Alberta · Receivership (court-appointed)
Affidavit of A. Nakevski - Part 1
Affidavit · 8 December 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: Guarantors: Light Speed Holdings Inc. (affiliate - related party) and individuals Gurpreet Randhawa, Ashish Gill, Hira Randhawa (directors/beneficial owners) via Full Liability Guarantees (personal guarantees, names for reference only). Priority is subordinated in part: per BDC Priority Agreement (Feb 21, 2018), NBC subordinate to BDC re specifically listed equipment, otherwise NBC has priority; per CIBC Intercreditor Agreement (May 24, 2019, amended June 28, 2024), NBC first-ranking only over 'CWB Priority Assets' (specifically listed financed equipment), CIBC first-ranking over all other LSL/LSH personal property. Ongoing dispute re ~22 'Disputed Trailers' claimed by LSL to be owned/leased from dissolved company CK Investments; validity of NBC's security registration over these trailers is contested. · page: 9 · as of: 2025-12-03 · amount: 9046178.39 · debtor: Light Speed Logistics Inc. (LSL); guaranteed by Light Speed Holdings Inc. (LSH) and individual guarantors · creditor: National Bank of Canada (NBC), predecessor by amalgamation Canadian Western Bank (CWB) · currency: USD · security: LSL General Security Agreement dated Sept 29, 2014, amended Jan 29, 2024 - continuing security interest over all present and after-acquired personal and real property of LSL, including specific serial-numbered equipment ('NBC Financed Equipment' - trailers/reefers), plus a floating charge over LSL real property (registered AB PPR, Schedules A530861, A513194, A1490416). Also secured by a separate LSH General Security Agreement dated Feb 8, 2018, amended Jan 29, 2024, over LSH's present/after-acquired personal and real property including specific serial-numbered equipment, plus floating charge over LSH real property.
- secured creditorsnote: Amount is a stated floor ('LSL currently owes in excess of $28,000,000') per Sarin Affidavit para 6 (affirmed Dec 1, 2025). Per-facility outstanding balances as at Nov 24, 2025 (CAD unless noted, plus accrued interest/fees): Demand Operating Loan $17,419,349.00; Demand Revolving Capex Credit (USD) $1,796,313.30; Demand Visa Credit Facility $246,251.48; Standby Letters of Credit $195,000.00; BDC Term Facility $7,056,966.00; EDC APSG Facility $1,913,957.00. LSL breached Total Liabilities/Tangible Net Worth covenant; borrowing base overstated by at least $9,000,000 due to alleged misrepresentation of accounts receivable (reported AR overstated by at least $16,000,000). · page: 41 · as of: 2025-12-01 · amount: 28000000 · debtor: Light Speed Logistics Inc. (LSL) · creditor: Canadian Imperial Bank of Commerce (CIBC) · currency: CAD · security: General Security Agreement (GSA) over all present and after-acquired property of LSL; guarantee from Light Speed Holdings Inc. (LSH) dated June 2, 2022 secured by a Collateral Mortgage on LSH's real property (Lot 32 and Lot 38, Instrument No. 221 217 424) and a General Assignment of Rents and Leases (Instrument No. 221 217 425); BDC holds a prior-ranking mortgage/caveat on the same LSH real property. GSA registered: AB PPR #19031212719, BC PPR #632103R, SK PPR #302766654, ON PPR #20251124 0804 9234 5780.
- secured creditorsnote: Amount of BDC's outstanding claim is not stated in the reviewed pages. NBC affidavit (para 10(c)) indicates an NBC/CWB facility was used 'to refinance preexisting debt owing by LSH to BDC,' suggesting some/all BDC debt may have been refinanced. CIBC's credit facilities table separately lists a 'BDC Term Facility' with outstanding balance of $7,056,966.00 as at Nov 24, 2025 within CIBC's own indebtedness table; relationship to BDC's direct claim is unclear from these pages. · page: 46 · debtor: Light Speed Holdings Inc. (real property); Light Speed Logistics Inc. (personal property, via priority agreements) · creditor: Business Development Bank of Canada (BDC) · currency: CAD · security: Prior-ranking mortgage and caveat (re: assignment of rents and leases) registered against Light Speed Holdings Inc.'s real property (Lot 32 and Lot 38); BDC Postponement Agreement dated April 25, 2019 (subordinating BDC's rights in collateral under AB PPR registration #17111308057) and BDC Priority Agreement dated June 28, 2024, both in favour of CIBC; separate BDC Priority Agreement dated Feb 21, 2018 with NBC/CWB (subordinating BDC security to NBC's Lender Security except specifically listed equipment).
- secured creditorsnote: Aggregated per instructions - multiple named serialized-equipment financiers listed without individual outstanding amounts stated. · page: 47 · debtor: Light Speed Logistics Inc. · creditor: PPSA equipment financiers (PMSI class) - VFS Canada Inc., Wells Fargo Equipment Finance Company, Bank of Montreal, Calmont Leasing Ltd., C. Keay Investments Ltd. · currency: CAD · security: Various serial-number registrations against motor vehicles, trucks and trailers, and registrations against other categories of assets, per AB/BC/SK/ON PPR searches referenced in Sarin Affidavit para 38.
- secured creditorspage: 49 · debtor: Light Speed Logistics Inc. · creditor: ATB Financial · currency: CAD · security: Registered financing statement against LSL's personal property (per PPR searches referenced in Sarin Affidavit para 38); subject to a Postponement and Subordination Agreement dated Dec 18, 2023 (acknowledged Jan 9, 2024) whereby CIBC subordinated its security to ATB with respect to specified collateral.