Ontario · Receivership (court-appointed)
Application Record of the Applicant dated July 9, 2026
Application / notice of application · 9 July 2026
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- applicantROYAL BANK OF CANADA
- courtSUPERIOR COURT OF JUSTICE
- court file noCL-26-00000311-0000
- proceeding typereceivership_court
- provinceONTARIO
- statutory basisSECTION 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
- statutory basisSECTION 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
- commencement date3 July 2026
- appointeemsi Spergel inc.
- appointee roleProposed Receiver
- secured creditorsnote: Named on Service List under 'SECURED CREDITORS' heading; no amount stated in reviewed pages. · page: 5 · creditor: General Bank of Canada · currency: CAD · security: PPSA registrant; blanket all-property type security presumed; specific registration terms not stated on these pages
- secured creditorsnote: Aggregated per instructions covering serialized-equipment financiers named on the Service List under 'SECURED CREDITORS': Canadian Dealer Lease Services Inc.; CWB National Leasing Inc.; Mercedes-Benz Financial; Mercedes-Benz Financial Services Canada Corporation; Toyota Industries Commercial Finance Canada, Inc.; Ford Credit Canada Company. No amounts stated in reviewed pages. · page: 5 · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: Serialized-equipment/vehicle purchase-money and lease financing, PPSA-registered
- secured creditorsnote: Named on Service List under 'SECURED CREDITORS' heading; no amount stated in reviewed pages. · page: 6 · creditor: The Bank of Nova Scotia · currency: CAD · security: PPSA registrant; blanket all-property type security presumed; specific registration terms not stated on these pages
- secured creditorsnote: Named on Service List under 'SECURED CREDITORS' heading; no amount stated in reviewed pages. · page: 6 · creditor: Business Development Bank of Canada · currency: CAD · security: PPSA registrant; blanket all-property type security presumed; specific registration terms not stated on these pages
- secured creditorsnote: Deemed trust class claim; RTP issued for unremitted GST/HST. · page: 28 · as of: 2026-02-03 · amount: 245865.24 · debtor: Master Kitchen Cabinet Inc. · creditor: Canada Revenue Agency · currency: CAD · security: Third-party demand/requirement to pay under the Excise Tax Act (GST/HST arrears), Account ending 'RT0001'
- secured creditorsnote: Deemed trust class claim; RTP issued for unremitted payroll source deductions. · page: 28 · as of: 2026-02-03 · amount: 142718.32 · debtor: Master Kitchen Cabinet Inc. · creditor: Canada Revenue Agency · currency: CAD · security: Third-party demand/requirement to pay under the Income Tax Act (payroll source deduction arrears), Account ending 'RP0001'
- financial positionnote: No numeric figures given. Trustee's report states for each of Master Kitchen, Everest Design, and Titan Stone Fabrication Ltd.: 'the Debtor's affidavit indicates that the company's liabilities far exceed its assets, and accordingly, the business has no value.' · page: 31 · basis: Debtor's affidavit, as summarized in the Report of Trustee to Creditors dated June 23, 2026 (Estate of Pengcheng Yi) · scope: Entity-level, stated separately for Master Kitchen Cabinet Inc., Everest Design & Build Inc., and related company Titan Stone Fabrication Ltd. · currency: CAD
- secured creditorsnote: Total per Affidavit of Howard Wang (sworn July 8, 2026) indebtedness table, stated 'as of June 29, 2026 unless stated otherwise', excludes legal costs and accruing interest. Cross-guarantees exist and are secured: Everest Design and Pengcheng Yi (personal guarantor/director) guaranteed Master Kitchen's debt (limited to $1,770,000 and $967,000 respectively); Master Kitchen and Pengcheng Yi guaranteed Everest Design's debt (limited to $315,000 and $87,500 respectively). Earlier Section 244 Notices dated May 11, 2026 stated total secured indebtedness of $1,895,818.70 as at May 7, 2026 (superseded by later table). · page: 32 · as of: 2026-06-29 · amount: 1908730.1 · debtor: Master Kitchen Cabinet Inc. and Everest Design & Build Inc. (as primary borrowers) · creditor: Royal Bank of Canada · currency: CAD · security: Master Kitchen GSA (RBC standard form 924) dated July 4, 2023 and specific security over leased equipment (Model/Serial Numbers) under Master Lease Agreement dated November 1, 2022 with Leasing Schedules #201000070549 and #201000072013; Everest Design GSA (RBC standard form 924) and Chattel Security Agreement (RBC standard form 927) both dated April 8, 2021; CSBFL Agreement dated April 1, 2021. All PPSA-registered (Ontario). Components per Affidavit table (not including legal costs/accruing interest): Master Kitchen revolving demand facility (56658108 001) $825,790.08; Lease facility 201000070549 (as at Jun 30/26) $291,751.23; Lease facility 201000072013 (as at Jun 30/26) $529,022.74; Visa '4606' $32,882.21; Everest Design CSBFL loan (56741953 001) $229,232.78; Visa '4347' $51.06.