November 28, 2018

Filing Type:

Trustee: msi Spergel

Applicant: BMO

Applicant Counsel: Chaitons



2508342 Ontario, owner of real property located at 57 Matthew Street in Marmora, Ontario that consists of an Ultramar branded gas station and Square Boy Pizza franchise, was placed in receivership on November 28 on application by BMO, owed approximately $1.9MM. In June 2017, BMO was advised by the company's VP, Roopinder Bahl, and director, Jannette Saberon, that they had experienced a marital breakdown and separated. This discord allegedly impacted the business relationship between Mr. Bahl and the company's secretary, Varun Sharma, leading him to exit the active operation of the business. Ms. Saberon eventually took over operation of the gas station and pizza restaurant, but since she did not want to continue the business long-term, she put the property and business up for sale in early 2018. Compounding these issues is the opening of a new Esso gas station a kilometer away from the company's property. Given that Marmora is a small town and the Ultramar station is dependent on drive-by business, it is expected that the Esso station will negatively impact the company's earnings. msi Spergel was appointed receiver. Chaitons is counsel to BMO.