The applicant bank sought the appointment of a receiver over the respondent debtors and judgment against the individual guarantor following defaults on credit facilities totaling over $2 million.
The debtors failed to provide required reporting and did not cure the default after demands and notices under the Bankruptcy and Insolvency Act were issued.
The court found the bank was contractually entitled to appoint a receiver and enforce the guarantee.
The application was granted, a receiver was appointed, and judgment was entered against the guarantor for $1,988,777.37 plus full indemnity costs.
