2051095 Ontario Inc. o/a Pizza Workz

2051095 Ontario Inc. o/a Pizza Workz, which formerly operated as a pizza store in Carp, Ontario, filed an assignment in bankruptcy on April 29. There was a dispute amongst the shareholders as to the operations and management of the business regarding receipts and payments. On examination by the majority shareholder, it was ascertained that the company’s indebtedness far exceeded its repaying capacity. As there was no visibility towards the revival of business, the company filed an assignment in bankruptcy. Goldhar & Associates is the bankruptcy trustee. By Dina Milivojevic

2513036 Ontario Ltd.

2513036 Ontario Ltd., which operated as a Sport Clips franchise from a leased location in Ajax, Ontario, was deemed bankrupt on May 5, listing approximately $204,000 in liabilities. The Company previously filed an NOI on April 25, but failed to file the projected cash flows within the 10-day period and was deemed bankrupt. BDO is the bankruptcy trustee and previously acted as the proposal trustee. By Dina Milivojevic

12413906 Canada Inc. o/a AJ Concept Auto Modifications

12413906 Canada Inc. o/a AJ Concept Auto Modifications, a Thornhill, Ontario based automotive parts and accessory modification workshop, filed an assignment in bankruptcy on April 27, listing approximately $340,000 in liabilities. The business volume during the COVID-19 pandemic was much lower than the anticipated level and there were negligible clients during the extended period of restrictions. The company continued to incur fixed costs and, with no visibility towards the revival of business, it filed an assignment in bankruptcy. Goldhar & Associates is the bankruptcy trustee. By Dina Milivojevic

Chisel AI

Chisel AI, a Toronto, Ontario-based technology company developing a commercial insurance workflow management platform, filed an assignment in bankruptcy on April 19. The company was seeking investment financing to strategically grow its business and had identified investors and signed a term sheet. However, the lead investor experienced several delays in closing its round. In order to mitigate its risk, the company engaged in conversations with several potential strategic acquirors. After exploring these possibilities and with no confirmation of its ability to close on the financing and no definitive offers for acquisition, Chisel decided to cease operations to conserve cash. MNP is the bankruptcy trustee. Loopstra Nixon is counsel for the bankruptcy trustee. By Dina Milivojevic

1982844 Alberta Ltd.

1982844 Alberta Ltd., which operated as an overhead door company within central Alberta, filed an assignment in bankruptcy on April 7, listing assets of approximately $1.4 million and liabilities of approximately $1.65 million, including $1.4 million to TD Bank. As a small, family-owned business, the company was affected by the COVID-19 pandemic, and was unable to obtain the sales volumes required to generate sustainable cash flow. In late January, the company (under its previous legal name of On Demand Holdings Ltd.) sold its business an entity related to Wolfe Creek Building Supplies Ltd. The APA excluded, among other things, the purchase of real property owned by the company and the assumption of certain debt owning to TD Bank and CRA. The sale proceeds were paid to TD Bank. Grant Thornton is the bankruptcy trustee. By Dina Milivojevic

Effenco Development Inc.

Effenco Development Inc., a Montréal, Québec-based autotech company, filed an assignment in bankruptcy on April 6, listing assets of approximately $6.6 million and liabilities of approximately $17.5 million, including approximately $3.3 million to Banque de développement du Canada (Québec), approximately $2.4 million to Investissement Québec and approximately $1.1 million to BMO Financial Group. The company's key technology is an electric hybrid Active Stop-Start system that improves energy efficiency on heavy trucks as well as reduce their greenhouse gas emissions by 30%. The company's management attributes its financial difficulties to significant development costs, operational difficulties and insufficient sales, which led to a liquidity problem. Ultimately, management was unable to secure the necessary funding to continue the company's operations. MNP is the bankruptcy trustee. By Dina Milivojevic

Media Central Corporation Inc.

Media Central Corporation Inc., a Toronto, Ontario-based media company, filed an assignment in bankruptcy on March 25, citing its inability to to meet its financial obligations as they come due. The filing does not affect Media Central's subsidiaries, Vancouver Free Press Publishing Corp. and Now Central Communications Inc., which publish the Georgia Straight and NOW Magazine. The publications were distributed for free on each city’s mass transit routes. With the major decline in ridership because of COVID, advertising revenues dropped dramatically and the operations could not be sustained in their previous form. The company defaulted on its secured senior debentures in the amount of $1.1 million and was unable to raise any more money. Accordingly it filed an assignment in bankruptcy. Ira Smith Trustee & Receiver Inc. is the bankruptcy trustee. By Dina Milivojevic

Fossil EPC Ltd.

Fossil EPC Ltd., which owned and operated an engineering, procurement, construction and management company out of Nisku, Alberta, made an assignment in bankruptcy on March 16, listing approximately $1.3 million in liabilities, including approximately $950,000 to CRA. The Bowra Group is the bankruptcy trustee.

Sheldon Gross Limited

Sheldon Gross Limited, a Toronto, Ontario-based company, was placed into bankruptcy on March 7, listing approximately $6.4 million in liabilities. The company is related to Gross Capital Inc., a Toronto-based real estate investment firm that filed for bankruptcy on June 25, 2021. KSV is the bankruptcy trustee for both estates. By Dina Milivojevic

2277233 Ontario Inc.

2277233 Ontario Inc., a family run farm operating in Hagersville, Ontario, assigned itself into bankruptcy on March 3, listing over $250,000 in liabilities. The company produced naturally raised products, including fruits, vegetables, beef, pork, chicken, turkey, honey, cheese, eggs and maple syrup. It also worked with local meat processors to source meats that are humanely and ethically raised. The company struggled with financial difficulties caused by poor crop yields and rising input costs (fuel, feed, and fertilizer), and was unable to service its mounting debt and fell behind on loan payments. Ultimately, management made the decision to wind down operations and liquidate all assets. The majority of the company's land and equipment was liquidated, and proceeds paid to secured creditors. MNP is the bankruptcy trustee. By Dina Milivojevic