Ontario · Receivership (court-appointed)
Application Record of the Applicant dated October 27, 2025
Application / notice of application · 27 October 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 filing12 verified
- provinceONTARIO
- applicantROYAL BANK OF CANADA
- commencement date17 October 2025
- courtSUPERIOR COURT OF JUSTICE
- court file noCV-25-00004086-0000
- proceeding typereceivership_court
- statutory basisSECTION 243(1) OF THE BANKRUPTCY AND INSOLVENCY ACT, RSC 1985, C. B-3, AS AMENDED AND SECTION 101 OF THE COURTS OF JUSTICE ACT, R.S.O. 1990, C.C.43
- statutory basisSECTION 243(1) OF THE BANKRUPTCY AND INSOLVENCY ACT, RSC 1985, C. B-3, AS AMENDED AND SECTION 101 OF THE COURTS OF JUSTICE ACT, R.S.O. 1990, C.C.43
- secured creditorsnote: Comprised of Facility #1 – Revolving Demand Facility (limit $2,500,000; balance $2,519,603.44 as of Sept 15, 2025, account in excess position) and Other Facility – Credit Card (limit $50,000; balance $27,858.29 as of Sept 15, 2025, in default), plus bank account overdraft. Also secured by Guarantee and Postponement of Claim dated March 24, 2023 from Jim Fuoco (sole director/guarantor of Debtor), limited to $1,000,000 — related party/personal guarantee. A separate demand letter (Harrison Pensa LLP, dated Aug 26, 2025) states indebtedness as at August 21, 2025 of $2,521,377.07 (Credit Line $2,509,583.57 + Visa $728.33 + Overdraft $11,065.17). · page: 25 · as of: 2025-09-15 · amount: 2559203.9 · debtor: Platinum Insulation Services Inc. · creditor: Royal Bank of Canada · currency: CAD · security: General Security Agreement dated July 19, 2019 (all present and after-acquired personal property); perfected PPSA (Ontario) registration
- secured creditorsnote: Blanket all-property registrant; amount of indebtedness secured not stated in registration. · page: 114 · as of: PPSA search current to 2025-08-20 · debtor: Platinum Insulation Services Inc. · creditor: Accord Small Business Finance Corp. · currency: CAD · security: PPSA (Ontario) Financing Statement/Claim for Lien (Form 1C), registration no. 794809548, general collateral described as all present and after-acquired personal property of the Debtor and an uncrystallized floating charge on land
- secured creditorsnote: Registered secured party per PPSA search results; amount not stated. · page: 115 · as of: PPSA search current to 2025-08-20 · debtor: Platinum Insulation Services Inc. · creditor: Accord Financial Canada Corp. · currency: CAD · security: PPSA (Ontario) Financing Statement (Form 1C), same file family (794809548, page 002) as Accord Small Business Finance Corp. registration; no collateral classification or description completed in registration
- secured creditorsnote: Registered secured party per PPSA search results; amount not stated. · page: 116 · as of: PPSA search current to 2025-08-20 · debtor: Platinum Insulation Services Inc. · creditor: Accord Small Business Leasing Corp. · currency: CAD · security: PPSA (Ontario) Financing Statement (Form 1C), same file family (794809548, page 003) as above Accord registrations; no collateral classification or description completed in registration