Ontario · Receivership (court-appointed)
Application Record of the Applicant (volume II) dated December 18, 2024
Application / notice of application · 18 December 2024
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What we verified from this filing12 verified
- applicantROYAL BANK OF CANADA
- commencement date18 December 2024
- courtSUPERIOR COURT OF JUSTICE
- court file noCV-24-00005880-0000
- 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 roleReceiver
- secured creditorsnote: Aggregated per serialized-equipment PMSI class per instructions; no combined balance stated in the PPSA search results. Only BMW Canada Inc.'s registration shows a specific dollar figure ($66,189), which is a registered/financed amount, not a confirmed outstanding balance. · page: 6 · debtor: Renson Transport Ltd. · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: PMSI registrations over serialized motor vehicles/trailers: BMW Canada Inc. (2023 BMW 330i xDrive Sedan, VIN JMW89FF00P8D67223, registered amount $66,189, reg. 2024-05-30, file 505852713); PNC Vendor Finance Corporation Canada (3x 2025 Great Dane trailers, reg. 2024-05-27, file 505742265; 5x 2025 Hyundai Composite trailers, reg. 2024-05-15, file 505416843); Bank of Montreal (2x 2025 Great Dane trailers, reg. 2024-05-23, file 505651815).
- secured creditorsnote: Registration also names Surjit Singh Chahal (the Debtor's personal guarantor to RBC) as a co-debtor personally on this facility; individual's name given for context only per treatment of guarantors/related individuals. · page: 16 · debtor: Renson Transport Ltd. · creditor: BizFund Canada Ltd. · currency: CAD · security: PPSA registration (file 505543941, reg. 2024-05-21) over future receivables sold pursuant to a Purchase and Sale of Future Receivables Agreement dated 2024-04-22; registered amount $55,600 (financing/registered amount, not confirmed as an outstanding balance); registration states the transaction is intended as an outright sale of receivables, not a financing/security interest.
- secured creditorsnote: Registration ceiling/amount not stated. The relationship between 'Debtor #1' and 'Debtor #2' referenced in the collateral description is not clarified in the search results provided; may indicate cross-guarantee or related-party financing arrangement. · page: 193 · debtor: Renson Transport Ltd. · creditor: Canadian Western Bank · currency: CAD · security: PPSA registration (file 751005189, reg. 2019-05-08) - blanket/general security; collateral description states 'and other security held by Debtor #2 in connection with the indebtedness of Debtor #1 to Debtor #2.'
- secured creditorsnote: Amount is a floor: debtor's counsel (VK Law Group letter, Nov 8, 2024) characterizes RBC's Nov 5, 2024 demand as 'a demand exceeding $2.7 million.' Component balances per RBC counsel's Nov 13, 2024 letter: unauthorized overdraft on account ending '58' of $150,694.01 as of opening of business Nov 13, 2024; Visa facility balance $103,220.27 as of opening of business Nov 13, 2024 (exceeding authorized limit of $100,000.00); revolving credit facility stated to be 'at its credit limit' (exact figure not given in the excerpt). Guarantor Surjit Chahal is a related individual (personal guarantee); RBC counsel's Nov 13, 2024 letter proposed a forbearance requiring joint and several guarantees from the guarantor and his spouse secured by a charge against the principal residence and an ILA. · page: 230 · as of: 2024-11-05 · amount: 2700000 · debtor: Renson Transport Ltd. · creditor: Royal Bank of Canada · currency: CAD · security: General Security Agreement dated May 6, 2022 (Exhibit D) securing operating line of credit, Visa facility, and revolving credit facility; personally guaranteed by Surjit Chahal pursuant to a Guarantee dated May 31, 2023 (Exhibit E).
- secured creditorsnote: Per-lease balances (excl. 13% HST) and Total Owing as of Nov 19, 2024, per RBC counsel's letter: #201000069330 balance $67,631.34 / total owing $76,423.41 (next payment Dec 16, 2024); #201000070659 balance $224,653.20 / total owing $253,858.12 ($4,230.97 in arrears as of Nov 1, 2024); #201000071268 balance $75,682.20 / total owing $85,520.89 (next payment Dec 5, 2024); #201000072256 balance $432,884.34 / total owing $489,159.30 ($7,764.43 in arrears as of Nov 3, 2024); #201000074511 balance $666,164.92 / total owing $752,766.36 ($11,235.32 in arrears as of Nov 2, 2024); #201000074560 balance $355,792.14 / total owing $402,045.12 (next payment Dec 5, 2024). Three of six schedules were in payment default as of Nov 19, 2024. No combined total stated in the document; may overlap in part with the RBC operating-facility demand recorded separately above. · page: 236 · as of: 2024-11-19 · debtor: Renson Transport Ltd. · creditor: Royal Bank of Canada · currency: CAD · security: Six vehicle/equipment leasing schedules between RBC and the Debtor (lease numbers 201000069330, 201000070659, 201000071268, 201000072256, 201000074511, 201000074560).