10542113 Canada Inc. & Flora I Ltd.

10542113 Canada Inc. & Flora I Ltd., Montreal, Quebec-based development companies, had a receiver appointed on March 30, on application by Romspen Investment Corporation, owed $21,682,685.87 as at December 31. Another purported creditor, 9186-9297 Québec Inc. (“Upbrella”), had brought a competing CCAA application, which Romspen opposed on the basis that the companies were single purpose real estate entities and the proposed CCAA proceedings amounted to no more than a liquidating CCAA. MNP was appointed as receiver. Counsel is Fishman Flanz for Romspen. By Dina Milivojevic

1692260 Alberta Ltd. and Birkill Holdings Ltd.

1692260 Alberta Ltd. and Birkill Holdings Ltd. were placed in receivership on March 25, on application by RBC, owed collectively approximately $2.5 million. The companies owned and operated multi-family residential rental properties, a gas station and a vacation rental property in the areas of Lac La Biche, Grasslands and Wandering River, Alberta. MNP was appointed receiver. Counsel is Dentons for RBC. By Dina Milivojevic

Canada Fluorspar (NL) Inc.

Canada Fluorspar (NL) Inc., which operated a fluorspar mine in St. Lawrence, Newfoundland and Labrador, had a receiver appointed over certain receivables and financed receivables on March 25, on application by HSBC Bank Canada, owed approximately USD$12 million, plus fees and interest. The company was previously placed in interim receivership and then CCAA protection on application by PwC as the receiver of Bridging Finance Inc. The financed receivables were carved out of the interim receivership/CCAA proceedings. The company and certain affiliates remain under CCAA protection notwithstanding the receivership order. Deloitte was appointed receiver. Counsel is Dentons for HSBC Bank Canada, Cox & Palmer for the company, McInnes Cooper for Grant Thornton as monitor and Stewart McKelvey for PwC as the receiver of Bridging Finance Inc. By Dina Milivojevic

MJardin Group, Inc. (CNSX: MJAR) (“MJar”)

MJardin Group, Inc. (CNSX: MJAR) ("MJar"), a Toronto, Ontario-based cannabis company, had a receiver appointed over its assets (other than its cannabis assets) on March 23, on application by PwC as the receiver of Bridging Income Fund. MJar has two groups of subsidiaries. One group of subsidiaries is based out of the US and provides professional management operational and cultivation services in Canada and the US. The other group of subsidiaries is based out of Canada and is engaged in the cultivation and sale of cannabis products in Canada. In November 2017 and April 2018, Bridging advanced funds to MJar and certain of its subsidiaries. As at March 22 the total amount of the Indebtedness is $178,114,147. MJar and its subsidiaries have defaulted on various provisions of the credit facilities, including by failing to repay the indebtedness on the maturity date of April 23, 2021. PwC as the receiver of Bridging agreed to waive the defaults to allow MJar and its subsidiaries to undertake SISPs in Canada and the US. However, the SISPs failed to generate any viable offers for the MJar business despite several months of marketing efforts. KSV was appointed receiver. Counsel is TGF for PwC as the receiver of Bridging and Goodmans for KSV as the receiver of MJar. By Dina Milivojevic

The Winning Combination Inc

The Winning Combination Inc., a Winnipeg, Manitoba-based manufacturer of protein powders and sport supplement products, was placed in receivership on March 17, on application by HSBC Bank Canada, owed approximately CAD $10.3 million and USD $145.3 thousand as at February 22. In early 2022, the company advised the Bank that two entities were interested in providing equity or debt financing, but no transaction materialized. On or about February 9, the company requested that the Bank extend credit to the company over and above the approved credit limit in order for the company to meet its payroll obligations and make raw material purchases. On or about February 14, the company disclosed to the Bank that it had unpaid source deduction and GST obligations to CRA in the amounts of approximately $1.4 million and $400,000, respectively, notwithstanding that the company had been signing compliance certificates confirming all amounts owing to CRA were paid and up to date. On February 25, the Bank extended $144,297.60 for the company's payroll obligations and approximately $54,000.00 to be applied towards the company's source deduction and GST obligations to CRA, over and above the company's approved credit limit. Nevertheless, the company remained unable to pay its payroll and tax obligations, and the Bank was not prepared to provide further financial assistance over and above the current credit limits. EY was appointed receiver. Counsel is Fasken Martineau and MLT Aikins for HSBC Bank Canada, McCarthy Tetrault and Pitblado for the company and Thompson Dorfman Sweatman for the receiver. By Dina Milivojevic

Rbee Aggregate Consulting Ltd.

Rbee Aggregate Consulting Ltd., a Gibbons, Alberta-based company specializing in mining and processing aggregate into various products, was placed in receivership on March 11, on application by Crown Capital Partner Funding, LP (formerly, Crown Capital Fund IV, LP), by its manager, Crown Private Credit Partners Inc. (collectively, "Crown Capital"). In November 2017, in connection with the company's purchase of certain assets out of the receivership of Petrowest Corporation, the company assumed indebtedness in the principal amount of $17,255 million owing to Crown Capital. As of March 7, the outstanding indebtedness is $22,734,432.15, exclusive of fees and expenses. In 2017, the company and Crown Capital agreed to postpone the company's debt to Crown Capital to the company's obligations under a loan with Canadian Western Bank ("CWB"). CWB consented to the receivership application. FTI was appointed receiver. Counsel is MLT Aikins for Crown Capital and McLennan Ross for CWB. By Dina Milivojevic

Balanced Energy Oilfield Services Inc., Balanced Energy Oilfield Services (USA) Inc., and Balanced Energy Holdings Inc.

Balanced Energy Oilfield Services Inc., Balanced Energy Oilfield Services (USA) Inc., and Balanced Energy Holdings Inc., which provided coil tubing and other services to the oil and gas sector, was placed in receivership on March 7, on application by National Bank of Canada ("NBC"), owed approximately $24.7 million. NBC, along with the receiver and a new entity incorporated by one of the former principals of the companies, has negotiated a term sheet which contemplates the sale of certain of the companies' assets and equipment. NBC supports the proposed transaction, and the receiver intends to seek approval of the transaction in due course. FTI was appointed receiver. Counsel is MLT Aikins for NBC, Osler for the receiver, Bennett Jones for XDI Energy Solutions Inc. and TGF for Laurentian Bank of Canada. By Dina Milivojevic

Bayview Creek (CIM) LP, CIM Investments Development Inc., and CIM Bayview Creek Inc.

Bayview Creek (CIM) LP, CIM Investments Development Inc., and CIM Bayview Creek Inc., the owners of a residential development property in Richmond Hill, Ontario, had a receiver appointed on March 2, on application by DUCA Financial Services Credit Union Ltd., the first-ranking mortgagee of the property. Spergel (GRIP) was appointed receiver. Prior to the receiver’s appointment, CIM Bayview Creek Inc. previously attempted to restructure its affairs through NOI proceedings, but was unable to file a proposal and was adjudged bankrupt on February 8, 2021. On May 4, 2021, Bayview Creek (CIM) LP also filed an assignment in bankruptcy. The receivership application was successful over a competing application by Bryton Creek Residences Inc., the second-ranking mortgagee of the property, to exercise an option to purchase the property. Counsel is Devry Smith Frank for DUCA; BLG for the receiver; Dickinson Wright for Bayview Creek (CIM) LP, CIM Investments Development Inc. and others; Himelfarb Proszanski for Bayview Creek (CIM) LP; Miller Thomson for CIM Bayview Creek Inc.; Owens Wright for Bryton Capital Corp. GP Ltd. and Bayview Creek Residences Inc.; Pallett Valo for the private receiver appointed by Bryton Capital Corp. GP Ltd., Cassels for the trustee in bankruptcy for Bayview Creek (CIM) LP, Gowlings WLG for GR (CAN) Investment Co. Ltd. & Monest Financial Inc. and Torys and Hummingbird Lawyers for certain debenture holders. By Dina Milivojevic

Abbey Resources Corp.

Abbey Resources Corp., a Calgary, Alberta-based owner and operator of over 2,000 shallow gas wells in Swift Current, Saskatchewan, was placed in receivership on February 28, on application by various municipalities with taxes owing and the Government of Saskatchewan, as represented by the Minister of Energy and Resources (the “Ministry”). The company was previously granted CCAA protection on August 13, 2021. On December 6, 2021, a risk assessment report was provided to the Ministry raising significant deficiencies with respect to certain wells, and the Ministry issued an order suspending the licences of all high and very high-risk pipelines and requiring the company to cease operations of these pipelines by shutting them in. MNP was appointed receiver. Counsel is DLA Piper for the company, McDougall Gauley for the receiver, Robertson Stromberg for the Minister, Miller Thomson for the Rural Municipality of Lacadena No. 28, Kanuka Thuringer for the Rural Municipality of Miry Creek No. 229 and MLT Aikins for Carry the Kettle Nakoda Nation Band No. 76. By Dina Milivojevic

Net Zero Renewable Energy Inc. (TSXV:NZRE)

Net Zero Renewable Energy Inc. (TSXV:NZRE), a Niagara Falls, Ontario-based producer of structural building systems, including its proprietary “ENERTEC” product line, was placed in receivership on February 24 on application by Horizon RE Limited ("Horizon"). Horizon holds all $3,000,000 of the company’s outstanding issued Series 1 Debentures and $500,000 of the company’s outstanding issued Series 2-1 Debentures. The Series 1 Debentures matured on March 4, 2018, and the Series 2-1 Debentures matured on July 3, 2017. Horizon has never received any payment on account of either the Series 1 Debentures or the Series 2-1 Debentures. Farber was appointed receiver. Counsel is Dentons for Horizon, Miller Thomson for Computershare Trust Company of Canada (the Indenture Trustee) and Aird & Berlis for certain other debenture holders. By Dina Milivojevic