Alberta · Receivership (court-appointed)
Application - Filed Jan 13,2025
Application / notice of application · 22 January 2025
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 filing12 verified · 1 withheld
- courtCOURT OF KING’S BENCH OF ALBERTA
- court file no2501 00501
- applicantRoyal Bank of Canada
- appointeeGrant Thornton Limited
- appointee rolereceiver and manager
- statutory basissection 243 of the Bankruptcy and Insolvency Act, RSC 1985 c B-3, and section 13 of the Judicature Act, RSA 2000 c J-2
- secured creditorsnote: Two specific HSBC lease past-due residual amounts disclosed: $84,885.29 (Lease #35382006) owing as of 2024-05-01, and $83,616.36 (Lease #35382007) owing as of 2024-05-25; these are past residual/default amounts, not total facility balances · page: 3 · debtor: Grace Road Lines Ltd. · creditor: RBC (as assignee of HSBC Bank Canada) · currency: CAD · security: PPSA equipment financiers (PMSI class) - RBC Master Lease Agreement (11 lease schedules, ~60 pieces of serial numbered equipment) and HSBC Master Lease Agreement (6 lease schedules, 26 pieces of serial numbered equipment, assigned to RBC)
- secured creditorsnote: Related party - Grace Road is affiliated guarantor of Goodwill's debt to RBC (cross-guarantee structure); guarantee caps are limits, not balances; guaranteed amount equals Goodwill Indebtedness per para 20 · page: 4 · debtor: Goodwill Enterprises Ltd. · creditor: Grace Road Lines Ltd. · currency: CAD · security: Guarantee agreements (Grace Road Guarantees) dated January 19, 2016 ($2,021,250 cap), February 21, 2019 ($4,887,000 cap), August 10, 2021 ($6,160,000 cap), November 18, 2022 ($9,300,000 cap), plus interest at prime + 5.00% and full indemnity legal costs
- secured creditorsnote: Related party - Goodwill is affiliated guarantor of Grace Road's debt to RBC (cross-guarantee structure); guarantee caps are limits, not balances; guaranteed amount equals Grace Road Indebtedness per para 22 · page: 6 · debtor: Grace Road Lines Ltd. · creditor: Goodwill Enterprises Ltd. · currency: CAD · security: Guarantee agreements (Goodwill Guarantees) dated January 19, 2016 ($2,700,000 cap), April 18, 2016 ($5,400,000 cap), December 6, 2017 ($6,675,000 cap), August 10, 2021 ($9,086,000 cap), November 18, 2022 ($9,586,000 cap), plus interest at prime + 5.00% and full indemnity legal costs
- secured creditorsnote: Goodwill Indebtedness under Goodwill Credit Agreements; mortgage principal amounts and caveat amount are registered/charge amounts, not outstanding balances · page: 8 · as of: 2025-01-09 · amount: 5426906.12 · debtor: Goodwill Enterprises Ltd. · creditor: Royal Bank of Canada · currency: CAD · security: General security agreement - floating charge on land dated January 19, 2016 (Goodwill GSA-FCOL); collateral mortgage of $2,006,250 dated January 26, 2016 on Plan 88; Assignment of Rents dated January 26, 2016; collateral mortgage of $8,100,000 dated March 6, 2019 (amended September 15, 2021) on Plan 11; caveat of $11,000,000 against the Lands pursuant to floating charge; PPR and Land Titles registrations
- secured creditorsnote: USD portion of Grace Road Indebtedness under Grace Road Credit Agreement · page: 8 · as of: 2025-01-09 · amount: 642021.51 · debtor: Grace Road Lines Ltd. · creditor: Royal Bank of Canada · currency: USD · security: General security agreements dated January 7, 2013, April 15, 2014, and April 17, 2014 (floating charges on land); PPSA registrations against Grace Road
- secured creditorsnote: Grace Road Indebtedness under Grace Road Credit Agreement; also USD component separately stated · page: 8 · as of: 2025-01-09 · amount: 5677176.98 · debtor: Grace Road Lines Ltd. · creditor: Royal Bank of Canada · currency: CAD · security: General security agreements dated January 7, 2013, April 15, 2014, and April 17, 2014 (floating charges on land); PPSA registrations against Grace Road
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.