Manitoba · Receivership (court-appointed)
Notice of Application
Application / notice of application · 8 July 2026
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 filing9 verified
- applicantBUSINESS DEVELOPMENT BANK OF CANADA
- commencement date10 July 2026
- courtTHE KING'S BENCH WINNIPEG CENTRE
- court file noCI26-01-58000
- appointeeBDO Canada Limited
- appointee roleReceiver and Manager
- statutory basissection 243(1) of the Bankruptcy and Insolvency Act, and section 55 of The Court of King's Bench Act
- secured creditorsnote: No outstanding balance is stated on these pages; the current balance is presumably in the Francisco affidavit (not included). Original loan amounts, not balances: Loan No. 1 $2,050,000.00 (Letter of Offer Sept 8, 2020, amended to Aug 29, 2022; fixed 5.55%); Loan No. 2 $1,348,700.00 (Letter of Offer Feb 25, 2021; fixed 5.55%). Loans payable on demand; demand and s.244 BIA notice served on or about June 12, 2024; default judgment entered Oct 28, 2024; forbearance agreement Dec 18, 2024 expired June 9, 2025; further demand Nov 24, 2025. Debtor also in breach for failing to pay real property taxes and utilities owing to the R.M. of Rosser. · page: 5 · debtor: 10026168 Manitoba Ltd. · creditor: Business Development Bank of Canada (BDC) · currency: CAD · security: First charge mortgages on Lot 34 Property (Title 3091504/1) and Lot 35 Property (Title 3114992/1), 30 Clover Drive, Stony Mountain, MB; General Assignment of Rentals on the Clover Property; first charge GSA over all present and after-acquired personal property; guarantees supported by GSAs from Speedy Singh Logistics Inc. and Triple Seven Logistics Inc.; personal guarantees from Jasdeep Singh Rai (director, officer, shareholder of the Debtor)
- unsecured creditorsnote: Amount not stated. Municipal taxes may carry priority over the mortgages; the document does not say whether the claim is secured or preferred. · page: 8 · basis: Application recital: Debtor failed to pay real property taxes and utilities owing with respect to the Clover Property · debtor: 10026168 Manitoba Ltd. · creditor: R.M. of Rosser · currency: CAD