Ontario · Receivership (court-appointed)
Application Record
Application / notice of application · 16 April 2021
What we verified from this filing14 verified
- applicantROYAL BANK OF CANADA
- courtSUPERIOR COURT OF JUSTICE
- court file noCV-25-00000743-0000
- statutory basiss. 101 of the Courts of Justice Act, R.S.O. 1990, c.C-43 and s. 243 (1) of the Bankruptcy and Insolvency Act, R.S.C. 1985, c.B-3
- secured creditorsnote: Personal guarantees by individual guarantors; guarantee limit stated, not a balance; related party · page: 11 · debtor: R & N Turna Holdings Incorporated · creditor: Azaib Turna and Sandeep Turna (Personal Guarantors) · currency: CAD · security: Guarantee and postponement of claim limited to the principal sum of $3,418,000.00
- secured creditorsnote: Related party (affiliated operating company) guarantee; amount is a guarantee limit, not a stated balance · page: 11 · debtor: R & N Turna Holdings Incorporated · creditor: Turna's Petroleum Incorporated · currency: CAD · security: Guarantee and postponement of claim limited to the principal sum of $3,418,000.00, supported by the Turna GSA
- secured creditorsnote: Related party (affiliated holding company) guarantee; amount is a guarantee limit, not a stated balance · page: 12 · debtor: Turna's Petroleum Incorporated · creditor: R & N Turna Holdings Incorporated · currency: CAD · security: Guarantee and postponement of claim limited to the principal sum of $75,000.00
- secured creditorsnote: Personal guarantees by individual guarantors; guarantee limit stated, not a balance; related party · page: 12 · debtor: Turna's Petroleum Incorporated · creditor: Azaib Turna and Sandeep Turna (Personal Guarantors) · currency: CAD · security: Guarantee and postponement of claim limited to the principal sum of $75,000.00
- unsecured creditorsnote: Unpaid source deduction remittances; deemed trust class (priority payable) · page: 14 · as of: 2024-11-25 · basis: As stated in application record, per CRA's record of the Companies' indebtedness · amount: 2392.01 · debtor: Turna's Petroleum Incorporated · creditor: Canada Revenue Agency · currency: CAD
- unsecured creditorsnote: Unpaid corporate income tax; deemed trust class (priority payable) · page: 14 · as of: 2024-11-25 · basis: As stated in application record, per CRA's record of the Companies' indebtedness · amount: 20623.97 · debtor: Turna's Petroleum Incorporated · creditor: Canada Revenue Agency · currency: CAD
- unsecured creditorsnote: Unpaid HST remittances; deemed trust class (priority payable) · page: 14 · as of: 2024-11-25 · basis: As stated in application record, per CRA's record of the Companies' indebtedness · amount: 60447.23 · debtor: R & N Turna Holdings Incorporated · creditor: Canada Revenue Agency · currency: CAD
- unsecured creditorsnote: Unpaid HST remittances; deemed trust class (priority payable) · page: 14 · as of: 2024-11-25 · basis: As stated in application record, per CRA's record of the Companies' indebtedness · amount: 105474 · debtor: Turna's Petroleum Incorporated · creditor: Canada Revenue Agency · currency: CAD
- secured creditorsnote: Demand Loan, Loan No. 07512-54467205-001, plus per diem interest of $8.23, exclusive of accrued interest, fees, disbursements, costs and HST; Turna Credit Facilities include revolving demand facility of $50,000 and business credit card facility of $25,000 (facility limits, not balances) · page: 16 · as of: 2025-01-16 · amount: 40183.12 · debtor: Turna's Petroleum Incorporated · creditor: Royal Bank of Canada · currency: CAD · security: General Security Agreement dated April 16, 2021 (Turna GSA); guarantees limited to $75,000.00 from R&N Inc. and Personal Guarantors
- secured creditorsnote: Matured Term Loan, Loan No. 07512-54525762-002, plus per diem interest of $245.99 exclusive of accrued interest, fees, disbursements, costs and HST; total combined indebtedness (R&N + Turna) later stated as $3,076,078.83 as of Jan 16, 2025, and $3,089,363.20 as of Jan 30, 2025 (with Turna arrears growing to $50,023.66) · page: 16 · as of: 2025-01-16 · amount: 3035895.71 · debtor: R & N Turna Holdings Incorporated · creditor: Royal Bank of Canada · currency: CAD · security: General Security Agreement dated April 16, 2021 (R&N GSA); first mortgage/charge on 40 Arthur Street West, Thornbury registered April 22, 2021; guarantees limited to $3,418,000.00 from Turna's Petroleum Incorporated and Personal Guarantors