An Ontario Superior Court judge has appointed Ernst & Young as receiver over the I-Way trucking and logistics group, granting National Bank of Canada control over the enforcement process following months of deteriorating relations between the lender and the carrier.
The receivership, ordered Dec. 18 by the Ontario Superior Court of Justice, covers Wings Freightway Inc., I-Way Transport Inc., I-Way Logistics Inc. and several affiliated companies operating trucking, warehousing and logistics facilities in Toronto, Winnipeg and Calgary. The order takes effect on Jan. 9, 2026.
National Bank told the court it is owed more than $42 million and that the I-Way Group has been in continuous default since early 2025 under credit facilities refinanced in 2024. The bank cited missed loan payments beginning in August, arrears of roughly $650,000, and what it described as persistent failures to provide required financial reporting.
According to the bank’s court filings, those reporting gaps left it with limited visibility into the company’s financial condition, despite the carrier having consented earlier in the year to the bank’s engagement of Ernst & Young as financial advisor. The bank said that repeated requests for access to accounting systems, payroll records, tax documentation and on-site meetings went unanswered or were delayed, eroding confidence in management’s ability to stabilize the business.
The bank also argued it was unable to independently assess the value of the group’s real estate after attempts to arrange third-party appraisals were unsuccessful, further complicating efforts to evaluate refinancing or restructuring options.
I-Way fights receivership
The I-Way Group opposed the receivership, arguing the bank destabilized the business by freezing operating credit while payments were current and by imposing stricter audit and reporting requirements after refinancing was completed. The companies warned that the receivership application itself had already triggered driver departures, customer pushback and lost equipment sales.
They also pointed to a signed $19-million “bailout” offer from an arm’s-length purchaser they said would have fully repaid the bank and preserved jobs. National Bank countered that the proposal arrived months after formal demand letters were issued and was unsupported by independent appraisals.
In granting the receivership, the court accepted the bank’s position that the combination of defaults, missed payments, cross-collateralized security and limited financial transparency justified placing the business under court supervision to prevent a disorderly enforcement process.
FMCSA documents indicate I-Way Transport has 92 trucks and 122 drivers while Winnipeg-based Wings Freightway has 30 power units and 35 drivers.
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