Law360 Canada ( May 8, 2023, 9:14 AM EDT) -- Appeal by Sultan Management Group Inc. (Sultan) from the chambers decision granting a bankruptcy order after Sultan failed to make payments on its loan and credit card debts to the respondent, Royal Bank of Canada (RBC). Sultan borrowed substantial funds from RBC pursuant to loan and credit card agreements (Loan Agreements). RBC demanded immediate payment in full of the total amount outstanding. Repayment was not made. Sultan and RBC entered into a forbearance agreement acknowledging $806,197 was owing but Sultan still defaulted. RBC submitted a signed application for a bankruptcy order on July 8, 2021, asserting that Sultan had ceased to meet its liabilities generally as they became due. The consent judgment contemplated under the forbearance agreement was filed by RBC on July 16, 2021 but was not immediately served on Sultan. RBC gave notice to Sultan on June 9 of its intention to file the consent judgment, but service was not effected until September 23, 2021. Noting that Sultan did not take issue with the institutional delay after July 8, 2021, the chambers judge determined the date the application was filed was July 8, 2021, for the purpose of assessing whether there was an act of bankruptcy during the six-month period set out in s. 43(1) of the Bankruptcy and Insolvency Act (BIA). On appeal, Sultan argued that the chambers judge erred in finding the application was filed on July 8, 2021, instead of its stamp date of September 7, 2021, and that the trial judge misunderstood its concession on institutional delay....