Ontario · Receivership (court-appointed)
Motion Record of RBC Volume 1 of 3
Application / notice of application · 21 December 2022
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 figure quoted in RBC internal email summarizing Nov 17, 2022 meeting with Mr. Gossmann: 'CRA priority payables outstanding for payroll/ HST is approximately $100,000 presently.' Deemed-trust class - per same email, 'CRA's deemed trust takes priority over the Bank's priority over the Company's assets when arrears balances are owed.' Only $7,300 had been noted on the May margin report, per same source; figure is an approximation ('approximately'), not an exact CRA-confirmed balance. · page: 22 · as of: 2022-11-17 · amount: 100000 · debtor: 1731861 Ontario Inc. operating as Plasticap · creditor: Canada Revenue Agency (source deductions / HST - deemed trust) · currency: CAD
- secured creditorsnote: Table 'Total CAD $ facilities' as of Dec 19, 2022 (Operating Facility principal $1,250,000.00 + accrued interest $5,905.82 = $1,255,905.82; plus Visa Facility CDN $45,149.34), stated to EXCLUDE two term loans referenced in the Credit Agreement (incl. non-revolving Facility #3, a $500,000.00 facility limit, not a balance) and legal fees - those balances not stated. Notice of Motion (Dec 21, 2022) approximates indebtedness as 'in excess of $1.3 million' - the dated table balance is used as the amount per document hierarchy. Facility #1 credit limit is $1,750,000.00 (reducing to $1,250,000.00 on drawdown of Facility #3) - a facility limit, not a balance. · page: 27 · as of: 2022-12-19 · amount: 1301055.16 · debtor: 1731861 Ontario Inc. operating as Plasticap · creditor: Royal Bank of Canada (Operating Facility and Visa Facility - CDN) · currency: CAD · security: General Security Agreement dated July 26, 2020 over all present and after-acquired personal property/undertaking of the debtor; personal Guarantee and Postponement of Claim executed by Peter J. Gossmann and by Thomas F. Lato (related-party personal guarantors, per Corporate Profile Report they are officers/directors)
- secured creditorsnote: Stated separately as 'Total US $ facilities' in Dec 19, 2022 table because denominated in USD; Visa Facility overall credit limit is $101,000.00 (available in CAD and USD currency) - a facility limit, not a balance. · page: 27 · as of: 2022-12-19 · amount: 41323.24 · debtor: 1731861 Ontario Inc. operating as Plasticap · creditor: Royal Bank of Canada (Visa Facility - US) · currency: USD · security: Same General Security Agreement dated July 26, 2020 and personal guarantees as CAD facilities above