Ontario · Receivership (court-appointed)
Application Record dated July 24, 2024 Part 1 of 2
Application / notice of application · 24 July 2024
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What we verified from this filing5 verified
- secured creditorsnote: Entities added to service list: TD Equipment Finance Canada (a division of The Toronto-Dominion Bank), The Toronto-Dominion Bank, Canadian Western Bank Leasing Inc., Travelers Leasing Ltd., Concentra Bank, Coast Capital Equipment Finance Ltd., The Bank of Nova Scotia, and individuals Stipe Loncar/Anita Loncar. No amounts or specific debtor allocations stated in the reviewed pages. · page: 12 · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: Serialized equipment/PPSA registrations against one or more of the Debtors, evidenced by inclusion on the service list (consistent with results of the certified PPSA searches referenced as Exhibits V, W and X)
- secured creditorsnote: Total broken down by document as: $7,383,378.11 under Commitment Letter, $1,044,353.80 under Master Equipment Lease, $123,670.12 under Conditional Sales Contract, $1,457,306.94 under Trans-Compass Guarantee, $24,111,377.41 under Trans-Polestar Guarantee (all inclusive of interest to June 27, 2024, plus accruing interest/fees/costs). Personal guarantee by director Daljeet Kaur Randhawa (unlimited, May 17, 2021) also secures related HSBC-originated debt. · page: 19 · as of: 2024-06-27 · amount: 34120086.38 · debtor: Trans Globe Logistics Inc. · creditor: Royal Bank of Canada · currency: CAD · security: General Security Agreement dated October 26, 2023 (all-property); Master Equipment Lease Agreement dated May 14, 2021 (assumed from HSBC Bank Canada upon amalgamation effective March 29, 2024); Conditional Sales Contract dated February 16, 2022 (assigned from Porsche Centre Oakville); Compass-Trans Guarantee (max. $7,800,000, Oct 26, 2023); Trans-Polestar Guarantee obligations flow through as cross-guarantor
- secured creditorsnote: Total broken down as: $24,111,377.41 under Commitment Letter, $7,800,000 under Polestar-Trans Guarantee, $1,457,306.94 under Polestar-Compass Guarantee, inclusive of interest to June 27, 2024, plus accruing interest/fees/costs. $34,690,000 Charge amount is registered principal, not outstanding balance. Total figure is identical to the stated Compass Rose Indebtedness figure in the same document, which may reflect a drafting duplication; reported as stated. · page: 21 · as of: 2024-06-27 · amount: 33368684.35 · debtor: Polestar Holdings Ltd. · creditor: Royal Bank of Canada · currency: CAD · security: General Security Agreement dated October 26, 2023 (all-property); Collateral Mortgage/Charge dated November 1, 2023 in the registered principal amount of $34,690,000 (first fixed charge on Caledon Property, Instrument No. PR4268889); Notice of Assignment of Rents - General dated November 1, 2023 (Instrument No. PR4268897); Trans-Polestar Guarantee (max. $27,900,000); Compass-Polestar Guarantee (max. $27,900,000)
- secured creditorsnote: Total broken down as: $1,457,306.94 under Commitment Letter, $7,800,000 under Compass-Trans Guarantee, $24,111,377.41 under Compass-Polestar Guarantee, inclusive of interest to June 27, 2024, plus accruing interest/fees/costs. Total figure is identical to the stated Polestar Indebtedness figure in the same document, which may reflect a drafting duplication; reported as stated. · page: 23 · as of: 2024-06-27 · amount: 33368684.35 · debtor: Compass Rose International Transportation Inc. · creditor: Royal Bank of Canada · currency: CAD · security: General Security Agreement dated October 26, 2023 (all-property); Trans-Compass Guarantee (max. $1,600,000); Polestar-Compass Guarantee (max. $1,600,000)
- secured creditorsnote: Related party: RCAP is wholly owned by RBC. Separate from missed monthly RCAP Rent arrears of $52,611.18 noted elsewhere in the affidavit (component of pre-default rent, not the total indebtedness figure). · page: 23 · as of: 2024-06-27 · amount: 491048.92 · debtor: Trans Globe Logistics Inc. · creditor: RCAP Leasing Inc. · currency: CAD · security: RCAP Lease Agreement dated August 30, 2023; PPSA financing statement (file reference no. 796717539) registered August 30, 2023