Ontario · Receivership (court-appointed)
Motion Record of RBC
Application / notice of application · 24 April 2023
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What we verified from this filing8 verified
- applicantROYAL BANK OF CANADA
- courtSUPERIOR COURT OF JUSTICE
- court file noCV-23-00698375-00CL
- provinceONTARIO
- appointeeMSI SPERGEL INC.
- appointee roleProposed Receiver
- commencement date24 April 2023
- secured creditorsnote: The specific outstanding balance/indebtedness owed by Vellend-Tech Inc. to RBC as of any date is not stated on these pages; the Notice of Motion states only that 'demands expired and the indebtedness remains outstanding' without a figure, and refers to a demand letter dated April 26, 2022 (Exhibit G, not included). Personal guarantees limited to the principal sum of $925,000.00 (plus interest at Prime + 5% from demand) were given by guarantors Robert Vellend and Martin Vellend, together with postponement and assignment of any claims they have against the Borrower to RBC (Exhibit D). Guarantors are individuals, not companies. · page: 80 · debtor: Vellend-Tech Inc. · creditor: Royal Bank of Canada · currency: CAD · security: General Security Agreement (RBC form 924) constituting a first-ranking security interest in all personal property of Vellend-Tech Inc.; credit facilities were: Facility #1(a) $800,000.00 revolving demand facility and Facility #1(b) $200,000.00 seasonal revolving demand facility (Feb 24, 2020 agreement); Facility #1 later amended to a $1,000,000.00 revolving demand facility reducing to $800,000.00 on June 30, 2022 (March 10, 2022 amendment); Credit Card 'Other Facility' to a maximum of $50,000.00; a BDC HASCAP term facility was also added (Oct 28, 2021 amendment), amount not stated on these pages. These are facility limits/ceilings, not outstanding balances.