Bidvine Inc., a Guelph, Ontario-based software development services company that is wholly-owned by a UK company, Bidvine Limited, filed an assignment in bankruptcy on October 6, due to the UK division being placed into administration. Founded in 2014, the company's premise was to make “hiring local, trusted service professionals ridiculously simple”. Liabilities are listed at approximately $100,000. BDO is the bankruptcy trustee.
Alcan Fluid Disposal Ltd., a Prince George, British Columbia-based oil and gas company which operated two wells for the purpose of wastewater disposal, filed an assignment in bankruptcy on September 27, listing over $2 million in debts, including approximately $130,000 for estimated reclamation costs. The company has not been an operating entity for approximately 10 years before the filing. MNP is the bankruptcy trustee.
Premium Liquid Labs Inc., a Burnaby, British Columbia-based manufacturer of electronic cigarette liquids under the Premium Labs was placed into bankruptcy on September 17, on application by EsmokerCanada Inc., owed approximately $2.6 million. BDO is the bankruptcy trustee. Harper Grey is counsel for the applicant.
The Bridal House, an Edmonton, Alberta-based bridal boutique, filed an assignment in bankruptcy on September 10. In a message on its website, the company, which had served Edmonton area brides for 27 years, cited the onset of the COVID-19 pandemic, the shutdown of non-essential businesses and limited retail capacity as the reasons for its filing. Faber is the bankruptcy trustee.
Bonify Holdings Corporation, a Winnipeg, Manitoba-based cannabis company, made an assignment in bankruptcy on September 9, listing approximately $14.5 million in liabilities, including approximately $13.8 million to The Assiniboine Credit Union Limited. Three of the company's executives were dismissed in December 2018 after it was determined they had used a third party to buy cannabis from the black market, selling it in several Manitoba and Saskatchewan retail stores. The company's licence to sell cannabis was suspended at the time, but was reinstated in October 2019. An investigation found that the company had 200 kilograms of cannabis product in its facility that was not authorized for sale. The company undertook an orderly wind-down of its business operations prior to the bankruptcy filing, and cited a lack of access to capital as the cause of its inability to continue. EY is the bankruptcy trustee. Counsel is Taylor McCaffrey for The Assiniboine Credit Union Limited, and MLT Aikins acted as counsel for the company prior to the bankruptcy.
PharmHouse Inc., a licensed cannabis producer with an operating facility in Staples, Ontario, filed an assignment in bankruptcy on September 9, listing over $125 million in liabilities. The bankruptcy filing comes after a successful CCAA proceeding involving a SISP and a sale of the company's assets to Tweed Inc., another Canadian cannabis company. EY is the bankruptcy trustee. Counsel is Bennett Jones for the company and BLG for the trustee.
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.
Mississauga Metals & Alloy, a Brantford, Ontario-based recycler/seller of metals, was deemed to have made an assignment in bankruptcy on August 20, listing approximately $31.1 million in liabilities, including $15.9 million to BNS and $812 thousand to EDC. The company attributes its financial difficulties to several factors, including (i) a catastrophic fire at the company's premises which caused significant damage to its manufacturing facility; (ii) difficulties in collecting receivables due to customer disputes regarding product quality; (iii) significant costs associated with the management and disposal of certain waste nuclear materials stored by the company; and (iv) the negative impact of the COVID-19 pandemic on the company's business operations. As a result of these issues, the company has been dependent on capital injections from the company's shareholders to fund operations. In July, the company filed an NOI so that it could pursue restructuring plans; however, the company ultimately failed to present a proposal to its creditors and was deemed to have made an assignment in bankruptcy on August 20. Richter is the bankruptcy trustee.