Ontario · Receivership (court-appointed)
Application Record dated July 24, 2024 Part 2 of 2
Application / notice of application · 24 July 2024
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What we verified from this filing4 verified
- provinceOntario
- secured creditorsnote: Total comprises: $7,383,378.11 under the Commitment Letter (incl. Credit Card Facilities); $123,670.12 under the Conditional Sales Contract; $1,044,353.80 under the Master Equipment Lease; $24,111,377.41 under Trans Globe's guarantee of Polestar Holdings Ltd.'s debt (guarantee limit $27,900,000); and $1,457,306.94 under Trans Globe's guarantee of Compass Rose International Transportation Inc.'s debt (guarantee limit $7,800,000). Demand for payment and Notice of Intention to Enforce Security issued June 28, 2024 (BIA s.244). Commitment Letter security package (Oct 12, 2023) also includes a postponement and assignment of claim (form 918) signed by Daljeet Kaur Randhawa, a related-party individual (director/guarantor) - personal, not a company claim. · page: 254 · as of: 2024-06-27 · amount: 34120086.38 · debtor: Trans Globe Logistics Inc. · creditor: Royal Bank of Canada · currency: CAD · security: General security agreement dated October 26, 2023, over all of the present and future assets, property and undertaking of the debtor; security also stated to secure obligations under a Conditional Sales Contract dated February 16, 2022 and a Master Equipment Lease dated May 14, 2021 (originally with HSBC Bank Canada, predecessor to RBC)
- secured creditorsnote: Total comprises: $1,457,306.94 under the Commitment Letter; $24,111,377.41 under Compass Rose's guarantee of Polestar Holdings Ltd.'s debt (guarantee limit $27,900,000); and $7,800,000 under Compass Rose's guarantee of Trans Globe Logistics Inc.'s debt (guarantee limit $7,800,000, fully drawn). Demand for payment and Notice of Intention to Enforce Security issued June 28, 2024 (BIA s.244). · page: 259 · as of: 2024-06-27 · amount: 33368684.35 · debtor: Compass Rose International Transportation Inc. · creditor: Royal Bank of Canada · currency: CAD · security: General security agreement dated October 26, 2023, over all present and future assets, property and undertaking of the debtor
- secured creditorsnote: Total comprises: $24,111,377.41 under the Commitment Letter (dated Oct 13, 2023); $1,457,306.94 under Polestar's guarantee of Compass Rose International Transportation Inc.'s debt (guarantee limit $1,600,000); and $7,800,000 under Polestar's guarantee of Trans Globe Logistics Inc.'s debt (guarantee limit $7,800,000, fully drawn). Company was in default for non-payment of $194,921.39 (principal and interest due June 9, 2024). Demand for payment and Notice of Intention to Enforce Security issued June 28, 2024 (BIA s.244). · page: 264 · as of: 2024-06-27 · amount: 33368684.35 · debtor: Polestar Holdings Ltd. · creditor: Royal Bank of Canada · currency: CAD · security: General security agreement dated October 26, 2023; collateral mortgage dated November 1, 2023 in the amount of $34,690,000 (registered principal/ceiling, not a balance) over real property known as 12423 Coleraine Drive, Caledon, Ontario; assignment of rents dated November 1, 2023 with respect to that property