Surrey, B.C.-based American Trucklines has been placed into receivership, after RBC, owed $3.3 million, accused it of defaulting on loan payments and reporting obligations.
The lender also said it was concerned about potential fraudulent activity earlier this year, causing it to issue a demarket letter demanding payment in full within 90 days. It did not receive payment, according to an affidavit.
A related property is valued at just over $800,000, which RBC said would be insufficient to pay off its debt. Representatives for American Trucklines told the bank the company was in the process of a “significant restructuring” but RBC said it wasn’t provided any details or financial statements related to such activity.
RBC also said it was aware of a crown charge against the company registered by Canada Revenue Agency, related to unpaid payroll deductions and GST/HST. And RBC said it believes almost all the company’s trucks and equipment are financed by third parties, leaving it with few unencumbered assets to recover.
Grant Thornton Limited was appointed receiver.
The involved companies include: 0994391 B.C. Ltd. (operating as American Trucklines), ATL Transport Ltd., and 1342499 B.C. Ltd.
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