Nazeema Rajabali Professional Corporation

Nazeema Rajabali Professional Corporation, a Calgary, Alberta-based dental practice, was placed in receivership on August 23 on application by RBC, owed approximately $1.3MM. In July, the corporation defaulted on its obligations under its loan agreements with RBC by failing to make payments on time. The current financial situation of the corporation, as well as its inability to pay debts as they become due, seriously impairs its viability and negatively impacts the value of RBC's collateral. To date, the corporation has not responded to any of RBC's demand letters. Grant Thornton was appointed receiver. MLT Aikins is counsel to the applicant.