Ontario · Receivership (court-appointed)
Application Record of Royal Bank of Canada dated September 16, 2024 - Part 1
Application / notice of application · 16 September 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 filing13 verified
- applicantROYAL BANK OF CANADA
- courtSUPERIOR COURT OF JUSTICE
- court file noCV-24-00087045-0000
- statutory basissection 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
- appointeemsi Spergel inc.
- appointee roleReceiver
- commencement date11 September 2024
- unsecured creditorsnote: No confirmation of amount or status was ever received by RBC (affiant states no further communications were received after the March 13, 2024 meeting); status of any CRA indebtedness remains unknown/unconfirmed in this document. Would be a deemed-trust class priority claim if it materializes. · page: 40 · basis: Discussed at a March 13, 2024 meeting as 'Priority Payables Owing to the Canada Revenue Agency'; directors Harvinder Singh and Sukhjinder Gill undertook to confirm status of any CRA arrears with H&H's accountant and advise RBC accordingly · debtor: H & H Holding Inc. · creditor: Canada Revenue Agency (CRA) · currency: CAD
- secured creditorsnote: Document does not name or itemize the other 9 registrants, their amounts, or the nature/priority of their registrations. · page: 43 · as of: 2024-06-09 · debtor: Khaira Motor Freight Inc. operating as Khaira Freight · creditor: PPSA registrants (unnamed, other than RBC) · currency: CAD · security: PPSA registrations per certified search results (Exhibit N), currency to June 9, 2024, showing 10 total registrations against Khaira including RBC's.
- secured creditorsnote: Realty tax certificate effective June 20, 2024 shows outstanding taxes with interest and fees for 2021-2024 totalling $70,765.67. Earlier Municipal Tax Arrears Certificate registered Dec 12, 2023 as Instrument No. WE1714337 stated $31,889.00 (a component/predecessor figure). City registered the certificate advising the Real Property would be sold by public sale if arrears were not paid by December 12, 2024. · page: 44 · as of: 2024-06-20 · amount: 70765.67 · debtor: H & H Holding Inc. · creditor: City of Hamilton · currency: CAD · security: Realty tax certificate for the Real Property; statutory municipal tax certificate/lien registered against title.
- secured creditorsnote: Billed and paid legal fees of $15,971.82 and unbilled legal fees (approximate indication as of September 3, 2024) of $3,859.46, included by RBC within its total claimed amount ($1,038,829.11 per Affidavit table; $1,038,053.83 per Notice of Application table) but components not summed here per reporting convention; not independently secured. · page: 51 · as of: 2024-09-05 · debtor: H & H Holding Inc. / Khaira Motor Freight Inc. · creditor: Royal Bank of Canada (Fogler, Rubinoff LLP legal fees) · currency: CAD
- secured creditorsnote: Guaranteed by H&H Holding Inc. (related-party/affiliate guarantee, limited to $25,000.00, dated Dec 29, 2020). Interest accrues at 19.99% per annum. Notice of Application stated $118.53 as at the same date (Sept 5, 2024); Affidavit sworn Sept 12, 2024 states $151.92, used here. · page: 51 · as of: 2024-09-05 · amount: 151.92 · debtor: Khaira Motor Freight Inc. operating as Khaira Freight · creditor: Royal Bank of Canada · currency: CAD · security: General Security Agreement from Khaira (PPSA registered); Visa facility limit of $25,000.00 pursuant to RBC Royal Bank Visa Business Card Agreement dated February 20, 2019.
- secured creditorsnote: Mortgage Loan matured Feb 1, 2024 and remains outstanding in full. Supported by guarantee and postponement of claim from Khaira Motor Freight Inc. (related-party/affiliate guarantee, limited to $1,100,000, dated Dec 31, 2020) and personal guarantees from directors Harvinder Singh and Sukhjinder Gill (each limited to $550,000, dated Dec 31, 2020 - individual guarantors, not separate creditor entries). Notice of Application (Sept 11, 2024) stated a slightly different balance of $1,018,104.02 as at the same date (Sept 5, 2024); the sworn Affidavit of Sharon D'Costa (Sept 12, 2024) states $1,018,845.91, used here as the more precise sworn figure. · page: 51 · as of: 2024-09-05 · amount: 1018845.91 · debtor: H & H Holding Inc. · creditor: Royal Bank of Canada · currency: CAD · security: Charge/Mortgage registered as Instrument No. WE1484018 (Jan 18, 2021) against the Real Property, original principal amount $1,100,000.00, with RBC Standard Charge Terms 20015; Notice of Assignment of Rents (Instrument No. WE1484019); General Security Agreement from H&H (PPSA registered - RBC is sole registrant against H&H per certified search current to June 9, 2024); RBC is first and only mortgagee per parcel register effective June 10, 2024.