RBC Secures Receiver Over Jade and Elvaan; KPMG to Oversee Realization

The Ontario Superior Court of Justice has appointed KPMG Inc. as receiver and manager over Jade Equipment Co. Ltd. and Elvaan Group Inc. (collectively, the “Debtors”) on application by Royal Bank of Canada on October 1, 2025.

The two companies operated as part of the broader Elvaan Equipment Solutions platform alongside Trenchless Utility Equipment Inc., selling and renting construction and trenchless machinery across Canada. RBC advanced a suite of secured facilities to the Jade and Elvaan entities but not to Trenchless. Following multiple defaults and missed term payments, the bank sought a court-supervised receivership to stabilize the business and preserve value for creditors. KPMG’s mandate authorizes it to take possession of and operate the Debtors’ businesses, collect receivables, and market their assets and equipment for sale.

The appointment follows evidence filed by RBC that the Elvaan-branded companies shared facilities, records, and management with Trenchless, creating operational interdependence and a risk to asset integrity. Justice Dietrich’s order requires the Debtors and all related persons to grant immediate access to books and records and co-operate fully with the Receiver in taking control of inventory and systems.

KPMG is the Receiver. Counsel is Borden Ladner Gervais LLP for RBC, Aird & Berlis LLP for the Receiver and Garfinkle, Biderman for the Debtors.