National Bank Seeks Court Order to Remove Keel Digital from Executive Control

Canadian bank National Bank of Canada is seeking a court order to remove Keel Digital Solutions and its affiliated companies from the control of their executives. The company has defaulted on millions of dollars in loans, according to the bank's lawyers.

The lawyers claim that Keel Digital borrowed over $4.5 million from National Bank and 'committed certain events of default', including stopping interest payments and ceasing business operations. The bank is seeking an order to put Keel Digital under receivership, which would allow a receiver to trace and safeguard the company's assets.

Keel Digital has been at the centre of a high-profile scandal involving Ontario's Skills Development Fund, with allegations of fraud and mismanagement. The Ford government launched a lawsuit against the company in January, seeking repayment of about $26 million. Keel Digital has countersued the province for $100 million.