Ontario · Receivership (court-appointed)
Application Record dated September 15, 2025 (Part 3 of 3)
Application / notice of application · 15 September 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 filing17 verified
- secured creditorsnote: Amount/balance not disclosed in these pages · page: 43 · as of: Policy term May 12, 2025-2026 · creditor: Nations Fund I, LLC · currency: CAD · security: Loss payee (ISAOA) on blanket property insurance policy covering Elvaan Group Inc., Trenchless Utility Equipment Inc. and Jade Equipment Co Ltd.
- secured creditorsnote: Amount/balance not disclosed in these pages · page: 43 · as of: Policy term May 12, 2025-2026 · creditor: De Lage Landen · currency: CAD · security: Loss payee on blanket property insurance policy covering Elvaan Group Inc., Trenchless Utility Equipment Inc. and Jade Equipment Co Ltd.
- secured creditorsnote: No loan balances stated; existence of PMSI/lease interests only · page: 47 · debtor: Trenchless Utility Equipment Inc.; Jade Equipment Co Ltd. (specific serialized vehicles) · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: Serialized vehicle liens/leases per fleet insurance schedule: 'Wallace' (multiple light/medium duty trucks), 'BMW' (2 private passenger vehicles), 'Taylor-Made Auto Credit' (2023 Dodge 1500, VIN 1C6SRVT9PN615851)
- secured creditorsnote: 31-Dec-24 balance was $950,000; part of 'Third party financial institution debt' grouping · page: 489 · as of: 2025-05-31 · amount: 1100000 · debtor: Jade Equipment Co Ltd. · creditor: Royal Bank of Canada (RBC) - Line of Credit · currency: CAD · security: Revolving line of credit; combined credit limit (with Trenchless) of $1,200,000, per debt-financing schedule
- secured creditorsnote: 31-Dec-24 balance was $5,126,532; general ledger (as of 2025-06) shows 'ROYAL BANK TERM LOAN' balance of $4,753,320.52 for Jade (different snapshot date) · page: 489 · as of: 2025-05-31 · amount: 4815911 · debtor: Jade Equipment Co Ltd. · creditor: Royal Bank of Canada (RBC) - Term Loan · currency: CAD · security: Term loan, 7.50% interest rate, $93,554/month installment
- secured creditorsnote: 31-Dec-24 balance was $1,104,623; also listed as insurance loss payee · page: 489 · as of: 2025-05-31 · amount: 1600000 · debtor: Trenchless Utility Equipment Inc. · creditor: The Toronto-Dominion Bank - Line of Credit · currency: CAD · security: Line of credit, credit limit $1,600,000, rate TD prime plus 1%
- secured creditorsnote: 31-Dec-24 balance was $4,519,877; general ledger (as of 2025-06) shows 'BDC LOAN' balance of $3,919,862.56 (different snapshot date) · page: 489 · as of: 2025-05-31 · amount: 4434877 · debtor: Trenchless Utility Equipment Inc. · creditor: BDC (Business Development Bank of Canada) · currency: CAD · security: Term loan, BDC rate + 6%, approx. $60,000/month installment
- secured creditorsnote: 31-Dec-24 balance was $6,649,812; also insurance loss payee; GL (2025-06) shows combined Mitsubishi floorplan of ~$3,245,976 across Trenchless/Jade sub-accounts (different snapshot/scope) · page: 489 · as of: 2025-05-31 · amount: 5383992 · debtor: Trenchless Utility Equipment Inc. · creditor: Mitsubishi HC Capital, Inc. (Floor Plan) · currency: CAD · security: Floor plan financing secured by inventory on hand
- secured creditorsnote: 31-Dec-24 balance was $1,150,582; also insurance loss payee · page: 489 · as of: 2025-05-31 · amount: 1025353 · debtor: Trenchless Utility Equipment Inc. · creditor: Meridian Credit Union Limited (Floor Plan) · currency: CAD · security: Floor plan financing secured by inventory on hand
- secured creditorsnote: 31-Dec-24 balance was $1,685,287; may correspond to 'SLR Floorplan - Ammann' referenced in general ledger · page: 489 · as of: 2025-05-31 · amount: 1564409 · debtor: Trenchless Utility Equipment Inc. · creditor: Amman America (Floor Plan) · currency: CAD · security: Floor plan financing secured by inventory on hand
- secured creditorsnote: No balance shown as of 31-Dec-24; GL (2025-06) shows related 'AUXILLOR CAPITAL' notes payable of $299,630.19 · page: 489 · as of: 2025-05-31 · amount: 305872 · debtor: Trenchless Utility Equipment Inc. · creditor: Auxilior Capital Partners Canada ULC · currency: CAD · security: Floor plan financing secured by inventory on hand; also loss payee (ATIMA/ISAOA) on property insurance
- secured creditorsnote: No balance shown as of 31-Dec-24; general ledger (2025-06) separately records 'RCAP LEASING GRADER LEASE' of $112,510.04 attributed to Jade Equipment - possible entity attribution discrepancy · page: 489 · as of: 2025-05-31 · amount: 115322 · debtor: Trenchless Utility Equipment Inc. · creditor: RCAP Leasing Inc. · currency: CAD · security: Floor plan/equipment financing secured by inventory/equipment; also loss payee on property insurance
- secured creditorsnote: 31-Dec-24 balance was $4,058,987; also insurance loss payee · page: 489 · as of: 2025-05-31 · amount: 4279170 · debtor: Trenchless Utility Equipment Inc. · creditor: Wells Fargo Equipment Finance (Floor Plan) · currency: CAD · security: Floor plan financing secured by inventory on hand
- secured creditorsnote: 31-Dec-24 balance was $1,776,621; also insurance loss payee · page: 489 · as of: 2025-05-31 · amount: 1665935 · debtor: Trenchless Utility Equipment Inc. · creditor: Huntington Commercial Finance (Floor Plan) · currency: CAD · security: Floor plan financing secured by inventory on hand; 10.84% interest, 36 months from invoice date
- secured creditorsnote: Subordinated and postponed to financial institutions (per schedule comment); 31-Dec-24 balance was $350,706 · page: 490 · as of: 2025-05-31 · amount: 300701 · debtor: Jade Equipment Co Ltd. · creditor: VTB (Vendor Take-Back) Loan · currency: CAD · security: Vendor take-back loan, 8% interest, $12,206/month, matures Aug-27
- secured creditorsnote: Subordinated and postponed to financial institutions (per schedule comment); 31-Dec-24 balance was $225,573 · page: 490 · as of: 2025-05-31 · amount: 194569 · debtor: Trenchless Utility Equipment Inc. · creditor: VTB (Vendor Take-Back) Loan · currency: CAD · security: Vendor take-back loan, 4% interest, $7,781/month, matures May-27
- secured creditorsnote: Schedule comment states 'Credit cards in Jade $100k and Trench $100k' - this figure may represent a corporate credit card facility rather than the RBC line of credit itself; no Trenchless balance shown at 31-Dec-24 · page: 490 · as of: 2025-05-31 · amount: 100000 · debtor: Trenchless Utility Equipment Inc. · creditor: Royal Bank of Canada (RBC) - Line of Credit · currency: CAD · security: Revolving line of credit; shared credit limit of $1,200,000 with Jade portion