Ontario · Receivership (court-appointed)
Application Record Applicant RBC
Application / notice of application · 15 October 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 filing8 verified
- applicantROYAL BANK OF CANADA
- courtSUPERIOR COURT OF JUSTICE (COMMERCIAL LIST)
- court file noCL-25-00753532-0000
- provinceONTARIO
- statutory basisSection 243(1) of the Bankruptcy and Insolvency Act, RSC 1985, c. B-3, as amended; and Section 101 of the Courts of Justice Act, RSO 1990, c. C.43, as amended
- commencement date14 October 2025
- secured creditorsnote: Balance/amount not stated in the PPSA Search disclosed in the affidavit · page: 16 · debtor: 2668979 Ontario Inc. · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: PPSA registration in favour of Appliance Canada, a Division of Leon's Furniture Limited, in respect of certain inventory and equipment
- secured creditorsnote: Total indebtedness stated in the Notice of Intention to Enforce Security (s.244 BIA) and Demand Letters dated September 24, 2025, as at September 16, 2025, comprising Non-Revolving Term Facility principal $8,745,278.04 plus accrued interest $191,890.94 ($8,937,168.98) and LC Facility $681,572.30. As of October 7, 2025, an additional approximately $221,948.34 in unpaid interest arrears was noted (affidavit, later date, separate figure). Also secured by personal Guarantee and Postponement of Claim dated November 14, 2022 from directors John Patullo and Michael Patullo, limited to $7,800,000 (personal guarantors, not separate creditors). · page: 141 · as of: 2025-09-16 · amount: 9618741.28 · debtor: 2668979 Ontario Inc. · creditor: Royal Bank of Canada · currency: CAD · security: Charge/Mortgage of Land (registered principal $18,600,000) Instrument No. DR2189426 on Real Property at 355 North Street, Newcastle, Ontario; General Security Agreement dated November 14, 2022 over all present and after-acquired personal property; Assignment of Rights under Agreements of Purchase and Sale dated October 12, 2022; Cash Collateral Agreement dated November 14, 2022 (assigning term deposits/GICs up to $3,000,000 to cash-collateralize the LG Facility)