Reliable Bookbinders, a Scarborough, Ontario-based binding servicing and printing company with a 73-year history, filed for bankruptcy on May 14 and was also placed in receivership on the same day. The company's failure can be attributed to the decline in the printing industry, which has affected trade binderies and resulted in reduced sale volumes and price pressures. PwC was appointed receiver and is the bankruptcy trustee.
Wavefront Innovation Society, a Vancouver, British Columbia-based startup accelerator focused on mobile and IoT (Internet of Things) innovation, filed for bankruptcy on May 14, listing $2.1MM in liabilities, including $958.5M to the National Research Council of Canada and its Centres of Excellence for Commercialization and Research. While the company once presented itself as a key player in facilitating the creation of technological "smart cities", declining sources of revenue have contributed to its financial downturn. Grant Thornton is the bankruptcy trustee.
Beaufort Delta Petroleum, a Inuvik, Northwest Territories-based petroleum company owned by Norterra that sells and transports bulk fuels and packaged lubrication to locations within the Mackenzie Delta Beaufort Coast region, filed for bankruptcy on May 11. As of 2016, the company had borrowed $1.9MM from the Northwest Territories Business Development and Investment Corporation, with only $100.0M paid back. Grant Thornton is the bankruptcy trustee.
VI Fitness Centres Inc., a British Columbia-based fitness chain with eight locations on Vancouver Island, filed for bankruptcy on May 1, listing $5.7MM in liabilities. The company went through financial difficulties due to increased competition and could no longer sustain the operating loss. The Bowra Group Inc. is the Licensed Insolvency Trustee.
6998674 Canada, a Rouyn-Noranda, Quebec-based company, filed for bankruptcy on April 27, listing $67.6M in liabilities, including $30.0M to CRA. Raymond Chabot is the bankruptcy trustee.
Taylor Steel and Stainless, a Boucherville, Quebec-based company that specializes in welding and metal manufacturing, filed for bankruptcy on April 10, listing $227.4M in liabilities, including $103.7M to Revenue Quebec. MNP is the bankruptcy trustee.
4339274 Canada (formerly Norterra), an Edmonton, Alberta-based company that offers ship, truck, rail and air logistics services, filed for bankruptcy on March 29, listing $83.1MM in liabilities, including approximately $80.9MM to Inuvialuit Development Corporation (IDC), the business arm of the Inuvialuit, the Inuit of Canada's western Arctic. The company's financial difficulties stemmed primarily from the poor performance of one of its former subsidiaries, Northern Transportation Company Limited (NTCL), which had been unprofitable for almost a decade and was draining cash from its parent and other profitable NorTerra subsidiaries. NTCL was sold to the Government of the Northwest Territories through a CCAA process in 2016, and ownership of several other NorTerra subsidiaries were transferred directly to IDC in early 2017. Grant Thornton is the bankruptcy trustee.
1514657 Ontario, an Ottawa, Ontario-based company, filed for bankruptcy on March 29, listing $373.0M in liabilities, with majority of that amount owing to CRA. Raymond Chabot is the bankruptcy trustee.
Sequoia Resources Corporation, a Calgary, Alberta-based oil and gas company, filed for bankruptcy on March 23, listing $21.4MM in liabilities, including $4.2MM to Green Horizon Energy Services. The company previously filed an NOI on March 2. PwC is the bankruptcy trustee. Torys is counsel to the trustee.
9248-3312 Quebec, a Sainte-Marie, Quebec-based company, filed for bankruptcy on March 23, listing $85.0M in liabilities. MNP is the bankruptcy trustee.