RBC Secures Receiver Over Timber Mill
On October 29, 2025, Royal Bank of Canada (“RBC”) obtained an order from the Ontario Superior Court of Justice appointing Grant Thornton Limited as receiver over the assets, undertakings and properties of Hayes Timber Inc. (“Hayes Timber”) and Hayes Timber Mill Ltd. (“Hayes Timber Mill”) under section 243(1) of the Bankruptcy and Insolvency Act.
Hayes Timber operates a cedar-processing, grinding and site-clearing business serving Grey and Bruce Counties. Hayes Timber Mill, acquired by Hayes Timber in 2022, has experienced operational difficulties and significant employee departures. Combined, the companies owed approximately $4.5 million to RBC, and had defaulted under its credit agreements with RBC and under multiple forbearance arrangements with the bank.
The court-appointed receiver has broad authority to take possession of and exercise control over the property of the companies in accordance with its mandate. The appointment ensures the orderly repayment of RBC’s loans while providing flexibility to preserve the value of the companies’ operations, if any.
Aird & Berlis acted as counsel to RBC with a team including Sanjeev Mitra and Cristian Delfino (Financial Services).
