Ontario · Receivership (court-appointed)
Application Record dated May 16, 2025 Part 1
Application / notice of application · 16 May 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 filing14 verified
- applicantROYAL BANK OF CANADA
- courtSUPERIOR COURT OF JUSTICE
- court file noCV-25-00090247-0000
- provinceONTARIO
- statutory basissubsection 243(1) of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, as amended and section 101 of the Courts of Justice Act, R.S.O. 1990, c. C.43, as amended
- commencement date13 May 2025
- secured creditorsnote: Listed as 'PPSA Creditor' on Notice of Application service list; no amount or security detail provided in excerpted pages · page: 7 · creditor: BizFund Canada · currency: CAD · security: Registered PPSA financing statement (collateral not detailed in excerpted pages)
- secured creditorsnote: Aggregated from Notice of Application service list entities designated 'PPSA Creditor': Tesla Motors Canada ULC, Ford Credit Canada Leasing (division of Canadian Road Leasing Company), ATCO Structures & Logistics Ltd., Essex Lease Financial Corporation, Accord Small Business Finance Corp., Accord Financial Canada Corp., Accord Small Business Leasing Corp., Vault Credit Corporation, Tricor Lease & Finance Corp., Dixie Ford, Coast Capital Equipment Finance Ltd., Porsche Financial Services Canada; no amounts or collateral descriptions given in excerpted pages · page: 8 · debtor: BECC Construction Inc. / Dali Drywall Ltd. / 2737566 Ontario Inc. / Massive Devcon Corporation (unspecified allocation) · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: Registered PPSA financing statements (nature/collateral not detailed in excerpted pages)
- secured creditorsnote: Listed as 'PPSA Creditor' on Notice of Application service list; no amount or security detail provided in excerpted pages · page: 8 · creditor: Business Development Bank of Canada · currency: CAD · security: Registered PPSA financing statement (collateral not detailed in excerpted pages)
- secured creditorsnote: Listed as 'PPSA Creditor' on Notice of Application service list; no amount or security detail provided in excerpted pages · page: 10 · creditor: The Bank of Nova Scotia · currency: CAD · security: Registered PPSA financing statement (collateral not detailed in excerpted pages)
- secured creditorsnote: Balance per Demand Letter dated March 11, 2025 (Operating Facility $2,502,888.40 + two VISA facilities); part of stated total Indebtedness of $4,374,836.14 owed by all Debtors to RBC as of March 11, 2025 · page: 64 · as of: 2025-03-11 · amount: 2559898.72 · debtor: BECC Construction Inc. · creditor: Royal Bank of Canada · currency: CAD · security: General Security Agreement dated July 12, 2021; PPSA-registered security interest covering Inventory, Equipment, Accounts, Other and Motor Vehicle collateral; RBC confirmed as first-in-time perfected secured party
- secured creditorsnote: Balance per Demand Letter dated March 11, 2025 (Operating Line $1,623,652.48 + VISA facility); part of stated total Indebtedness of $4,374,836.14 owed by all Debtors to RBC as of March 11, 2025 · page: 64 · as of: 2025-03-11 · amount: 1720155.68 · debtor: Dali Drywall Ltd. · creditor: Royal Bank of Canada · currency: CAD · security: General Security Agreement dated July 12, 2021; PPSA-registered security interest covering Inventory, Equipment, Accounts, Other and Motor Vehicle collateral; RBC confirmed as first-in-time perfected secured party
- secured creditorsnote: Floor amount - document states claims 'in excess of $8 million'; Western's counsel advised it 'has no collateral in hand' despite its PPSA registration; subordinate in priority to RBC's security · page: 65 · as of: 2025-03-31 (date of correspondence to RBC's counsel) · amount: 8000000 · debtor: BECC Construction Inc. and certain guarantors (jointly and severally) · creditor: Western Surety Company · currency: CAD · security: PPSA-registered security interest pursuant to an Indemnity and Security Agreement; registered later in time than RBC's security
- secured creditorsnote: Balance per Demand Letter dated March 11, 2025 (Operating Facility $90,198.74 + VISA facility $4,583.00); part of stated total Indebtedness of $4,374,836.14 owed by all Debtors to RBC as of March 11, 2025 · page: 65 · as of: 2025-03-11 · amount: 94781.74 · debtor: 2737566 Ontario Inc. · creditor: Royal Bank of Canada · currency: CAD · security: General Security Agreement dated July 12, 2021; PPSA-registered security interest covering Inventory, Equipment, Accounts, Other and Motor Vehicle collateral; RBC confirmed as first-in-time perfected secured party