Ontario · Receivership (court-appointed)
Application Record dated July 19, 2024 - Volume 1
Application / notice of application · 19 July 2024
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 filing3 verified
- secured creditorsnote: Approximate aggregate CAD indebtedness (stated 'approximately' in both Notice of Application and Affidavit, no more precise figure given). Facility breakdown as of 2024-07-11: Factoring Facility (CAD) $530,150.38; EBR Facility (CAD) $320,849.83; Orbit Lease Facility (CAD) $1,322,136.96 (100 Inc as guarantor); 861 Lease Facility (CAD) $517,962.59 (861 Inc). Personal unlimited guarantees dated Dec 15, 2023 from Yadwinder Singh (president of Orbit/director of all Debtors) and Kulwant Singh (secretary/director) - individuals, not companies. 100 Inc also gave corporate guarantee of Orbit's obligations. · page: 26 · as of: 2024-07-11 · amount: 2691099.76 · debtor: Orbit Express Inc., 10055913 Canada Inc. (100 Inc), 8615314 Canada Inc. (861 Inc) · creditor: Mitsubishi HC Capital Canada, Inc. and Mitsubishi HC Capital Canada Leasing, Inc. (the "Lender") · currency: CAD · security: General Security Agreement dated Dec 5, 2021 (Orbit - all present/after-acquired property); General Absolute Assignment of Receivables dated Dec 5, 2021 (Orbit); Specific Security Agreement dated June 28, 2023 (Orbit and 100 Inc - specified equipment/motor vehicles); General Security Agreement dated Jan 14, 2022 (100 Inc - all present/after-acquired property); collateral security interest in equipment financed under Orbit/861 Lease Agreements; security perfected by PPSA (Ontario) registrations.
- secured creditorsnote: USD portion of Indebtedness is the Factoring Facility (USD) balance, stated approximately as of 2024-07-11. · page: 26 · as of: 2024-07-11 · amount: 573486.15 · debtor: Orbit Express Inc., 10055913 Canada Inc. (100 Inc) · creditor: Mitsubishi HC Capital Canada, Inc. and Mitsubishi HC Capital Canada Leasing, Inc. (the "Lender") · currency: USD · security: Same security as CAD facilities - Factoring Agreement dated Dec 5, 2021 (as amended) and related General Security Agreement/Assignment of Receivables.
- secured creditorsnote: Aggregated per drafting rule for serialized-equipment financiers. Named parties with VIN-specific registrations per Affidavit para 20: Lbel Inc., Paccar Financial Ltd., Canadian Dealer Lease Services Inc., Business Development Bank of Canada, Stoughton Trailers Canada Corporation, Mercado Capital Corporation, Coast Capital Equipment Finance Ltd., Wells Fargo Equipment Finance Company, R&S Trailer Leasing Limited, Bennington Financial Corp., Maya Leasing Corp., Riordan Leasing Inc. Additional 'Secured Lenders' named on the Service List (pp.10-11): Convoy Diesel Inc., Daimler Truck Financial Services Canada Corporation, TPine Leasing Capital Corporation (interest partly assigned to the Lender per Notice of Assignment Jan 24, 2024; TPine itself is subject to CCAA proceedings), Bodkin (division of Bennington Financial Corp), The Bank of Nova Scotia, Essex Lease Financial Corporation, Geolin Credit-Bail Inc., TFG Financial Corporation, Summit Credit Corporation, Meridian OneCap Credit Corp., Concentra Bank, Vault Credit Corporation. No amounts stated for any of these parties. · page: 28 · debtor: Orbit Express Inc., 10055913 Canada Inc., 8615314 Canada Inc. · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: VIN-specific / serialized-equipment PPSA registrations (trucks, trailers, equipment) against the Debtors.