British Columbia · Receivership (court-appointed)
Interim Receiver's First Report (Unfiled)
Court officer report · 4 June 2025
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 filing7 verified
- secured creditorsnote: Amount owed unknown. · page: 9 · debtor: Titanium Autogroup Ltd. · creditor: Phi Estate Trust · currency: USD · security: Financing statement registered against Titanium in the Washington State Uniform Commercial Code
- secured creditorsnote: Amount owed not stated. Pursuant to priority agreement dated December 13, 2022, BNS's security in specifically identified property has priority over TD; TD retains priority over all other property. Interim Receiver has not yet verified the claim. · page: 9 · debtor: Titanium Autogroup Ltd. · creditor: Bank of Nova Scotia (BNS) · currency: CAD · security: Registered security interest (BCPPR) in accounts and chattel paper assigned by Titanium to BNS
- secured creditorsnote: Amount owed unknown; Interim Receiver has not reviewed underlying security. · page: 9 · debtor: Titanium Autogroup Ltd. · creditor: Tricor Lease & Finance Corp. · currency: CAD · security: Financing statement registered against Titanium in the BCPPR
- secured creditorsnote: Amount owed unknown; Interim Receiver has not reviewed underlying security. · page: 9 · debtor: Titanium Autogroup Ltd. · creditor: Meridian Onecap Credit Corp. · currency: CAD · security: Financing statement registered against Titanium in the BCPPR
- secured creditorsnote: Amount per GB's counsel; claim disputed as to priority with TD Security over the same US Vehicles ('US Vehicles Security Dispute'); GB's counsel has agreed to allow sale of US Vehicles pending determination of priority to proceeds; amounts owed generally under the BCPPR registration are otherwise unstated. · page: 9 · amount: 266000 · debtor: Titanium Autogroup Ltd. · creditor: GB Auctions Inc. (GB) · currency: USD · security: Claimed perfected security interest against the US Vehicles held in ASC's Spokane, WA yard; also registered a financing statement against Titanium in the BCPPR
- secured creditorsnote: Primary secured creditor; demand for repayment issued May 12, 2025; TD Security Opinion (validity/enforceability review by Owen Bird) not yet received; security subject to competing interests including BNS priority agreement; TD expected to incur significant shortfall on realization. · page: 10 · as of: 2025-05-12 · amount: 11600000 · debtor: Titanium Autogroup Ltd. · creditor: The Toronto-Dominion Bank (TD) · currency: CAD · security: General security agreements over all present and after-acquired personal property of the Company (excluding BNS Priority Collateral)
- recovery outcomeentries: basis: estimated · quote: Based on the Interim Receiver's preliminary review of the realizable values of the assets of the Company and the preliminary estimated values of the Canadian Vehicles and the US Vehicles, TD is expected to incur a significant shortfall on the TD Debt. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: TD Debt · creditor name: Toronto-Dominion Bank · interim final: unstated · claims qualifier: unstated · stated on: 2025-06-04 · table missing: