Luxury and Sports Cars

Luxury and Sports Cars, a Woodbridge, Ontario-based used luxury car dealer, was placed in interim receivership on July 4 on application by RBC, owed approximately $450.3M. On June 4, RBC engaged msi Spergel (ICIN) as a consultant to review the company's financial and operational performance, and to evaluate RBC's security position. When msi Spergel (ICIN) attended at the company's premises to carry out its mandate, it discovered that substantially all of the used cars that form the company's inventory had been removed from the premises, effectively defeating the enforcement of RBC's rights under its security. msi Spergel (ICIN) was appointed interim receiver. Counsel is Aird & Berlis for RBC, Harrison Pensa for the interim receiver and Soble, Rickards & Associates for the company.