Coverage of the latest Canadian insolvency filings, court cases, news and more
Southwark Developments, an Edmonton, Alberta-based full service construction company, filed for bankruptcy on November 5, listing approximately $1.2MM in liabilities. The Bowra Group is the bankruptcy trustee.
British Bazaar Company and British Confectionery Company, St. John’s, Newfoundland and Labrador-based wholesalers of candy and related products, filed an NOI on November 5, listing $8.4MM in liabilities, including $3.4MM to BMO and $1.8MM to Atlantic Canada Opportunities Agency. Deloitte is the proposal trustee.
JTL Industries, a Neilburg, Saskatchewan-based manufacturer of grain bins, oil tanks, frac sand silos, liquid fertilizer tanks, grain bins, hoppers and floors, filed for bankruptcy on October 31. The company advised that rising steel prices, due in part to tariffs imposed by the US in March, were cutting into their profit margins, with their cost of steel up approximately 20%. The Bowra Group was appointed bankruptcy trustee.
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“Study the past if you would define the future.” Confucius’ quote is a favourite of Michael Rotsztain, who has been practising insolvency and restructuring law for over 40 years. Beginning his career at the legendary insolvency firm of Harries Houser, where he had the good fortune of being mentored by a bankruptcy law dream team, Michael spent the major part of his career at a leading Bay Street firm and since 2014 has been the chair of GSNH’s five-lawyer Restructuring and Insolvency Group. Michael recounts how insolvencies and restructurings have evolved over his career and shares what he thinks are the next steps in the evolution.
Kelsey Meyer of Bennett Jones summarizes several recent decisions relating to municipal property taxes that are currently under appeal in Alberta and notes that the outcome of these appeals will have significant implications for willing and unwilling participants.