RBC forces receivership of New Age Granite Group after persistent over-advances and reporting failures

The Ontario Superior Court of Justice has appointed The Fuller Landau Group Inc. as receiver over New Age Granite and Marble Ltd., its Montreal affiliate, and two Tile Giant entities, following a successful application by Royal Bank of Canada. The order was granted on November 4, 2025, after the lender documented repeated defaults under its credit facilities, including significant overdrawn lines and chronic reporting failures.

The companies operate a marble and stone sourcing and distribution business with storefronts in Concord, Ontario and Dorval, Quebec. RBC had supported the group with revolving credit facilities and a Visa account, backed by general security agreements, a movable hypothec, and both corporate and personal guarantees. By early February 2025, drawings under the revolving credit lines exceeded authorized limits by more than $0.9 million, and the group had not provided its required 2024 financial reporting. RBC made formal demand and issued BIA notices shortly thereafter, with outstanding indebtedness exceeding CAD $2 million and more than USD $6 million.

The situation deteriorated further over the next several months as margin availability declined, monthly reporting went undelivered, and a related-party cheque deposited to Tile Giant’s account was returned for insufficient funds. Attempts to negotiate an acceptable repayment plan failed.

Fuller Landau is the receiver, while Aird and Berlis represents RBC.