February 2, 2020
Dean Myers Chevrolet, a North York, Ontario-based car dealer, was placed in receivership on February 12 on application by RBC, owed approximately $9.2 million. An audit conducted by RBC in January 2020 revealed that the company had been selling vehicles without remitting the required repayments to RBC from the sale proceeds as required under its floor plan financing agreement. As of February, the amount of funds improperly withheld from RBC is estimated to be $2.7 million. Deloitte was appointed receiver. Counsel is Aird & Berlis for the applicant and Loopstra Nixon for the company.