Eaglesmed Group Inc. (“Eaglesmed”) and Chris Musah Professional Corporation (“CMPC”)

Eaglesmed Group Inc. ("Eaglesmed") and Chris Musah Professional Corporation ("CMPC"), which operate a Calgary, Alberta-based health and wellness clinic, were placed in receivership on February 12 on application by BMO, owed approximately $1.1 million by Eaglesmed and $1.4 million by CMPC. Both Eaglesmed and CMPC are in default of their respective loan agreements and guarantees as they incurred excesses in borrowing on operating lines, failed to pay amounts owing to BMO, and failed to provide the required reporting. Deloitte was appointed receiver and manager. Counsel is Dentons for BMO, Cassels for the receiver, and Robertson for the companies.

JD Norman Canada, ULC

JD Norman Canada, ULC, a Windsor, Ontario-based manufacturer of highly engineered metal components for the automotive industry, was placed in receivership on February 12 on application by Callidus Capital Corporation ("Callidus"), owed approximately $146.0 million (USD). The company's largest customer, General Motors ("GM"), representing close to 100% of its business, terminated its business relationship with the company and, as such, the company is no longer able to operate as a viable going concern. In January 2020, the company indicated to GM that it was experiencing severe financial difficulty and would be unable to remain in business without obtaining certain financial accommodations from GM and Callidus. Subsequently, GM entered into an agreement with the company and Callidus in which GM agreed not to resource any of GM's business to a different supplier until at least February 2023. However, in November 2020, after GM claimed that the company had breached its obligations under this agreement, GM notified the company of its intention to resource a substantial portion of GM's business to a new supplier. KSV Advisory was appointed receiver. Counsel is McMillan for the company, Dickinson Wright for the applicant, Osler for the receiver, and Norton Rose for Bank of America, the operating lender.

T-Rex Contracting Inc.

T-Rex Contracting Inc., a Leduc, Alberta-based construction company, along with various other related entities (collectively, the "T-Rex Entities"), were placed in receivership on February 4 on application by BMO, owed approximately $1.29 million. As a result of various events of default under the loan agreements entered into by the T-Rex Entities, BMO demanded repayment of its indebtedness. To date, the T-Rex Entities have refused or neglected to make any payments. Grant Thornton was appointed receiver. Counsel is Dentons for the applicant and Cassels for the receiver.

10268054 Canada Corp.

10268054 Canada Corp., a Toronto, Ontario-based residential condominium developer, was placed in receivership on January 21 on motion by Centurion Mortgage Capital Corporation ("Centurion"), which had made a secured loan to the company for approximately $16.6 million to finance the company's condo project located at 135 Mandrake Street, Ajax, Ontario (the "Project"). To date, the company has defaulted on its loan by, among other things, failing to deliver a satisfactory construction budget or Project completion schedule to Centurion, and by failing to proceed expeditiously with the construction of the Project. Even though there have been substantial pre-sales of the Project, the company has failed to make any progress on the Project's construction. Furthermore, a review by Centurion into whether the company had applied the advanced funds for proper purposes uncovered that the company appeared to have misapplied over $2.9 million of funds. At this stage, Centurion has no clarity into where the $2.9 million was used and suspects the funds were misappropriated. BDO was appointed receiver. Robins Appleby is counsel for Centurion.

Rockwater on Main Inc.

Rockwater on Main Inc., which owns and oversees the development of a proposed residential site located at 64 Main Street East, Hamilton, Ontario, was placed in receivership on January 21 on application by a mortgagee. The company has approximately $9.0 million of liabilities. The immediate appointment of a receiver and manager will provide necessary stability, transparency, and oversight in the sale and/or development of the site. Goldhar & Associates was appointed receiver and manager. Counsel is Youngman Law for the applicant and Fogler Rubinoff for the receiver and manager.

Metro Paving and Roadbuilding Ltd.

Metro Paving and Roadbuilding Ltd., a Calgary, Alberta-based supplier of construction services, along with various other related entities (collectively, the "Metro Entities"), were placed in receivership on January 20 on application by BMO, owed approximately $7.2 million. As a result of various events of default under the loan agreements entered into by the Metro Entities, BMO demanded repayment of their indebtedness. To date, the Metro Entities have refused or neglected to make any payments. BDO was appointed receiver. Counsel is Torys for the applicant and Field Law for the Metro Entities.

Advantagewon Capital Corp.

Advantagewon Capital Corp., a London, Ontario-based company in the business of providing consumer auto repair loans to individuals, was placed in receivership on January 18 on application by FMMC Private Yield Fund Limited Partnership I ("FMMC"), owed approximately $3.3 million. Following various defaults by the company on its obligations under its credit facilities and security arrangements with FMMC, the applicant demanded repayment of the company's indebtedness. The company, which has not yet made any payments to satisfy FMMC's demand, has discussed a potential sale of the company's assets to Dorsia Capital (London) Inc. Link & Associates was appointed receiver. Counsel is Fogler, Rubinoff for the applicant, Aird & Berlis for the receiver, and Siskinds for the proposed purchaser.

Unique Restoration Ltd.

Unique Restoration Ltd., which was engaged in the business of building maintenance and restoration services for multi-unit residential, commercial, and industrial projects primarily in British Columbia and Ontario, filed an NOI on January 4, listing approximately $10 million in liabilities, including a combined amount of approximately $5 million owing to RBC and VGNA Holdings Inc. The company's insolvency was caused in part by a prime contractor's failure to pay the company's invoices on a large renovation project, a stop work order issued by Worksafe BC on the project and litigation brought by the prime contractor against the company related to same. On January 28. the company filed materials in connection with a stay extension motion returnable February 3. However, on February 3, RBC sought and was granted an order appointing Fuller Landau as receiver. Counsel is Aird & Berlis for RBC and Minden Gross for the receiver. Counsel to the company in the NOI proceedings was Rory McGovern PC. Crowe Soberman was the proposal trustee.

Kalco Farms Ltd. (“Farms”)

Kalco Farms Ltd. ("Farms"), a Gibbons, Alberta-based farm which produces and markets cereal grains such as wheat, barley, and rye, along with Kalco Investments Ltd. ("Investments"), were placed in receivership on January 14 on application by BMO, owed approximately $5.0 million from Farms and $11.2 million from Investments. The companies had granted security in favour of BMO, including, among other things, general security agreements securing all of the companies' real and personal property and mortgages in relation to lands owned by the companies. These agreements allow and provide for the appointment of a receiver or a receiver and manager upon default in respect of obligations owed to BMO. By failing to keep up with their loan obligations, the companies defaulted under these agreements. In addition, various assets of the companies were seized in 2020 on the basis of a security interest and landlord distress. As such, BMO has significant concerns regarding the stability of its security and has lost confidence in the companies to repay their indebtedness. The Bowra Group was appointed receiver. Dentons is counsel to the applicant.

Dundas Retirement Place Inc., Maple Retirement Homes Inc., and 1059244 Ontario Inc.

Dundas Retirement Place Inc., Maple Retirement Homes Inc., and 1059244 Ontario Inc., which each own and operate a retirement residence in Hamilton, Ontario, were placed in receivership on December 23 on application by Buduchnist Credit Union Limited ("BCU"), owed approximately $10.1 million in total. Each of the companies defaulted on its obligations to BCU and the defaults continue. Although the companies appear to have sufficient funds to make payments to BCU, payments are not being made and BCU has no visibility into what the funds are being used for. MNP was appointed receiver. Counsel is Keyser Mason Ball for the applicant and Brown Law for the companies.