Johal brothers petitioned into personal bankruptcy in ongoing Pride saga
Sulakhan (Sam) and Jasvir (Jas) Johal, the brothers who founded Pride Group, grew it into a trucking empire that sought creditor protection last year, and then repurchased its core assets to continue running Pride Group Logistics, have been declared personally bankrupt.
The brothers repurchased Pride Group Logistics for $56 million, funded in part by Vancouver-based Maynbridge Capital.
However, a motion by creditor Mitsubishi Capital lifted the CCAA stay of proceedings that protected the brothers on March 7, opening the door for the Bank of Nova Scotia (BNS) to move forward with its own bankruptcy applications, a source told TruckNews.com.
“These Matters were before me on April 1, 2025, on which date the Bank of Nova Scotia sought an order lifting the stay and proceeding with the bankruptcy application in each of these two proceedings,” ruled Justice Peter Osborne, referring to Sulakhan and Jasvir Johal.
The original claim by Mitsubishi Capital may have motivated the Johals to put Pride into CCAA proceedings, a source told TruckNews.com, “which resulted in a stay of their guarantees on Pride debt.”
Mitsubishi claimed the Johals guaranteed approximately $33 million toward Pride debt.
It’s not yet clear how the personal bankruptcies will affect ownership and the ongoing running of Pride Group Logistics.
The Johals consented to the bankruptcy order filed by the Bank of Nova Scotia. “Mitsubishi takes no position today. The Pride Entities take no position and the Monitor in the Pride Entities CCAA proceeding will continue to coordinate proceedings, but does not oppose the orders being sought today,” Osborne ruled.
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Thye were too big too fail. Not the first time banks keep big debtors alive.
Why are creditors wasting money.lock up the two brothers that falsified documents.
If this was any other business in Canada the creditors would have reposted everything, lo cked up everything they owned.
There is no way they will ever recover financially with what trucking companies are getting for a load of freight, I’m sure there is money hidden in off shore accounts. Maybe check there
Time to stick a fork in this bunch.
I never celebrate for someone failure or hard time, but these two crooks they have steal money from each person whoever dealt with them in past, they are biggest liars and scammers in this country, should be behind bars for lifetime, every asset they have should be seized and sell then pay back to victims, also they transferred good money to kids or family members court should recover from everyone whoever related to them
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Well said also used to have drivers paid to a Corp. Account in phoney lease agreements
I hate to see bad things happening but all companies that are using drivers Inc who croos the border should have a full audit and no foreign worker permit in my opinion. On this trump is correct
If all the creditors lose their money and this family, protected by bankruptcy laws, can continue to operate, something is seriously wrong. Laws and rules need to change.
Boy these two con artists should be sent packing with just the clothes on their backs@
Money can build a trucking company but it takes talent to run them.
Sieze all monies bank accounts property anything Then we will really hear them cry Sorry screw the people and now you can pay the piper Sick and tired of having companies go bankrupted and the owner get away with it
What will be the total outcome of this mess??
This is no surprise from these vultures.
Can they just throw these two in jail and sell everything they own. Seems the bigger the crook you are, the more you can get away with.