Trans Emerge Transport Inc., Receivership

Trans Emerge Transport Inc., a Mississauga, Ontario-based transportation company which specializes in heavy haul and refrigerated transportation services across North America, was placed into receivership on January 22, on application by RBC, owed approximately $10.7 million.

According to the US Department of Transportation, Trans Emerge Transport has 125 vehicles, 150 drivers, and a pending insurance cancellation.

Prior to the receivership, the company had proposed a transaction to pay back RBC: (1) through a partial payment from the funds held in the company’s HSBC account; and (ii) a party in the trucking industry, 1000711945 Ontario Inc., then purchasing RBC’s remaining indebtedness. However, the transaction did not close and, although RBC was successful in retrieving approximately $2 million from the HSBC account, a further $762 thousand USD was not transferred.

In addition, there has been suspicious activity on the account and RBC has recently been informed that the company’s assets, including trucks and trailers, have allegedly been taken and/or are missing.

msi Spergel inc. is the receiver.

Counsel is Aird & Berlis for RBC, Harrison Pensa for the receiver, Chaitons for Roynat, Simmons De Silva for BVD Capital Corporation, and Dentons for Daimler Truck Financial Services.

By: Dina Milivojevic