Ontario · Receivership (court-appointed)
Application Record
Application / notice of application · 16 September 2025
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What we verified from this filing8 verified
- applicantRoyal Bank of Canada
- commencement date9 September 2025
- courtONTARIO SUPERIOR COURT OF JUSTICE COMMERCIAL LIST
- court file noCV-25-00751346-00CL
- statutory basisSECTION 243(1) OF THE BANKRUPTCY AND INSOLVENCY ACT, RSC 1985, C. B-3, AS AMENDED AND SECTION 101 OF THE COURTS OF JUSTICE ACT, R.S.O. 1990, C.C.43
- secured creditorsnote: Component balances as at July 31, 2025: Revolving Demand Facility $108,652.71; Lease Facility $77,909.50; Credit Card $27,622.21; Variable Rate Term Loan $131,714.87 (sum to $345,899.29, differing from stated total; document's own total of $267,989.39 used per para 6/8). Demand letter (page 195) states total of $267,989.79 as at July 31, 2025 - near-identical exact dated balance, minor discrepancy in cents/dollars noted. · page: 10 · as of: 2025-07-31 · amount: 267989.39 · debtor: 2818907 Ontario Incorporated · creditor: Royal Bank of Canada · currency: CAD · security: General Security Agreement dated July 1, 2021; Security Agreement (Chattel Mortgage) dated July 1, 2021; Master Lease Agreement No. 348352683 dated September 16, 2021 with Leasing Schedule #20100061880; Facility limits: Revolving Demand Facility $100,000.00, Lease Facility (non-revolving) $250,000.00, Credit Card $25,000.00, Variable Rate Term Loan $350,000.00
- secured creditorsnote: Component balances as at July 31, 2025: Revolving Demand Facility $203,640.23; Non-Revolving Term Loan $816,708.45; Revolving Lease Line of Credit $276,849.35; Credit Card $0.00 (sum equals stated total). Confirmed by demand letter (page 201) stating total $1,297,198.03 as at July 31, 2025. · page: 12 · as of: 2025-07-31 · amount: 1297198.03 · debtor: 1000344671 Ontario Inc. · creditor: Royal Bank of Canada · currency: CAD · security: General Security Agreement dated May 15, 2023; Master Lease Agreement No. 270744964 dated March 7, 2025 with Leasing Schedules #201000085790 and #201000085784; Facility limits: Revolving Demand Facility $200,000.00, Non-Revolving Term Loan $1,000,000.00, Revolving Lease Line of Credit $300,000.00, Credit Card $50,000.00
- secured creditorsnote: Personal guarantor and director/officer of both Debtors; guarantees are limited-recourse personal guarantees with postponement of claim (related party, subordinated). Demand letter to guarantor (page 207-208) states guarantor indebtedness of $136,274.92 re 281 Credit Agreement (limited to $375,000.00 per guarantee) and $87,500.00 re CSBFL (limited to $87,500.00), total demanded $223,774.92 as at July 31, 2025 - discrepancy in guarantee limit figures noted in source ($87,500 vs $350,000 for Credit Guarantee elsewhere). · page: 12 · debtor: 2818907 Ontario Incorporated / 1000344671 Ontario Inc. · creditor: Kannan Kankesu (personal guarantor) · currency: CAD · security: 281 Credit Guarantee limited to $87,500.00; 281 CSBFL Guarantee limited to $350,000.00; 1000 Guarantee limited to $1,125,000.00; Postponement and Assignment of Claim (281) dated July 1, 2021; Postponement and Assignment of Claim (1000) dated May 15, 2023