Coverage of the latest Canadian insolvency filings, court cases, news and more
Gemini Corporation (TSXV: GKX), a Calgary, Alberta-based professional services firm that provides multi-disciplined engineering, field and environmental services for energy and industrial facilities, was placed in receivership on April 19 on application by ATB Financial. FTI Consulting was appointed receiver. Counsel is Burnet, Duckworth & Palmer for the applicant and DLA Piper for the company.
Wicker Emporium, a Halifax, Nova Scotia-based importer and retailer of solid wood furniture and home decor, filed for protection under the CCAA on April 18, listing over $5.0MM in liabilities, including $865.0M to Accord Financial. The founder, Madan Kapahi, opened the first Wicker Emporium in 1972 to so that he could share treasures from his home country of India with his new friends in Nova Scotia. The company now operates 23 “brick-and-mortar” stores in Atlantic Canada and Ontario, as well as an online store. Due to changes in sale patterns in different locations, however, the company has experienced a recent decrease in profits from sales, particularly at stores located in more rural areas. As a result, the company has experienced difficulty in paying its suppliers, many of which are furniture manufacturers based in Asia. MNP was appointed monitor. Burchells is counsel to the company.
Agriculture Technology Inc and several related companies (ATI), Ontario’s largest agricultural waste recycler, based in Cottom, Ontario, was placed in receivership on April 18 on application by BMO, owed approximately $15.0MM. Since 1998, ATI has offered a specialized process by which customers’ agriculture waste is converted into saleable end products including reusable grow media and repurposed plastic products. MNP was appointed receiver. Counsel is Chaitons for the applicant and Miller Thomson for the receiver.
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