Ontario · Receivership (court-appointed)
Application Record - Royal Bank of Canada date February 7, 2024
Application / notice of application · 7 February 2024
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 filing8 verified
- applicantROYAL BANK OF CANADA
- courtONTARIO SUPERIOR COURT OF JUSTICE
- court file noCV-24-00000592-0000
- appointeeMSI SPERGEL INC.
- appointee roleProposed Receiver
- commencement date1 February 2024
- secured creditorsnote: USD portion of the Revolving Demand Facility, per Bank's records as at January 24, 2024. A demand letter/Notice of Intention to Enforce Security dated November 17, 2023 stated an earlier balance of $245,302.09 USD as at November 16, 2023. Personal guarantee from Inderjeet Singh Sekhon, limited to $1,800,000.00 CAD, exists as additional security. · page: 55 · as of: 2024-01-24 · amount: 245889.78 · debtor: North Star Freight Forwarders Inc. · creditor: Royal Bank of Canada · currency: USD · security: General Security Agreement (GSA) dated November 9, 2022 over all present and after-acquired personal property of the Debtor; perfected by PPSA (Ontario) financing statement registration, search results current to January 18, 2024
- secured creditorsnote: Figure per Bank's records as at January 24, 2024 (Affidavit of Kevin Leung). A demand letter/Notice of Intention to Enforce Security dated November 17, 2023 stated an earlier balance of $1,232,401.79 CAD as at November 16, 2023. Personal guarantee from Inderjeet Singh Sekhon (sole principal/guarantor) dated November 9, 2022, limited to $1,800,000.00 CAD, exists as additional security; guarantor is an individual, not a company. · page: 55 · as of: 2024-01-24 · amount: 1213486.94 · debtor: North Star Freight Forwarders Inc. · creditor: Royal Bank of Canada · currency: CAD · security: General Security Agreement (GSA) dated November 9, 2022 over all present and after-acquired personal property of the Debtor (inventory, equipment, accounts, intangibles, etc.); perfected by PPSA (Ontario) financing statement registration, search results current to January 18, 2024