Axess Pickering Ltd., the owner of real property located at 1525 Pickering Parkway in Pickering, Ontario (the "Property"), had a receiver appointed over all of its assets on October 12, on application by C & K Mortgage Services Inc. (carrying on business as Rescom) and 975393 Ontario Inc., the company's senior secured creditors. The Property is a vacant 1.273 acre parcel which is being developed for construction of 336 units, in two residential condominium towers and approximately 26,000 square feet of office/restaurant space. On September 1, there was a default in the payment of interest under the charge on the Property, and no payments have been received since that date. Alvarez & Marsal was appointed receiver. Counsel is Dickinson Wright for the applicants.
Mahal Venture Capital Inc. ("Mahal") and Golden Miles Food Corporation ("Golden Miles"), Brantford, Ontario-based companies, had a receiver appointed over their assets owned or used in connection with a flour mill located on 155 Adams Blvd., Brantford, Ontario (the “Real Property”). The application was brought by Skymark Finance Corporation, owed approximately $29 million. Mahal is the registered owner of the Real Property and, once completed, Golden Miles was to operate the flour mill located at the Real Property. KSV was appointed receiver. Counsel is Chaitons for Skymark Finance Corporation, Kirwin Partners for the companies and Blakes for the receiver.
6317081 Canada Inc. o/a Glebe Reggio Centre and Sunnyside Footsteps Parent Centre, an Ottawa, Ontario-based daycare operation, was placed into bankruptcy by MNP, its court-appointed receiver, on October 1. The daycare operation ceased as a result of COVID-19 lockdown measures and did not resume operation. BNS, the company's senior creditor, previously sought to appoint the receiver to realize on the secured mortgage indebtedness. Surplus proceeds were generated from the sale, resulting in the company being able to provide a distribution to unsecured creditors. Accordingly, the purpose of the bankruptcy proceedings is to administer a claims process for unsecured creditors. MNP is the bankruptcy trustee.
Trinity Centres Cambridge, a single-purpose organization formed to acquire and manage real property located at 15 Wellington Street in Cambridge, Ontario, had a receiver appointed over its property on September 21, on application by Coldpoint Holdings Ltd., owed approximately $1.8 million. The company is jointly controlled by River City Christian Reformed Church, which is the primary tenant of the real property, and Trinity Centres Foundation. Deloitte was appointed receiver. Counsel is TGF for Coldpoint, Weintraub Erskine Huang for River City Christian Reformed Church, Aird & Berlis for Graham Singh and Trinity Centres Foundation, Teplitsky Colson for Peter Elgersma and Crawley McEwan Brush for the company.
10000050 Manitoba Ltd., the owner of a Bombardier Challenger 604 (the "Aircraft"), had a receiver appointed over the Aircraft on September 16 on application by PNC Equipment Finance, a Division of PNC Bank Canada Branch ("PNC"). To finance the acquisition of the Aircraft, the company borrowed US$3.36 million pursuant to an Aircraft Loan Agreement which was secured by the Aircraft. The company has been in continuous default under the Aircraft Loan Agreement since June 1, 2021, including because of the commencement of proposal proceedings by the company's sole shareholder, Sean McCoshen. As of July 9, the outstanding indebtedness under the Aircraft Loan Agreement was approximately US$3.05 million. Immediately following the granting of the Receivership Order, an Approval and Vesting Order was issued approving the sale of the Aircraft to Sunwest Aviation Ltd. Farber was appointed receiver. Counsel is Blakes for PNC and MLT Aikins for the receiver.
5689482 Manitoba Ltd. & 5480082 Manitoba Ltd. (o.a Fun Mountain), which operated as a Winnipeg, Manitoba-based water slide park, had a receiver appointed over its assets on September 9 on application by BDC, owed approximately $850,000. The assets of the companies include the real property on which the waterpark is located. Grant Thornton was appointed receiver. Counsel is Fillmore Riley for BDC and Taylor McCaffrey for the receiver.
732482 Alberta Ltd., the owner of a 61-room limited service hotel located in Lloydminster, Alberta, had a receiver appointed on September 3 on application by ATB Financial, owed approximately $5.2 million. The company, with the assistance of CBRE Limited, ran a pre-filing sales process which resulted in a potential transaction with 2377142 Alberta Ltd. The sale was approved by the Court on October 15. BDO was appointed receiver. Counsel is Burnet, Duckworth & Palmer for ATB Financial and Dentons for the receiver.
Nimbus Water Systems Inc., along with several related companies (collectively, the "Nimbus Group"), were placed in receivership on August 23 on application by National Bank (the "Bank"), owed approximately $11.7 million. The Nimbus Group is a Canadian privately owned and operated group of companies located in North York, Ontario, that provides sales, installation, and service of water treatment systems for residential, commercial, and industrial clients across Canada. By letters dated October 2020, November 2020, and April 2021, the Bank advised the Nimbus Group of their obligations after they defaulted on various obligations to the Bank. In April, the Nimbus Group entered into a forbearance agreement whereby the Bank agreed to forbear from enforcing its rights and remedies until June 30. Pursuant to the terms of the forbearance agreement, the parties consented to the appointment of BDO as the Bank's consultant to review the operations and financial position of the Nimbus Group. Currently, the forbearance agreement is at an end and the Bank has been continuing to support the Nimbus Group in the face of ongoing defaults. BDO was appointed receiver. Counsel is TGF for the Bank, Capo Sgro for the Nimbus Group and Chaitons for JLHD Investments Inc., a PPSA registrant.
2127712 Alberta Ltd., a Cochrane, Alberta-based company, was placed in receivership on August 20 on application by Roynat Inc., owed approximately $2.4 million pursuant to a loan agreement wherein Roynat Inc. agreed to loan $2.6 million to the company for, among other things, the purchase of 590 Griffin Road East, Cochrane, Alberta. The company committed various events of default under the loan agreement. In June, Roynat Inc. made demand of the company for immediate payment in full of the indebtedness, which currently remains unpaid. MNP was appointed receiver. McMillan is counsel to Roynat Inc.
Cococo Chocolatiers Inc., a Calgary, Alberta-based manufacturer and retailer of artisanal chocolates, was placed in receivership on August 18 on application by Panterra Mortgage & Financial Corporation ("Panterra"), owed approximately $10.7 million. Despite Panterra's demand for repayment, the company has not paid and continues to fail to pay its indebtedness. The court also approved a sales process for the company's assets and approved Panterra's credit bid, which will serve as a stalking horse bid in the sales process. Deloitte was appointed receiver. Counsel is Dentons for Panterra and Torys for the receiver.