Ontario · Receivership (court-appointed)
Application Record of the Applicant, Bank of Montreal dated July 21, 2026
Application / notice of application · 21 July 2026
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 filing10 verified · 1 withheld
- applicantBANK OF MONTREAL
- courtSUPERIOR COURT OF JUSTICE (COMMERCIAL LIST)
- court file noCL-26-00000330-0000
- 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
- secured creditorsnote: Amount not stated. Subordinated to BMO. Jeff Young and Chad Lambourn are individuals named in the document as part of this creditor group. Counsel to the Whirl Subordinators is in contact with BMO's counsel and the group is aware of BMO's enforcement steps. · page: 25 · debtor: ATRS Acquisition Inc. (now TRS Components Ltd.) · creditor: Whirl Subordinators (Whirl 2 Ltd., 2070400 Ontario Ltd., Jeff Young and Chad Lambourn) · currency: CAD · security: Security granted by ATRS Acquisition in respect of vendor take-back financing provided on Argyle's July 2022 purchase of TRS and Plant 22; all present and future debt and all such security postponed and subordinated to BMO under a postponement and subordination agreement dated July 25, 2022
- secured creditorsnote: The document does not name these registrants or state any amounts; it states that further information on the Debtors' creditors will be contained in a pre-filing report to be delivered by AlixPartners as proposed receiver (page 27). · page: 26 · as of: PPSA search currency to July 8, 2026 · debtor: TRS Components Ltd. · creditor: Various PPSA registrants against TRS (over 10 registrations; not named in the document) · currency: CAD · security: The certified PPSA search for TRS shows over 10 registrations in favour of various creditors in addition to BMO; registrants and collateral classes not named in the document
- secured creditorsnote: Related party: entity controlled by Mark Fox, President and CEO of TRS and President of TNT, and a shareholder of Argyle TRS. Amount not stated. Subordinated to BMO. · page: 26 · debtor: TRS Components Ltd. · creditor: Fox Investments Inc. · currency: CAD · security: Security in respect of vendor take-back financing provided in connection with the 2023 acquisition of TNT; subject to a postponement, subordination and standstill agreement in favour of BMO dated April 1, 2023
- secured creditorsnote: Existence of registration only; no debt amount stated. · page: 27 · as of: PPSA search currency to July 8, 2026 · debtor: 976711 Ontario Inc. o/a Terra Nova Truss (TNT) · creditor: De Lage Landen Financial Services Canada Inc. · currency: CAD · security: PPSA registration against TNT shown on certified PPSA search; collateral classes not stated in the document
- secured creditorsnote: Existence of registration only; no debt amount stated. · page: 27 · as of: PPSA search currency to July 8, 2026 · debtor: 976711 Ontario Inc. o/a Terra Nova Truss (TNT) · creditor: Ford Credit Canada Leasing · currency: CAD · security: PPSA registration against TNT shown on certified PPSA search; collateral classes not stated in the document
- secured creditorsnote: Per the Demands dated May 1, 2026, a total of CAD $23,473,193.40 AND USD $20,000.00 (exclusive of legal fees, disbursements and accruing interest) was owing under the Credit Agreement as at April 28, 2026; the USD $20,000.00 component is additional and stated separately in its own currency, not summed. Indebtedness remains outstanding and continues to accrue. Facility limits (limits, not balances, pages 22-23): Facility A revolving, maximum $9,500,000; Facility B non-revolving to TRS, maximum $18,356,030; Facility C non-revolving to Plant 22, maximum $3,422,050; Facility D non-revolving to TRS, maximum $1,524,013. Obligations cross-guaranteed among the Debtors (guarantees dated July 25, 2022 and April 1, 2023); limited recourse guarantees from parent companies Argyle TRS Holdings Inc. and ATRS Real Estate Holdings Inc., each limited to pledges of shares (related parties). · page: 29 · as of: 2026-04-28 · amount: 23473193.4 · debtor: TRS Components Ltd., Plant 22 Ltd. and 976711 Ontario Inc. o/a Terra Nova Truss (collectively, the Debtors) · creditor: Bank of Montreal (BMO) · currency: CAD · security: General security agreement dated July 25, 2022 granted by ATRS Acquisition (now TRS) and ATRS Real Estate (now Plant 22), attorned to by TNT on April 1, 2023; security under s. 427 of the Bank Act granted by TRS dated July 25, 2022; debenture dated July 25, 2022 granted by Plant 22 supported by a charge/mortgage in the principal amount of $10,000,000 (registered principal, not a balance) registered on title to the Real Property (16783 Thorndale Road, Thorndale); PPSA registrations against each of TRS, Plant 22 and TNT covering Inventory, Equipment, Accounts, Other and Motor Vehicle; BMO is the only party holding a registered charge on title to the Real Property (security described at pages 9-10, 24, 26-27)
1 extracted value is withheld: either a trap-shaped field where models produce confident wrong numbers, or an identity value whose quotation could not be found in the document. Withheld values are shown to no one.