Ontario · Receivership (court-appointed)
Application Record of the Applicant - Part 1, dated
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 filing5 verified
- secured creditorsnote: Loan Facilities are payable on demand; total indebtedness stated in two currencies (see separate USD entry). Approx. $2.99M in GIC term-deposit funds were applied June 28, 2025 to pay down this balance, post-dating the figure reported here. · page: 18 · as of: As at June 2025 · amount: 42900890.06 · debtor: I-Way Group (Wings Freightway Inc., I-Way Transport Inc., I-Way Logistics Inc., 2806329 Ontario Inc., 10872911 Canada Inc., 14366085 Canada Inc., 2863697 Ontario Inc.) · creditor: National Bank of Canada · currency: CAD · security: General Security Agreements from each Debtor over all present and after-acquired personal property; unlimited cross-guarantees among Debtors; demand collateral Charges/Mortgages of Land over the Real Properties - Worcester Charge (registered principal $23,000,000), 98 Avenue Charge (registered principal $9,450,000), Nicolas Charge (registered principal $3,650,000), 52 Street Charge (registered principal $2,650,000); Cross-Default Acknowledgment cross-collateralizing/cross-defaulting all obligations; PPSA registrations in Ontario, Manitoba and Alberta
- secured creditorsnote: Total indebtedness also stated as approximately CAD $42,900,890.06 (see separate CAD entry) · page: 18 · as of: As at June 2025 · amount: 231855.63 · debtor: I-Way Group (Wings Freightway Inc., I-Way Transport Inc., I-Way Logistics Inc., 2806329 Ontario Inc., 10872911 Canada Inc., 14366085 Canada Inc., 2863697 Ontario Inc.) · creditor: National Bank of Canada · currency: USD · security: Same comprehensive security package as CAD facilities (GSAs, Charges over Real Properties, cross-guarantees, Cross-Default Acknowledgment)
- secured creditorsnote: Figure is the registered principal amount of the first-ranking BDC Charge, not a stated outstanding balance. The Bank understood this charge would be discharged from proceeds of the 143 Loan, but discharge status is not confirmed in the document. · page: 26 · as of: 2023-02-14 · amount: 7250000 · debtor: 14366085 Canada Inc. · creditor: Business Development Bank of Canada · currency: CAD · security: First Charge/Mortgage of Land registered on title to the 98 Avenue Property, ranking in priority to the Bank's (National Bank's) 98 Avenue Charge
- secured creditorsnote: Specific-asset (rents) security interest, not a blanket registration; amount not disclosed in document · page: 27 · debtor: 10872911 Canada Inc. · creditor: Royal Bank of Canada · currency: CAD · security: PPSA registration in Manitoba against all rents and other similar payments due to 108 in connection with the Nicolas Property
- secured creditorsnote: Aggregated per serialized-equipment financier convention; individual creditor names and amounts not disclosed in document (searches available upon request) · page: 27 · debtor: Wings Freightway Inc., I-Way Logistics Inc., I-Way Transport Inc. · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: Multiple PPSA registrations by equipment lessors/financiers against Wings, Logistics and Transport