateral
- secured creditorsnote: Aggregated per affidavit para 15 description of PPSA search results; includes TFG Financial Corporation, Pacific Towing & Recovery, DH Truck & Trailer Sales Inc., Geolin Credit-Bail Inc., Vault Credit Corporation, Mitsubishi HC Capital Canada Leasing Inc., BMW Canada Inc., Moneda Capital Corp., Dynamic Capital Equipment Finance Inc., Dynamic Capital II Corporation, Pivotal Capital Corp, Pivotal Capital Equipment Finance Corp., Coast Capital Equipment Leasing Ltd., Meridian OneCap Credit Corp., Concentra Bank, and Ford Credit Canada Leasing (Division of Canadian Road Leasing Company), as named on the service list. · page: 65 · debtor: SHR Carrier Inc., Rite Choice Truck Sales Inc., North Load Haulers Ltd., Fleet Fix Truck Centre Inc., 2848644 Ontario Inc. · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: PPSA registrations against specific/serialized equipment collateral, registered after the applicable General RBC Registrations
- secured creditorsnote: Amount per Original Demand Letters (Nov 29, 2024) accompanied by BIA s.244(1) notices, covering Demand Credit Facilities under Rite/Fleet/SHR/North credit and Visa agreements. Prose approximation in affidavit para 29 states RBC owed 'approximately $7 million' by Debtors and Principals in total (this figure plus Term Loan Indebtedness). Personal guarantors (individuals, not companies): Harmandeep Singh Sasrao, Shamsher Singh and Sumanpreet Singh. · page: 66 · as of: 2024-11-21 · amount: 2538921.32 · debtor: SHR Carrier Inc., Rite Choice Truck Sales Inc., North Load Haulers Ltd., Fleet Fix Truck Centre Inc. · creditor: Royal Bank of Canada · currency: CAD · security: General Security Agreements (all Debtors, PPSA-registered against all collateral classifications except consumer goods); corporate cross-guarantees and postponements of claim among the five Debtors (each limited to stated principal caps of $1,000,000 / $1,250,000 / $4,762,500 / $550,000 plus interest); personal guarantees from principals (see note)
- secured creditorsnote: Term Loan became due after 284 missed monthly payments by mid-February 2025; RBC issued Second Demand Letters. $6,950,000 charge figure is the registered principal amount, not an outstanding balance. Also secured by personal guarantee of Harmandeep Singh Sasrao and Shamsher Singh limited to $4,762,500 plus interest. · page: 68 · as of: 2025-02-11 · amount: 4410740.94 · debtor: 2848644 Ontario Inc. · creditor: Royal Bank of Canada · currency: CAD · security: Charge/mortgage registered on title to Real Property (366 Watline Avenue, Mississauga, PIN 13287-0029(LT)) in registered principal amount of $6,950,000, dated December 9, 2021 (PR3960185); corresponding General Assignment of Rents dated December 10, 2021 (PR3960258); General Security Agreement
- secured creditorsnote: Per municipal tax certificate dated March 17, 2025; municipal property tax arrears constitute a statutory priority charge on the Real Property. · page: 69 · as of: 2025-03-17 · amount: 109658.08 · debtor: 2848644 Ontario Inc. · creditor: City of Mississauga · currency: CAD · security: Statutory municipal property tax lien on the Real Property (366 Watline Avenue, Mississauga)