Ontario · Receivership (court-appointed)
Application Record of Royal Bank of Canada dated October 9, 2024 - Part 1
Application / notice of application · 9 October 2024
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What we verified from this filing9 verified
- applicantROYAL BANK OF CANADA
- courtSUPERIOR COURT OF JUSTICE (COMMERCIAL LIST)
- court file noCV-24-00729106-00CL
- statutory basissubsection 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act
- commencement date8 October 2024
- secured creditorsnote: Aggregated per certified PPSA search results dated October 1, 2024 (35 total registration families, less the General RBC Registration and the BMO Registration). · page: 8 · as of: 2024-10-01 · debtor: Moore Brothers Transport Inc. · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: 33 other PPSA registration families, each limited on its face to certain equipment/motor vehicles and/or registered after the General RBC Registration
- secured creditorsnote: Per certified PPSA search results dated October 1, 2024. Registration is subsequent in time to the General RBC Registration (registration order not necessarily priority). RBC sent a PPSA enquiry letter dated July 15, 2024 requesting particulars of the collateral under s.18 PPSA; no response had been received as of the affidavit date (October 9, 2024). · page: 55 · as of: 2024-10-01 · debtor: Moore Brothers Transport Inc. · creditor: Bank of Montreal · currency: CAD · security: PPSA registration against all collateral classifications other than consumer goods (no general collateral description); appears limited on its face to two specific motor vehicles
- secured creditorsnote: Per Demand Letter dated July 15, 2024, $3,507,269.95 was due for principal and interest as of July 10, 2024, plus costs and accruing interest ('July Indebtedness'); as of October 2, 2024 the affidavit states this figure had changed to $3,476,336.15 (plus costs and accruing interest), termed the 'Indebtedness'. Susan Moore (director), Ronald Moore (officer) and Gary Moore provided a joint and several personal guarantee of the Debtor's obligations up to a principal amount of $1,000,000 (personal guarantors); RBC reserves the right to pursue them. · page: 58 · as of: 2024-10-02 · amount: 3476336.15 · debtor: Moore Brothers Transport Inc. · creditor: Royal Bank of Canada · currency: CAD · security: General Security Agreement dated June 5, 2023, registered under the Ontario PPSA (the 'General RBC Registration' against all collateral classifications other than consumer goods); Credit Agreement dated May 29, 2023, as amended July 17, 2023 and February 20, 2024; Master Lease Agreement dated February 17, 2016
- secured creditorsnote: Deemed-trust class claim (Potential Prior-Ranking Claim), self-reported by the Debtor and not independently verified by RBC. As of October 2, 2024, RBC states approximately $1.1 million was owing in aggregate. Earlier reported components: as of July 4, 2024, source deductions of $358,391.51 and HST arrears of $127,182.17; as of September 17, 2024, source deduction arrears reported as 'almost $900,000' and HST arrears reported as 'over $200,000' (floor figure). · page: 58 · as of: 2024-10-02 · amount: 1100000 · debtor: Moore Brothers Transport Inc. · creditor: Canada Revenue Agency (source deductions and HST arrears) · currency: CAD