The applicant bank brought an application for a court-supervised receivership over the respondent debtors' trucking and logistics business following uncured defaults on approximately $11 million in credit facilities.
At the hearing, the respondents sought an adjournment, relying on an improperly filed affidavit from a lawyer at their own counsel's firm disclosing privileged settlement communications.
The court struck the affidavit, denied the adjournment, and granted the receivership order, finding that the bank had given all required notices, negotiated for nearly a year, and was entitled to enforce its security.
