Ontario · Receivership (court-appointed)
Application Record of the Applicant - Part 5, dated November 14, 2025
Application / notice of application · 14 November 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 filing7 verified
- secured creditorsnote: Per EY (as Lender's advisor) engagement letter dated Feb 20, 2025, reciting indebtedness of the combined Borrowers as of Feb 18, 2025, inclusive of accrued interest and exclusive of costs, owing under three mortgages, three demand revolving operating loans and equipment loans. Bank's counsel considered the Security valid and enforceable. · page: 4 · as of: 2025-02-18 · amount: 47377274.46 · debtor: I-Way Transport Inc. and related parties: Wings Freightway Inc., I-Way Logistics Inc., 2806329 Ontario Inc., 10872911 Canada Inc., 14366085 Canada Inc., 2863697 Ontario Inc. (collectively, the Borrowers) · creditor: Canadian Western Bank · currency: CAD · security: Security encumbering all assets and undertaking of the Borrowers; Charge/Mortgage registered on title to real property at 51 Worcester Road, Toronto ON; 70 Nicolas Avenue, Winnipeg MB; 9910 48 Street SE, Calgary AB; and 13950 52 Street NE, Calgary AB
- secured creditorsnote: Total amount secured by this Security (per NOI dated June 17, 2025) also includes USD $231,855.63; described as 'approximately' in the NOI but itemized to the cent in Schedule A. Wings' own direct indebtedness under its Credit Agreement (Operating LOC, Corporate Credit Card as of June 11, 2025, and Master LOC) totals CAD $3,491,586.15; remainder reflects Wings' guarantee (Non-Borrower Agreement dated March 30, 2024) of the other cross-guaranteed borrowers' facilities (Transport, Logistics, 280, 143, 108) totaling CAD $39,409,303.91 + USD $231,792.12. · page: 41 · as of: 2025-06-03 · amount: 42900890.06 · debtor: Wings Freightway Inc. · creditor: National Bank of Canada (formerly Canadian Western Bank) · currency: CAD · security: Security Agreement dated March 30, 2024 granting a security interest in all present and after-acquired personal property of Wings Freightway Inc.
- secured creditorsnote: Total amount secured also includes USD $231,855.63. Transport's own direct indebtedness under its Credit Facilities (Operating LOC, Master LOC, Corporate Credit Cards) totals CAD $8,741,686.67 + USD $63.51 (facility limits: $8,000,000 Operating LOC, $100,000 Credit Card, $3,000,000 Master LOC); remainder reflects Transport's guarantee of the other borrowers' facilities totaling CAD $34,159,203.39 + USD $231,792.12 under Non-Borrower Agreements dated March 30, 2024. · page: 47 · as of: 2025-06-03 · amount: 42900890.06 · debtor: I-Way Transport Inc. · creditor: National Bank of Canada (formerly Canadian Western Bank) · currency: CAD · security: Security Agreement dated March 30, 2024 granting a security interest in all present and after-acquired personal property of I-Way Transport Inc.
- secured creditorsnote: Total amount secured also includes USD $231,855.63. Logistics' own direct indebtedness under its Credit Facilities totals CAD $4,124,436.73 + USD $231,792.12 (facility limits: $3,500,000 Operating LOC, $50,000 Credit Card, $1,000,000 Master LOC); remainder reflects Logistics' guarantee of the other borrowers' facilities totaling CAD $38,776,453.33 + USD $63.51 under Non-Borrower Agreements dated March 30, 2024. · page: 53 · as of: 2025-06-03 · amount: 42900890.06 · debtor: I-Way Logistics Inc. · creditor: National Bank of Canada (formerly Canadian Western Bank) · currency: CAD · security: Security Agreement dated March 30, 2024 granting a security interest in all present and after-acquired personal property of I-Way Logistics Inc.
- secured creditorsnote: Total amount secured also includes USD $231,855.63. 280's own Demand Collateral Mortgage Loan balance is CAD $16,957,226.54 (facility ceiling: demand loan to a maximum of $17,250,000); remainder reflects 280's guarantee of the other borrowers' facilities totaling CAD $25,943,663.52 + USD $231,855.63 under Non-Borrower Agreements dated March 30, 2024. · page: 57 · as of: 2025-06-03 · amount: 42900890.06 · debtor: 2806329 Ontario Inc. · creditor: National Bank of Canada · currency: CAD · security: (i) Collateral 1st Charge/Mortgage, registered principal $23,000,000, on title to 51 Worcester Road, Etobicoke ON (April 5, 2024, Instrument No. AT6546391); (ii) Notice of Assignment of Rents – General (April 5, 2024, AT6546392); (iii) Security Agreement dated March 30, 2024 over all present and after-acquired personal property
- secured creditorsnote: Total amount secured also includes USD $231,855.63. 108's own Demand Collateral Mortgage Loan balance is CAD $2,704,166.48 (facility ceiling: demand loan to a maximum of $2,750,000); remainder reflects 108's guarantee of the other borrowers' facilities totaling CAD $40,196,723.58 + USD $231,855.63 under Non-Borrower Agreements dated March 30, 2024. · page: 62 · as of: 2025-06-03 · amount: 42900890.06 · debtor: 10872911 Canada Inc. · creditor: National Bank of Canada (formerly Canadian Western Bank) · currency: CAD · security: (i) Collateral 1st Mortgage, registered principal stated as $3,650,000 in the demand letter but $3,360,000 in the corresponding Notice of Intention to Enforce Security (discrepancy in source documents), on title to 70 Nicolas Avenue, Winnipeg MB (April 5, 2024, Registration No. 5628830/1); (ii) Personal Property Security Notice (April 5, 2024, Registration No. 5628831/1); (iii) Security Agreement dated March 30, 2024 over all present and after-acquired personal property
- secured creditorsnote: Total amount demanded also includes USD $231,855.63, per demand letter dated June 17, 2025 (no separate NOI/Schedule A for this entity included in the excerpted pages). 143's own Loan balance is CAD $6,881,787.49 (facility ceiling: demand loan to a maximum of $7,000,000). · page: 67 · as of: 2025-06-03 · amount: 42900890.06 · debtor: 14366085 Canada Inc. · creditor: National Bank of Canada (formerly Canadian Western Bank) · currency: CAD · security: (i) Collateral 2nd Mortgage, registered principal $9,450,000, on title to 4905 98 Avenue SE, Calgary AB (April 30, 2024, Registration No. 241 105 351); (ii) Assignment of Rents and Leases (April 30, 2024, Registration No. 241 105 352); (iii) Security Agreement dated March 30, 2024 over all present and after-acquired personal property