Ontario · Receivership (court-appointed)
Application Record dated October 24, 2025
Application / notice of application · 24 October 2025
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What we verified from this filing9 verified
- applicantTHE TORONTO-DOMINION BANK
- courtSUPERIOR COURT OF JUSTICE
- court file noCL-25-00753534-0000
- provinceONTARIO
- appointeeMSI SPERGEL INC.
- appointee roleProposed Receiver
- commencement date15 October 2025
- unsecured creditorsnote: Status unknown/cannot be confirmed: TD's counsel noted the debtor's forbearance representations 'indicated that the debtor cannot confirm that it is current with its CRA Priority Payables,' which TD treated as a breach of the Credit Agreement (elevated concern re: priority payables/deemed trust). No amount is stated in the document. · page: 31 · basis: Referenced in forbearance negotiations; no statement of affairs or creditor listing provided in these pages · debtor: Octane Exports Inc. (Borrower) · creditor: Canada Revenue Agency · currency: CAD
- secured creditorsnote: Amount reported is the Demand Facility balance only (principal $4,393,693.41 plus accrued interest $17,081.28 to Oct 23, 2025) per Affidavit of Ben Schu. Earlier Notices of Intention to Enforce Security dated May 20, 2025 (sent identically to all three GSA-granting entities, since the debt is cross-secured) stated total secured indebtedness of $4,699,358.91 as at May 15, 2025, comprising the revolving demand facility ($4,661,778.20) plus three Visa accounts (aggregating $37,580.71). The Demand Facility itself is uncommitted and capped at the lesser of CDN$5,000,000 or a borrowing-base formula (facility limit, not a balance). Unlimited personal guarantees were also given by directors/officers John Junior Savu and Cynthia Nicole Savu (related parties), dated July 13, 2023, and unlimited corporate guarantees by Octane Exports USA Inc. (July 13, 2023) and 1000318937 Ontario Inc. (November 7, 2024). · page: 33 · as of: 2025-10-23 · amount: 4410774.69 · debtor: Octane Exports Inc. (Borrower), with cross-secured General Security Agreements also granted by Octane Exports USA Inc. (US Guarantor) and 1000318937 Ontario Inc. · creditor: The Toronto-Dominion Bank · currency: CAD · security: General Security Agreements: (a) GSA by Octane Exports Inc. dated July 13, 2023 (registered under PPSA Ontario); (b) GSA by 1000318937 Ontario Inc. dated November 7, 2024 (registered under PPSA Ontario); (c) GSA by Octane Exports USA Inc. dated July 13, 2023 (registered under UCC, Delaware). Certified PPSA search results (current to August 12, 2025) and UCC search results (current to August 14, 2025) confirm TD is the sole registered secured creditor of the Debtors.