Court appoints receiver over I-Way trucking group
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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And the cheap freight carriers are not a surprise for anyone, it’s just a matter of time before every rate cutting companies are in chapter 11
Coincidence that some of the most visible companies on the Trans Canada are disappearing? Several of which are bad actors in the trucking industry. Safety should be a top priority in Canada. Wages and programs are detrimental to the safety of our roads and the motoring public! The only thing the Canadian Government should be involved in is safety. No more programs! End of story!
Keep ridding the industry of these con artists and grifters. Banks should tighten their controls on loans too. Freight is never a cash cow, margins are too thin, and costs are enormous. More to come!
It’s another case of a Canadian company (Rate) cutter not paying CRA for employees taxes and abiding by Canadian law. When is the government going to learn. STOP this nonsense. Get the bottom feeders out of the industry like is doing and the rest of us may survive!!
How many millions did the owners steal before they went broke? And probably started another trucking company again already.
Well.thats unfortunately,but expected, im sure there will be more to follow,
Lets hope that this is NOT the same deal as was given the purchasers of Pride Group, and the “owner” just starts another company under a family members name.
This scamming and cheating the banks, government etc…. in the end cheats every Canadian…….Terrible.
What has happened to earning an honest dollar. ??????
When you don’t know how to run a trucking company this is what happens.The rates are nowhere near in line with where they should be and just a wild guess, but i’m guessing that they are also paying their drivers on the Driver Inc platform which for that alone they should be shut down immediately. They have an abundance of unqualified drivers running their equipment that I have experienced firsthand, I smell another Pride Group situation here.
Wow another company hiding something from its creditors all they have to do is let them see their books and let them do a assessment of property and go from there but arguing isn’t going g to help keep their employees employed
My friend owns a repo company and it’s no surprise the cost cutters are getting their trucks repoed at breakneck speed. My friend said he has never been so busy
I way monkey man has runaway with my payments, all phone lines disconnected, all emails have shut down, I went into their Etobicoke office. Nobody was there, all offices empty, all warehouse empty, 1 car driver told me that he is a bailiff & has company has shut down
I don’t understand people’s animosity here. Medium sized companies shutting down is alarming and indicative of how bad things are.
Canadians should be concerned.. economy is tanking and who is there to replace the companies that are disappearing. I don’t see any white Canadian growing up to the challenge.. All I see is bickering. Safety is definitely NOT a issue . All of a sudden it’s not that the whole trucking companies are non compliant. Anyway enough said. Canada will suffer..
Watch this get bought up for 10¢ on the dollar by the original group of shareholders. The Pride Group failure and competition model.
Its great news for trucking industry in. Canada get these rate cutting drivers inc guys out of buisness alongside Light Speed n wings transport.
These companies ruined trucking in. Canada. Half their drivers zero experience n cause accidents all over canada.
This just shows how incompetent the government is, they don’t even know what is going on in Canada
I’m quite sure these loan’s are secured by the Bank of Canada . So the National Bank is not out but the hard working
people of Canada are out. No bank in there right mine would allow for this to get so far out of hand, but when the loan
is guaranteed by the Bank of Canada it’s not the National Bank that loses it’s the people of Canada .
Some 45 years ago I tried to get a loan through the BDC i was told I would never make it. I’m still in business today
with no help from the government. Some banks took a chance on me trust me they never let it get out of hand as they
as the loan’s were not backed by the Bank of Canada .
It’s time some head’s are rolled in the government. These new immigrant’s are a detriment to any Country we can’t afford
them.
Wake up Canada
I don’t understand how/why a company that has not complied with the banks demands after helping them restructure and refinancing that they can even think they are entitled to oppose the receivership when what’s requested by the ones whose money they are spending. It’s really interesting to go on Insolvency insider and go to the trustees site and read the affidavits and reports and get a better understanding of the lows people will go to think they are entitled to do whatever they want with whosever money and collateral they are holding. People say the crack heads and meth heads are the bane of society which yeah they are but the people at the helm of these companies are worse in my opinion because the junkies steal some copper and a generator and such but these high priced executives and stuff take households down and degrade employees by making them think/feel that now they are out of a job and maybe part of the problem was their work ethic or whatever and maybe that’s a reach but it is a thing I believe.