Panjaab Transport: the receiver asks to sell trucks in other names

On October 14, 2025, msi Spergel inc., appointed receiver five days earlier over Panjaab Transport and the company that owns its premises, attended the two properties on Ninth Line in Oakville and took possession of 134 trucks and trailers. After what it calls a detailed review, it released 94 pieces to secured creditors holding perfected purchase money security interests and to owner-operators who could substantiate ownership. Forty remain, held by Ritchie Bros. Auctioneers (Canada) Ltd., and seventeen of the forty are registered to parties the receiver describes as related to Panjaab, which had transferred the equipment to them, per the First Report of msi Spergel inc., Oct. 15, 2026, paras. 5, 35, 38.

The receiver now wants many of them sold. Its First Report, dated October 15, 2026, supports a motion returnable December 15 that asks the court to approve an unreserved public auction by Ritchie Bros. of the thirteen pieces registered to Panjaab or to RBC, the five Panjaab transferred to 17249713 Canada Corp. and the ten it transferred to Jimmy Truckline Inc. (First Report, Oct. 15, 2026, paras. 38, 40). Buyers would take title "free and clear of all claims and encumbrances" under the PPSA and the Repair and Storage Liens Act, and the Ministry of Transportation would be authorized and directed to record and effect the ownership transfers of the equipment in other names, "regardless of whether or not the Debtors are listed as the registered owners thereof", per the Notice of Motion, Oct. 15, 2026, para. 1(b)–(d). The motion also seeks approval of a Cushman & Wakefield listing of the two properties and an order compelling the companies' sole director to produce their records by December 22, 2026. RBC supports the relief (Notice of Motion, Oct. 15, 2026, paras. 1(a), 2(a), 30, 32).

By the director's account, in an affidavit affirmed October 7, 2025, Panjaab was founded in 2014, specialized in flatbed freight and car hauling, ran more than 90 operational trucks over 80 routes in Canada and the United States, and had revenue of more than $36 million for the year ended January 31, 2025 (Respondents' Responding Application Record, Oct. 7, 2025, Tab 1, paras. 5, 7). RBC holds general security agreements from both companies and first-in-time mortgages on the two properties, which 2747826 Ontario Inc. owns. When the receiver was appointed, the report says, RBC was owed approximately C$3.3 million and US$17,800 by Panjaab and approximately C$8.9 million by 2747 (First Report, Oct. 15, 2026, paras. 5–6).

Justice F. L. Myers appointed msi Spergel interim receiver on September 19, 2025, on RBC's application and without notice to the companies, per the Order (Appointing Interim Receiver), Sept. 19, 2025, p. 2, para. 1, and receiver under s. 243(1) of the BIA on October 9, per the Order (Appointing Receiver), Oct. 9, 2025, para. 2. At the October hearing the companies did not deny their monetary defaults; they said they were profitable and asked for 120 days to refinance. "In appointing the IR to try to obtain transparency into the affairs of the debtors, I noted issues concerning their reduced deposits, greatly reduced receivables, and the sudden appearance of nearly $700,000 in RSLA priority lien claims," the judge wrote, before finding it "just and convenient" to appoint a receiver and manager (Endorsement of Justice Myers, Oct. 9, 2025, paras. 3, 8–9, 13).

Five in September, ten in 2024

Of the forty pieces, the report says, ten are registered to leasing companies that have not yet substantiated their claims, thirteen to Panjaab or RBC, and seventeen to Jimmy, 17249713 Canada Corp., Value Trucks Inc. or 2529933 Ontario Inc. o/a Palm Transport. The five that went to 17249713 Canada Corp. moved in September 2025, "in close proximity to the Date of Appointment"; the ten that went to Jimmy moved in 2024. The receiver says it has asked both transferees for information substantiating any claim that the transfers were made for good and valuable consideration, and has received it from neither (First Report, Oct. 15, 2026, para. 38). Its equipment schedule dates the five transfers September 10, 2025 (First Report, App. 5, p. 116).

In March 2026, the report says, the principal of 17249713 Canada Corp. asked for the five trucks back. The receiver's reply says: "Over the phone, it was mentioned that the trucks were transferred to 17249713 Canada Corporation in lieu of monies owed by 8777691 Canada Inc." It asks for a breakdown of the debt, bills of sale, valuations, proof that the debt was reduced and an account of the relationship between the two companies (First Report, App. 6, p. 118). The report says that email went unanswered, and that the receiver later learned the company's registered head office has the same address as the sole director's personal residence (First Report, Oct. 15, 2026, para. 39).

The director put his own position in emails to the receiver on October 10, 2025, also appended to the report. Of companies he said he had leased property to, 2529933 Ontario Inc. and Jimmy, he wrote: "we showed ownerships of trucks/ trailers registered in 2024 and early 2025 under their name", and "they are not in court orders" (First Report, App. 10, p. 143). The receiver had written that morning that it would not release any property at the premises without a completed third-party proof of claim, with evidence of ownership, a bill of sale and evidence of payment (First Report, App. 10, p. 144).

Ritchie Bros. would hold the auction in Amaranth, Ontario, on a date still to be set, and would remit net proceeds within 21 days; the receiver would hold them pending a further order. Court approval is needed because the appointment order lets the receiver sell without it only up to $50,000 a transaction and $250,000 in aggregate, and the receiver anticipates the auction will exceed that (First Report, Oct. 15, 2026, paras. 42–44, 46).

Liens the receiver calls likely invalid

The receiver is still reviewing many of the RSLA liens on the rolling stock, a number of which "appear to have been made by corporations related to the Debtors", but it has finished with Jimmy's. It has received none of the information it requested from Jimmy, and Jimmy has made no formal claim for repair or storage of the equipment. "Based on the above and the timing of the registration of the Jimmy Liens, the Receiver is of the view that the Jimmy Liens are likely invalid and were registered in an attempt to frustrate the Receiver's efforts to realize on the corresponding equipment," per the First Report, Oct. 15, 2026, para. 19. The record read for this piece holds no ruling on the liens and no response from Jimmy to the receiver's view.