Receiver appointed over Roadx Trucking Group after collateral search concerns

Roadx Express Ltd., 10656925 Canada Inc., Blue Ocean Freight Inc., DXB Logistics Inc. and GTR Express Inc. were placed into receivership on June 2, 2026, on application by Royal Bank of Canada after the trucking and logistics group defaulted on its credit facilities and left the bank unable to locate key collateral.

Roadx and the related companies are headquartered in Georgetown, Ontario and operate trucking and logistics businesses throughout North America. Senior secured lender RBC advanced a $3.5 million demand facility, a $2.5 million lease facility, a $200,000 Visa facility and 2 motor vehicle leases under an RCAP facility to Roadx.

The receivership application followed a rapid breakdown in RBC’s visibility over the group’s assets. RBC said the debtors’ accounts were transferred to Special Loans in April 2026 after significant overdrafts, which exceeded CA$2.3 million and US$430,000 at the time of transfer. RBC issued demand letters and section 244 notices on April 9, 2026, and the demands expired without repayment. As of May 15, 2026, Roadx owed RBC approximately CA$8.7 million and US$469,652.85, including overdrafts, Visa balances, the operating facility, RCAP lease contracts and amounts owing under 10 leasing schedules.

RBC’s concerns deepened after discovering that the Georgetown premises were empty, with trucks and exterior signage having been removed. In addition, from April 6 to May 21, Roadx granted 16 new security registrations to various secured parties, while Blue Ocean granted 3 new security registrations to Bank of Nova Scotia. The debtors did not oppose the appointment of a receiver.

msi Spergel Inc. is the receiver, and was authorized to act as foreign representative for cross-border recognition purposes. The order also requires the debtors, their current and former directors, officers, employees, agents, accountants, legal counsel, shareholders and other persons with notice of the order to advise the receiver of the existence of property and records, grant access and deliver property on request. Justice Myers emphasized that parties dealing with the receiver must cooperate in locating, securing and taking possession of the debtors’ property. He also warned that efforts to de-identify property or keep property from the receiver risk being treated as a breach of the court’s order.

Counsel is Gowling WLG for RBC, CP for the companies, and Tyr for Breadner Trailers.