Sad news today in Insolvency Insider:
Canadian Motor Freight Ltd. (“CMF”) and 2568403 Ontario Inc. (“256”), Mississauga, Ontario-based companies, were placed into interim receivership on October 8 on application by Canadian Western Bank. CMF provides logistics solutions, specializing in both ‘Less-Than-Truckload’ and ‘Full-Truckload’ services, and serves a diverse client base, including the food industry, Amazon deliveries, freight forwarders and various mid-sized companies, while managing a fleet of trucks and trailers. 256 is the registered owner of the property known municipally as 400 Brunel Road, Mississauga, Ontario. In March 2023, CWB made various credit facilities available to the companies. The companies have defaulted on their obligations under the credit facilities, including by failing to make payment when due. CWB is currently owed in excess of $21 million. In addition, the companies have failed to make certain information available to CWB despite repeated requests. EY is the interim receiver. Counsel is Chaitons for CWB, Davies for the interim receiver, Nanda & Associates for the companies and Harrison Pensa for RBC.
Canadian Motor Freight Ltd. (“CMF”) and 2568403 Ontario Inc. (“256”), Mississauga, Ontario-based companies, were placed into interim receivership on October 8 on application by Canadian Western Bank. CMF provides logistics solutions, specializing in both ‘Less-Than-Truckload’ and ‘Full-Truckload’ services, and serves a diverse client base, including the food industry, Amazon deliveries, freight forwarders and various mid-sized companies, while managing a fleet of trucks and trailers. 256 is the registered owner of the property known municipally as 400 Brunel Road, Mississauga, Ontario. In March 2023, CWB made various credit facilities available to the companies. The companies have defaulted on their obligations under the credit facilities, including by failing to make payment when due. CWB is currently owed in excess of $21 million. In addition, the companies have failed to make certain information available to CWB despite repeated requests. EY is the interim receiver. Counsel is Chaitons for CWB, Davies for the interim receiver, Nanda & Associates for the companies and Harrison Pensa for RBC.
