Ontario · Receivership (court-appointed)
Motion Record - Fuller Landau - Receiver - 09.22.26(212858577.1)
Application / notice of application · 22 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: No total owing stated in the First Report (the Receiver seeks distributions up to the amount owing to RBC incl. interest and costs). Amounts stated in March 3, 2026 demand letters (principal and interest), per Tro DerBedrossian affidavit: CAD$51,242,543.76 and USD$1,353,017.84 in total. Components, not summed here: Lion Force Credit Agreement - operating facility $6,911,949.68; CAD credit card $32,296.30; US credit card USD$12,386.50; lease facilities ending 863 $788,559.20, 370 $160,472.29, 899 $27,743.83, 850 $156,194.40; US lease facilities ending 629 USD$355,551.09, 986 USD$414,163.22, 987 USD$367,002.40, 988 USD$203,914.63. 269 Credit Agreement - term facility $41,133,171.92; second term facility $2,032,156.14. Defaults since September 2024; demands not honoured, only payments being proceeds of the Woodstock property sale (April 2026), so the current balance is lower than the demand figures. Personal guarantors: the three Principals (roles: owners/principals of the Debtors). Receiver also borrowed $775,000 from RBC by Receiver's Certificate (ranks ahead under the Receiver's Borrowings Charge, authorized up to $1,000,000). · page: 31 · as of: 2026-03-03 · debtor: Lion Force Transport Inc.; 2696942 Ontario Inc. (269); 2854233 Ontario Inc. (285) (cross-guaranteed) · creditor: Royal Bank of Canada (RBC) · currency: CAD · security: General Security Agreements from each Debtor (PPSA Ontario registrations against all collateral classes except consumer goods); charge/mortgage on Real Property (27 Automatic Road, Brampton) in registered principal amount of $44,682,000 dated April 17, 2024 (registered amount, not a balance) plus general assignment of rents; RBC-leased trailers (58) form part of RBC Security; corporate cross-guarantees limited to $7,625,000 (Lion Force obligations, by 269 and 285) and $55,864,000 (269 obligations, by 285 and Lion Force) plus interest; joint and several personal guarantee and postponement of claim from the Principals limited to $7,625,000 plus interest.
- secured creditorsnote: No amounts stated. All but one of 121 trucks were subject to valid PMSIs or owned by third parties; of 280 trailers released to third parties, 153 were Debtor-owned and subject to perfected PMSI claims by lessees/financiers (127 were property of related non-Debtor entities). 276 of the 390 trailers were under leases with PMSI lessors. Receiver entered Property Releases with these parties. 56 trailers were leased from lessors without PMSIs (not secured). · page: 42 · debtor: Lion Force Transport Inc. · creditor: Third-party lessors and financiers holding perfected PMSIs over Transportation Equipment (PPSA equipment financiers (PMSI class)) · currency: CAD · security: Purchase-money security interests in trucks and trailers (aggregate class).
- unsecured creditorsnote: Not a stated balance; the document names no individual creditors and the estimates were never reconciled. Arrears also noted on driver and carrier payroll and to fuel supplier(s), amounts not stated. · page: 84 · basis: Judge's endorsement (Myers J.) noting moving estimates of payables from $600,000 to as much as $4 million · debtor: Lion Force Transport Inc. · creditor: Lion Force trade payables (unitemized estimate) · currency: CAD
- unsecured creditorsnote: Arrears including penalties and interest, plus accruing taxes, penalties and interest. Municipal taxes are a priority/special-lien claim on the Real Property; not stated by the document as unsecured. · page: 100 · as of: 2026-03-02 · basis: Property tax certificate from the municipality dated March 2, 2026 (per RBC affidavit) · amount: 547783.87 · debtor: 2696942 Ontario Inc. (registered owner of Real Property) · creditor: Municipality (property tax arrears on Real Property) · currency: CAD
- unsecured creditorsnote: Regulatory/statutory claim. Lion Force later provided a notice of termination of garnishment, so the garnishment is understood to be no longer in effect; whether the underlying debt remains is not stated. · page: 101 · as of: 2026-04-22 · basis: Notice of garnishment issued by the Ontario Superior Court (CV-26-00094621-0000); order amount stated · amount: 623703.86 · debtor: Lion Force Transport Inc. · creditor: Workplace Safety & Insurance Board (WSIB) · currency: CAD