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RECENT FILINGS
- Student Federation of the University of Ottawa, the former official students' union representing undergraduate students of the University of Ottawa, was placed in receivership on April 15 by its own application. Formed in 1969, the federation uses fees collected from the approximately 36,000 undergraduate students to operate various businesses, service centers and social programming for the benefit of its members and other individuals frequenting the university campus. In September 2018, the university terminated its agreement with the federation as a result of allegations of financial mismanagement. A referendum was subsequently held in February 2019 and students voted for a new student union to represent them. With no role to fill on campus, the federation applied for a receiver to develop and then implement an action plan to affect a legal and operational unwinding of the federation. PwC was appointed receiver. Counsel is Dabrowski Joseph for the applicant and Dentons for the receiver.
- Ula-Matic, a Vaughan, Ontario-based company that designed and built automation equipment used in the automotive industry, was placed in receivership on April 8 on application by BMO, owed approximately $4.5MM. Employing approximately 45 employees, the company had been experiencing declining revenue and losses over the past two years as result of, among other things, a slowdown in the automotive industry and uncertainty surrounding the negotiation of international trade agreements. Grant Thornton was appointed receiver. Counsel is Chaitons for the applicant, Fogler Rubinoff for the company and Miller Thomson for the receiver.
- Harry Chung Enterprises Inc., a Toronto, Ontario-based company that operated an Aroma Espresso Bar franchise from premises located at 1864 Queen Street East, Toronto, filed for bankruptcy on April 9. Spergel (GRIP) is the bankruptcy trustee.
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Sponsored by Bentham IMF
Click HERE for recent articles and a podcast on litigation funding for insolvency matters.
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- Patriot Equipment, a Medicine Hat, Alberta-based oil and gas field services supplier, was placed in receivership on April 11 on application by RBC, owed approximately $892.4M. In or about late 2018 and early 2019, RBC discovered that Patriot had failed to disclose its liability for an oil spill on a third party's property, as well as committing several other acts of default. The receivership application was adjourned in early March to permit Patriot time to payout the RBC indebtedness, however proposed financing fell through and the amount was not repaid. KPMG was appointed receiver. Counsel is Osler for the applicant and BDP for the receiver.
- 9449167 Canada Inc., operating as a Shell gas station in Cornwall, Ontario, was placed into receivership on March 29 on application by BDC. MNP was appointed receiver. Soloway Wright is counsel for the applicant.
- Heavy North Construction, an Edmonton, Alberta-based civil construction company, was placed in receivership on April 16 on application by 1056420 Alberta Ltd., owed approximately $2.4MM. KPMG was appointed receiver. Counsel is Bennett Jones for the applicant, Blakes for ATB and Osler for the receiver.
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Sponsored by Accord Financial
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DOCUMENT LIBRARY UPDATES
- Have you subscribed to our new Document Library service yet? If not, you've missed out on last Thursday's subscribers-only email where we discussed:
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which CCAA initial order is currently being challenged as unconstitutional for allegedly depriving certain individuals of the right to life, liberty or security of their person;
- the reasons why the court would not allow a creditors' committee to be formed and have input a receiver's recent sales process; and
- a recent case in which the court was asked to extend the time frames prescribed by Section 81.2(1) of the BIA pursuant to its general authority in Section 187(11), a situation for which there appears to be no previous decided cases.
- Make sure your group is subscribed so you're aware of all the important case updates and legal issues developing.
- Check out our website for further details on the Document Library, including pricing. When you're ready, send us an email to get your group subscribed!
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ASSETS FOR SALE
- Powell Associates Ltd. (ICIN), in its capacity as receiver of Katran Foods Inc., is selling by tender a restaurant & bar with five apartments located in Berwick, Nova Scotia. Tender bids must be received by no later than 1:00 pm on May 8, 2019. To obtain more information, please contact Cheryl Hodder or Don Leet or click HERE.
- BDO, in its capacity as court-appointed receiver, is soliciting offers to purchase the operations and assets of Mike Weir Wine Inc. The principal assets consist of the owned land and buildings comprising the winery and certain wine making equipment located in Beamsville, Ontario. Further details can be found HERE.
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PwC, in its capacity as receiver of 1905393 Alberta Ltd. pursuant to an order granted by the Court of Queen’s Bench of Alberta, has retained Colliers International to solicit offers to purchase the property described as 11702 99 Avenue, Grande Prairie, Alberta, consisting of one operating hotel and one new hotel in a state of substantial completion. Offering a total of 232 rooms, these two hotels provide the local market with top-tier accommodations offering full services, underground parking, banquet space, fitness and spa amenities, and convenient airport, hospital, and highway access. Further details can be found HERE.
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Need to promote a distressed asset sale? Email us!
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Sponsored by Maynards
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INSOLVENCY STORIES IN THE NEWS
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Sponsored by A.D. Hennick & Associates Inc.
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UPCOMING EVENTS
- IWIRC is hosting it Fifth Annual Spa Day in Calgary on May 17. Further details can be found HERE.
- CAIRP will be hosting various Insolvency and Restructuring Forums across the country, in Montreal on April 29, Halifax on May 6, Edmonton on May 9, Vancouver on May 14, and Winnipeg on May 16. Further details can be found HERE.
- Western University Faculty of Law is hosting a conference in London, Ontario on May 22-23, 2020 to commemorate the Centenary of Bankruptcy and Insolvency Law in Canada. Further details can be found HERE.
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Click HERE to learn more about our Special Situation Finance Group
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FROM THE EDITOR
Our goal is to keep you current on everything that is happening in our market in one easy-to-read email per week.
- Insolvency Insider's Monday email is proudly written by Janice To. Henry Louis is the editor of the Insolvency Insider publications.
- Catch up on any emails you missed by visiting our archives!
- Help us expand our readership from coast to coast by sharing our newsletter with colleagues and associates!
- Have a story or event to share? Email us!
- Feedback and suggestions on how we can improve our format or content are also always welcome!
- Interested in sponsorship? Request a media kit for further details.
Have a great week!
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