What remedies does a secured lender have besides seizing assets when a corporation defaults?

Seizing collateral is only one of several remedies available to a secured lender under Ontario's Personal Property Security Act once a corporation defaults, and these remedies generally aren't mutually exclusive — a lender can pursue more than one at the same time or in sequence. The lender can sell or otherwise dispose of collateral it already holds and apply the proceeds to the debt, or in some circumstances retain certain collateral in satisfaction of the debt instead of selling it.

Beyond dealing with specific collateral, a lender can also sue directly on the underlying loan obligation itself, which can be useful where a personal guarantee is also in place and the lender wants a judgment against the guarantor personally. For a more comprehensive response, particularly where the corporation's whole business, not just isolated assets, needs to be managed and realized, a lender can seek to have a receiver appointed, either privately under the security agreement or through a court application, to take control of the business and its assets in an orderly way. Which combination of remedies makes sense depends heavily on the specific default, the collateral involved, and the corporation's circumstances.