Ontario · Receivership (court-appointed)
Application Record of TD dated November 14, 2023
Application / notice of application · 14 November 2023
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A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
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- applicantTHE TORONTO-DOMINION BANK
- commencement date14 November 2023
- courtONTARIO SUPERIOR COURT OF JUSTICE COMMERCIAL LIST
- court file noCV-23-00709616-00CL
- secured creditorsnote: Defined term 'Indebtedness' as at Nov 6, 2023, equal to the sum of stated components: Operating Loan $1,038,588.16 (facility limit $1,000,000.00) as at Nov 6, 2023; Visa Business Card $53,987.32 (facility limit $55,000.00) as at Nov 6, 2023; Overdraft $287,369.67 as at Nov 6, 2023 (previously $376,435.00 as at July 26, 2023, reduced to $286,504.61 as at Oct 23, 2023); Lease $108,362.93 as at Sept 29, 2023. A separate CEBA (Canada Emergency Business Account) loan of $60,000.00 is also owing and repayable to the Bank but is NOT included in the stated Indebtedness total. Earlier (First Chiappetta) Affidavit stated total indebtedness ('Obligations') of $1,178,262.53 as at Aug 14, 2023 (superseded by the Nov 6, 2023 figure). Secured additionally by an unlimited personal guarantee dated Sept 26, 2022 from Raycho Genov, principal of the Debtor (individual guarantor; guarantee amount unlimited, not a corporate secured claim). · page: 17 · as of: 2023-11-06 · amount: 1488308.08 · debtor: Ramo Canada Inc. · creditor: The Toronto-Dominion Bank · currency: CAD · security: General Security Agreement dated September 26, 2022 (all present and after-acquired personal property of the Debtor, all present and future obligations to the Bank); Title reservation and security under Leasing Agreement dated November 25, 2020 (assigned to the Bank) over four (4) 2021 Hyundai 53x102' Air Ride Dry Van Composite trailers; perfected by PPSA financing statement registrations against the Debtor
- secured creditorsnote: Application states 'All other creditors having a security interest in the personal property of the Debtor have been served with the within motion' and that the Debtor 'is a subject to a number of equipment specific registrations in favour of lessors or asset lenders.' Entities named on the service list consistent with equipment/vehicle financiers/lessors: VFS Canada Inc. (Volvo), Business Development Bank of Canada, TFG Financial Corporation, Wells Fargo Equipment Finance Company, PNC Vendor Finance Corporation Canada, ADD Capital Corp., Hyundai Capital Canada Inc., KIA Finance, Concentra Bank, Concentra c/o Comm Leasing, The Bank of Nova Scotia, Bank of Montreal, Merchant Opportunities Fund Limited Partnership, Hitachi Capital Canada Corp., CLE Capital Inc., Coast Capital Requipment Finance Ltd., Riordan Leasing Inc., TPine Leasing Capital Corporation, CWB National Leasing Inc., PACCAR Financial Ltd. Individual claim amounts not stated in the excerpted pages. · page: 18 · debtor: Ramo Canada Inc. · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: Equipment-specific PPSA registrations (purchase-money/lessor security interests) against specific vehicles/trailers/equipment of the Debtor, per PPSA Search Results (Exhibit "P", not among excerpted pages)