Coverage of the latest Canadian insolvency filings, court cases, news and more
Telemus Systems Inc., a Kanata, Ontario-based company that specializes in the design, development, and manufacturing of Intelligence, Surveillance and Reconnaissance (ISR) and counter measure systems and suites for operational support in the international market, filed for bankruptcy on August 24, listing approximately $638.6 thousand in liabilities, including $120.9 thousand to CM Computer and $330.1 thousand to various employees. KPMG is the bankruptcy trustee.
OAN Canada Inc., a Toronto, Ontario-based company, filed for bankruptcy on September 1. Albert Gelman is the bankruptcy trustee.
The Mustard Seed Co-operative Grocery Inc., a Hamilton, Ontario-based member-owned, not-for-profit grocery store that focuses on locally-grown produce, filed for bankruptcy on August 30, listing approximately $64.9 thousand in assets and $416.1 thousand in liabilities. Due to declining sales, the co-op has been unable to pay its food suppliers in a timely fashion. Prior to the bankruptcy, the co-op asked its members to give $400 each to pay off the amounts it owes to suppliers, but the process was unsuccessful. BDO is the 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.
The Insolvency Institute of Canada presents the results of its study into how many Canadian insolvencies have been due to the Covid-19 pandemic, with the biggest takeaway being that Covid-19 has not yet had the massive impact that was expected and was the primary factor for the insolvency in only 15% of the filings.