Trans Globe et al., Receivership

Trans Globe et al., a group of Ontario-based trucking companies, were placed in receivership on January 15 on application by RBC, owed approximately $35 million under a demand loan.

The companies were engaged in trucking in Ontario and across the border, with 87 trucks operating under the Trans Globe Logistics name.

The companies suffered from cashflow problems which they say were caused by a delayed $560 thousand HST rebate. The cashflow issues caused the companies to breach their loan obligations to RBC, which demanded repayment in full.

KPMG is the receiver.

Counsel is BLG for RBC, Chaitons for the receiver and Bennett Jones for Trans Globe.