Ontario · Receivership (court-appointed)
Endorsement of Justice Myers dated July 28, 2026
Endorsement / reasons · 28 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 filing11 verified
- applicantStephen Gilbertson and United States Air Compressor Inc.
- commencement date28 July 2026
- courtSUPERIOR COURT OF JUSTICE
- court file noCL-25-00753596-0000
- secured creditorsnote: Loan and security granted without shareholder approval; RBC commenced enforcement; subsequently paid out by Bora Kuzucan under his personal guarantee, who took assignment of RBC's security - DISCHARGED as to RBC, now held by Bora Kuzucan as assignee · page: 17 · as of: as of enforcement commencement (reported July 16, 2026) · debtor: US Air Compressor (Canada) Inc. · creditor: Royal Bank of Canada · currency: CAD · security: Secured loan; security later paid out and assigned to Bora Kuzucan
- secured creditorsnote: Security interest details not specified beyond factoring agreement; personal guarantee by Bora Kuzucan · page: 19 · as of: May 25, 2026 (Factoring Agreement date) · debtor: US Air Compressor (Canada) Inc. · creditor: BizFund · currency: CAD · security: Factoring agreement; personal guarantee given by Bora Kuzucan
- secured creditorsnote: Related party (50% shareholder); self-granted security without other shareholder's (Gilbertson's) input or approval under unanimous shareholders' agreement; amount originally claimed higher, accepted at $800,000 after accountant's review; disputed - court questions validity/enforceability of security granted to himself; personal guarantee also given by Kuzucan to RBC (now moot as he is assignee) · page: 19 · amount: 800000 · debtor: US Air Compressor (Canada) Inc. · creditor: Bora Kuzucan (Mehmet Bora Kuzucan) · currency: CAD · security: PPSA general security agreement filed June 9, 2026 securing shareholder's loan and his position as assignee of RBC's security
- secured creditorsnote: Security interest details not specified beyond factoring agreement; personal guarantee by Bora Kuzucan · page: 19 · as of: February 25, 2026 (Factoring Agreement date) · debtor: US Air Compressor (Canada) Inc. · creditor: Merchant Growth · currency: CAD · security: Factoring agreement; personal guarantee given by Bora Kuzucan
- secured creditorsnote: Security interest details not specified beyond factoring agreement; personal guarantee by Bora Kuzucan · page: 19 · as of: April 13, 2026 (Factoring Agreement date) · debtor: US Air Compressor (Canada) Inc. · creditor: Forward Funding · currency: CAD · security: Factoring agreement; personal guarantee given by Bora Kuzucan
- secured creditorsnote: Personal guarantee given by Bora Kuzucan; GSA granted without shareholder approval, alleged to be in violation of December 1, 2025 order and possible fraudulent conveyance · page: 19 · as of: March 11, 2026 (Factoring Agreement date) · debtor: US Air Compressor (Canada) Inc. · creditor: CCP Advance Inc. ("CANACAP") · currency: CAD · security: General security agreement provided July 7, 2026 (day after court hearing) securing amounts owed under Factoring Agreement
- presiding officerJustice Myers