Ontario · Receivership (court-appointed)
Application Record of RBC dated January 5, 2024
Application / notice of application · 5 January 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 filing19 verified
- applicantROYAL BANK OF CANADA
- courtSUPERIOR COURT OF JUSTICE (COMMERCIAL LIST)
- court file noCV-24-00712328-00CL
- statutory basissubsection 243(1) of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, as amended and section 101 of the Courts of Justice Act, R.S.O. 1990, c. C.43, as amended
- commencement date4 January 2024
- secured creditorsnote: Aggregated named PPSA registrants (of over 90 total registrations) not identified by RBC as general secured creditors: VFS Canada Inc.; Canada Dealer Lease Services Inc.; Bank of Nova Scotia - DLAC; 2371078 Ontario Inc o/a Triton Truck & Trailer Repair; Meridian OneCap Credit Corp (two registered addresses); Daimler Truck Financial Services Canada Corporation; Finloc 2000 Inc.; LBEL Inc.; Mitsubishi HC Capital Canada Leasing, Inc.; R & S Trailer Leasing Limited (o/a Breadner Trailers); PNC Vendor Finance Corporation Canada; Bank of Montreal; Mercedes-Benz Financial Services Canada Corporation and Mercedes-Benz Financial; De Lage Landen Financial Services Canada Inc.; GM Financial Canada Leasing Ltd.; Concentra Bank; Coast Capital Equipment Finance Ltd.; TIP Fleet Services Canada Ltd. No individual amounts disclosed. · page: 8 · debtor: Trans Emerge Transport Inc. · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: Serialized equipment/vehicle-specific PPSA registrations (purchase-money/lease financing)
- secured creditorsnote: Related BVD entity; balance not disclosed · page: 14 · debtor: Trans Emerge Transport Inc. · creditor: BVD Equipment Finance Inc. · currency: CAD · security: General/blanket PPSA registration against all assets; registered after RBC
- secured creditorsnote: Balance not disclosed · page: 14 · debtor: Trans Emerge Transport Inc. · creditor: 2438231 Ontario Inc. · currency: CAD · security: General/blanket PPSA registration against all assets; registered after RBC
- secured creditorsnote: Balance not disclosed · page: 14 · debtor: Trans Emerge Transport Inc. · creditor: Tpine Leasing Capital Corporation · currency: CAD · security: General/blanket PPSA registration against all assets; registered after RBC
- secured creditorsnote: Balance not disclosed · page: 14 · debtor: Trans Emerge Transport Inc. · creditor: 2367079 Ontario Inc. · currency: CAD · security: General/blanket PPSA registration against all assets; registered after RBC
- secured creditorsnote: Identified by RBC as one of the few other registered general secured creditors of the Debtor (registration order, not priority, is stated); balance not disclosed · page: 14 · debtor: Trans Emerge Transport Inc. · creditor: Roynat Inc. · currency: CAD · security: General/blanket PPSA registration against all assets; registered after RBC
- secured creditorsnote: Related BVD entity; counsel for BVD stated BVD would act as a secured creditor in realizing on the debts; balance not disclosed · page: 14 · debtor: Trans Emerge Transport Inc. · creditor: BVD Petroleum Inc. · currency: CAD · security: General/blanket PPSA registration against all assets; registered after RBC
- secured creditorsnote: Also identified as the 'Purchaser' in a since-abandoned transaction to acquire the Debtor's indebtedness/security; balance not disclosed · page: 14 · debtor: Trans Emerge Transport Inc. · creditor: 1000711945 Ontario Inc. · currency: CAD · security: General/blanket PPSA registration against all assets; registered after RBC
- secured creditorsnote: Balance not disclosed · page: 14 · debtor: Trans Emerge Transport Inc. · creditor: 2264236 Ontario Inc. · currency: CAD · security: General/blanket PPSA registration against all assets; registered after RBC
- secured creditorsnote: Related BVD entity; balance not disclosed · page: 14 · debtor: Trans Emerge Transport Inc. · creditor: BVD Capital Corporation · currency: CAD · security: General/blanket PPSA registration against all assets; registered after RBC
- secured creditorsnote: CAD portion of total Indebtedness stated in Demand Letter dated October 10, 2023 (balance as of October 6, 2023). Breakdown: Revolving Demand Facility #1 $7,773,184.98; Revolving Lease Line Facility #2 $1,891,906.31; Credit Card (Visa) $474,267.16; Auto Finance $78,739.93. Jointly and severally guaranteed by Harminder Binapal and Rajwant Binapal (Harminder is Debtor's sole officer/director - related-party guarantors) in the principal amount of $4,900,000.00 pursuant to guarantee dated August 2, 2022; RBC not presently claiming against guarantors but reserves rights. · page: 60 · as of: 2023-10-06 · amount: 10218098.38 · debtor: Trans Emerge Transport Inc. · creditor: Royal Bank of Canada · currency: CAD · security: General Security Agreement dated July 29, 2022 (PPSA-registered); Master Lease Agreement dated September 19, 2022; Conditional Sales Contract dated November 16, 2022; Primary Credit Agreement dated June 30, 2022 as amended February 15, 2023
- secured creditorsnote: USD portion of total Indebtedness stated in Demand Letter dated October 10, 2023 (balance as of October 6, 2023). Breakdown: Revolving Demand Facility #1 $179,671.25; Credit Card (Visa) $155,917.24. · page: 60 · as of: 2023-10-06 · amount: 335588.49 · debtor: Trans Emerge Transport Inc. · creditor: Royal Bank of Canada · currency: USD · security: Same security as CAD facilities: General Security Agreement dated July 29, 2022; Master Lease Agreement dated September 19, 2022; Primary Credit Agreement dated June 30, 2022 as amended February 15, 2023
- secured creditorsnote: Deemed-trust class liability (CRA source deductions); RBC engaged Spergel for a limited review of priority payables and understands the Debtor has an outstanding liability for unremitted source deductions 'of over $1,000,000.00' - stated as a floor. · page: 64 · amount: 1000000 · debtor: Trans Emerge Transport Inc. · creditor: Unremitted source deductions (deemed trust) · currency: CAD
- unsecured creditorsnote: Amount of underlying claim/judgment against the Debtor not stated in the document · page: 64 · basis: Notice of Garnishment issued by Brampton Small Claims Court naming RBC as garnishee, requiring payment to the court clerk · debtor: Trans Emerge Transport Inc. · creditor: Pro-X Event Inc. · currency: CAD