Ontario · Receivership (court-appointed)
Application Record of the Respondent dated March 26, 2025
Application / notice of application · 26 March 2025
A plain-language read of this filing opens with a subscription.
What we verified from this filing19 verified
- applicantROYAL BANK OF CANADA
- commencement date26 March 2025
- courtSUPERIOR COURT OF JUSTICE
- court file noCV-25-00738060-00CL
- provinceONTARIO
- statutory basisSUBSECTION 243(1) OF THE BANKRUPTCY AND INSOLVENCY ACT, R.S.C. 1985, c. B-3, AS AMENDED AND SECTION 101 OF THE COURTS OF JUSTICE ACT, R.S.O. 1990, c. C.43, AS AMENDED
- appointeeMSI SPERGEL INC.
- appointee roleProposed Receiver
- secured creditorsnote: Aggregated per document's own service list of 'Secured Party' entities with no amounts stated: Toyota Industries Commercial Finance Canada Inc.; Compass Equipment Finance Inc.; Glasvan Trailers Inc.; Nissan Canada Inc.; LBEL Inc.; Daimler Truck Financial Services Canada Corporation; VFS Canada Inc.; Mercedes-Benz Financial; Mercedes-Benz Financial Services Canada Corporation; Finloc 2000 Inc.; Grand Touring Financial Services; Mitsubishi HC Capital Canada Leasing Inc.; Lithia Canada Leasing, LP; Lithia Canada Leasing GP, Inc.; Bodkin (a division of Bennington Financial Corp.); TD Equipment Finance Canada (a division of The Toronto-Dominion Bank); Coast Capital Equipment Finance Ltd.; Meridian OneCap Credit Corp.; CWB National Leasing Inc.; TD Auto Finance (Canada) Inc.; Canadian Western Bank Leasing Inc. (two branch addresses); Stoughton Trailers Canada Corporation; BVD Capital Corporation; Pfaff Leasing (a division of Pfaff Motors Inc.); National Leasing Group Inc.; De Lage Landen Financial Services Canada Inc. No amounts or specific debtors stated in these pages. · page: 4 · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: Equipment/vehicle purchase-money security interests (serialized equipment PMSI registrations)
- secured creditorsnote: Listed twice with different floor addresses at 5750 Explorer Drive, Mississauga (3rd Floor and 2nd Floor); no amount stated · page: 4 · creditor: Bank of Montreal · currency: CAD · security: Secured party per service list; nature/priority of security not stated on these pages
- secured creditorsnote: No amount stated on these pages · page: 5 · creditor: The Bank of Nova Scotia · currency: CAD · security: Secured party per service list; nature of security not stated
- secured creditorsnote: No amount stated on these pages · page: 6 · creditor: Concentra Bank · currency: CAD · security: Secured party per service list (c/o Comm Leasing); nature of security not stated
- secured creditorsnote: Listed distinctly from 'TD Equipment Finance Canada, a division of The Toronto-Dominion Bank' (aggregated in PMSI class entry); no amount stated · page: 6 · creditor: The Toronto-Dominion Bank · currency: CAD · security: Secured party per service list; nature of security not stated
- secured creditorsnote: Individual named directly on the service list as 'Secured Party'; no amount or debtor stated · page: 8 · creditor: Aulakh, Parmjit · currency: CAD · security: Secured party per service list; nature of security not stated
- secured creditorsnote: Individuals named directly on the service list as 'Secured Party'; no amount or debtor stated · page: 8 · creditor: Milenov, Ivan and Milenov, Dennis · currency: CAD · security: Secured party per service list; nature of security not stated
- secured creditorsnote: 100 is not a direct borrower under the Credit Agreements; it is a related-party secured guarantor (holding company, no day-to-day operations) whose only mortgaged real property secures the other Credit Parties' obligations via the Guarantees dated May 30, 2023 · page: 19 · debtor: Tung Air Transport Ltd. / 2527366 Ontario Inc. / R. Lessard Trucking Limited · creditor: 1000101395 Ontario Inc. (100) · currency: CAD · security: 100-Manning Mortgage ($1,100,000.00 registered principal, first-priority charge on 100's portion of Manning Property, PIN 75009-0016, inst. CE1137089)
- secured creditorsnote: Figure is RBC's alleged direct indebtedness as of Jan 9, 2025, per responding affidavit para. 32(a); an earlier exact dated balance in RBC's demand letter Schedule 'A' (Exhibit D) states Tung Air Transport Ltd. total principal & interest of $1,634,889.38 as of 12/18/2024 (facility breakdown: VISA cards, Letter of Guarantee, RCL, DDA accounts) · page: 20 · as of: 2025-01-09 · amount: 1595068.35 · debtor: Tung Air Transport Ltd. · creditor: Royal Bank of Canada (RBC) · currency: CAD · security: GSA (first-ranking security interest in all present and after-acquired personal property); Kamato Mortgage ($18,040,000.00 registered principal, first-priority charge on Kamato Property, PIN 13294-0034, inst. PR4208028) via the 252-Tung Air Cross-Guarantee (limited to $3,063,000.00); Lessard-Manning Mortgage ($10,060,000.00 registered principal, PIN 75009-0015, inst. CE1137095) via Lessard-Tung Air Cross-Guarantee (limited to $3,063,000.00); 100-Manning Mortgage ($1,100,000.00 registered principal, PIN 75009-0016, inst. CE1137089) via 100-Tung Air Guarantee (limited to $3,063,000.00)
- secured creditorsnote: Figure is RBC's alleged direct indebtedness as of Jan 9, 2025, per responding affidavit para. 32(c); an earlier exact dated balance in RBC's demand letter Schedule 'A' (Exhibit D) states R. Lessard Trucking Limited total principal & interest of $2,783,768.11 as of 12/18/2024 · page: 21 · as of: 2025-01-09 · amount: 2793188.23 · debtor: R. Lessard Trucking Limited · creditor: Royal Bank of Canada (RBC) · currency: CAD · security: Lessard-Manning Mortgage ($10,060,000.00 registered principal, first-priority charge on Lessard's portion of Manning Property, direct grantor Lessard); Kamato Mortgage ($18,040,000.00 registered principal) via 252-Lessard Cross-Guarantee (limited to $3,630,000.00); 100-Manning Mortgage ($1,100,000.00 registered principal) via 100-Lessard Guarantee (limited to $3,630,000.00); GSA blanket personal property security
- secured creditorsnote: Figure is RBC's alleged direct indebtedness as of Jan 9, 2025, per responding affidavit para. 32(b); an earlier exact dated balance in RBC's demand letter Schedule 'A' (Exhibit D) states 2527366 Ontario Inc. total principal & interest of $13,584,764.62 as of 12/18/2024 · page: 21 · as of: 2025-01-09 · amount: 13643746.94 · debtor: 2527366 Ontario Inc. (252) · creditor: Royal Bank of Canada (RBC) · currency: CAD · security: Kamato Mortgage ($18,040,000.00 registered principal, first-priority charge on Kamato Property, direct grantor 252); Lessard-Manning Mortgage ($10,060,000.00 registered principal) via Lessard-252 Cross-Guarantee (limited to $13,597,000.00); 100-Manning Mortgage ($1,100,000.00 registered principal) via 100-252 Guarantee (limited to $13,597,000.00); GSA blanket personal property security