Ontario · Receivership (court-appointed)
Application Record of Royal Bank of Canada dated July 29, 2024
Application / notice of application · 29 July 2024
A plain-language read of this filing opens with a subscription.
What we verified from this filing13 verified
- applicantROYAL BANK OF CANADA
- courtSUPERIOR COURT OF JUSTICE
- court file noCV-24-00002865-0000
- commencement date26 July 2024
- secured creditorsnote: Exact dated balance per receiver-application affidavit table: Operating Loan facility 07512-70295564-001 total $1,012,265.44 (principal $1,006,347.29 + accrued interest $5,918.15); Visa facility -003 total $117,799.86; Fees $27,429.27; Lease 201000072255 total $139,171.57; Lease 201000072980 total $152,730.95; Lease 201000073082 total $74,798.93; Lease 201000076217 total $84,361.85 (CAD total $1,608,557.86). Earlier prose/demand figures for the same evolving debt: $1,087,630.91 as at Feb 28, 2024 (s.244 Notice) and $1,544,495.95 as at March 22, 2024 (PPSA s.63(4) Notice of Sale). Udit Gaur (director) is a related-party personal guarantor, limited to $1,100,000 (Aug 11, 2023) and $900,000 (Dec 12, 2022), with postponement of claim. · page: 48 · as of: 2024-07-23 · amount: 1608557.86 · debtor: Cheetah Carriers Inc. · creditor: Royal Bank of Canada · currency: CAD · security: General Security Agreement dated December 12, 2022 (all present and after-acquired personal property, registered under the Ontario PPSA); Credit Agreement dated August 10, 2023 establishing a revolving demand/operating facility (limit $1,000,000) and Visa facility (limit $100,000); Master Lease Agreement dated February 2, 2023 with four Leasing Schedules (Nos. 201000072255, 201000072980, 201000073082, 201000076217)
- secured creditorsnote: USD component of RBC's total indebtedness (principal $5,000.00 USD + accrued interest $287.67 USD); reported separately from CAD-denominated facilities per document's currency breakdown. · page: 48 · as of: 2024-07-23 · amount: 5287.67 · debtor: Cheetah Carriers Inc. · creditor: Royal Bank of Canada (USD-denominated facility) · currency: USD · security: Same General Security Agreement dated December 12, 2022 and Credit Agreement dated August 10, 2023 (USD facility 07512-70295564-002)
- secured creditorsnote: Listed on Schedule A to RBC's PPSA s.63(4) Notice of Sale dated May 17, 2024 as a party who 'may have a security or other interest'; notice does not acknowledge validity; amount not stated. · page: 305 · debtor: Cheetah Carriers Inc. · creditor: 2603642 Ontario Ltd. · currency: CAD · security: PPSA registration (nature/collateral not specified)
- secured creditorsnote: Listed on Schedule A to RBC's PPSA s.63(4) Notice of Sale dated May 17, 2024 as a party who 'may have a security or other interest'; notice does not acknowledge validity; amount not stated. · page: 305 · debtor: Cheetah Carriers Inc. · creditor: 2672866 Ontario Ltd. operating as U-Go Fuel · currency: CAD · security: PPSA registration (nature/collateral not specified)
- secured creditorsnote: Regulatory/quasi-governmental party listed on Schedule A to RBC's PPSA s.63(4) Notice of Sale dated May 17, 2024 (London, ON Ministry of Finance office, distinct from the Ministry of Finance office served with the Notice of Application); possible provincial tax lien; amount not stated. · page: 305 · debtor: Cheetah Carriers Inc. · creditor: His Majesty in Right of Ontario (represented by the Minister of Finance) · currency: CAD · security: PPSA registration/possible statutory lien (nature not specified in document)
- secured creditorsnote: Listed on Schedule A to RBC's PPSA s.63(4) Notice of Sale dated May 17, 2024 as a party who 'may have a security or other interest'; notice expressly does not acknowledge validity; amount not stated. · page: 305 · debtor: Cheetah Carriers Inc. · creditor: HBC Transportation Inc. · currency: CAD · security: PPSA registration (nature/collateral not specified)
- secured creditorsnote: Comprises VFS Canada Inc. and Honda Canada Finance Inc., named on Schedule A to RBC's PPSA s.63(4) Notice of Sale dated May 17, 2024 and described in the affidavit as 'other registered secured creditors of the Company under the PPSA'; amounts of their claims not stated. Notice itself disclaims acknowledgment of validity of any such interest. · page: 305 · debtor: Cheetah Carriers Inc. · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: PPSA registrations against specific vehicles/equipment (nature of collateral not itemized in document)
- secured creditorsnote: Listed on Schedule A to RBC's PPSA s.63(4) Notice of Sale dated May 17, 2024; shares address (475 Harrop Drive, Milton) with the debtor, suggesting possible related-party relationship; notice does not acknowledge validity of any interest; amount not stated. · page: 305 · debtor: Cheetah Carriers Inc. · creditor: Bestway Truck Services Inc. · currency: CAD · security: PPSA registration (nature/collateral not specified)
- secured creditorsnote: Listed on Schedule A to RBC's PPSA s.63(4) Notice of Sale dated May 17, 2024 as a party who 'may have a security or other interest'; notice expressly does not acknowledge validity; amount not stated. · page: 305 · debtor: Cheetah Carriers Inc. · creditor: Ava Financial Group Inc. · currency: CAD · security: PPSA registration (nature/collateral not specified)