732482 Alberta Ltd.

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.

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.

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.

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.

Skyline 2 Productions Inc.

Skyline 2 Productions Inc., an Ontario and BC-based film production company that produced the series "Ed Quinn Vs.", was placed in interim receivership on August 17 on application by The Forest Road Company ("FRC"), owed aaproximately $1.4 million (USD) pursuant to a loan which is secured by both a GSA and the assignment of certain tax credits. FRC had agreed to advance the loan on the basis that the company was entitled to and would receive tax credits from the British Columbia Production Services Tax Credit and Canadian Federal Production Services Tax Credit. In accordance with the terms of the loan, the company assigned the tax credits and their proceeds to FRC. The loan has now come due and the company has failed to repay the loan. Furthermore, despite the fact that the tax credits and their proceeds were assigned to FRC, the company has failed to provide any information regarding the status of the tax credit proceeds to FRC. As a result of the company's various breaches and defaults under the terms of the loan and the lack of cooperation from its management, FRC has lost trust and confidence in the company. MNP was appointed interim receiver. Miller Thomson is counsel to the applicant.

La Granaudière

La Granaudière, a Saint-Michel-des-Saints, Quebec-based wood pellet production plant, was placed in receivership on August 5 on application by Investissement Québec ("IQ") and Desjardins, owed approximately $37.3 million pursuant to various term credits and an $8 million loan that was extended to the company under the ESSOR Program, which provides limited-time support for the working capital of eligible companies. The company's operations are not profitable, with the selling prices of pellets dropping below the cost of production. In July, the company advised IQ and Desjardins that it no longer has the liquidity required to continue operations. Raymond Chabot was appointed receiver. Counsel is Norton Rose Fulbright for the company, Lavery for IQ, and Langlois for Desjardins.

Stratford Petroleum Inc.

Stratford Petroleum Inc., a Stratford, Ontario-based company that owns and operates an Ultramar gas station and related convenience store in Stratford, was placed in receivership on July 9 on application by BMO, owed over $2.5 million. BMO, which provided a real estate financing loan to the company, began to have concerns in January 2021 when the company missed a payment. The company's financial results were also a concern with gas volumes down 60% from projections and convenience store sales down 70%. After BMO learned that the gas station was under a conditional agreement of purchase and sale ("SPA"), BMO demanded repayment for all amounts outstanding from the company. However, the SPA did not close on the expected date and the company's principals advised BMO that the sale process was "stuck" because the company's gas supplier refused to waive a right of first refusal in connection with the business. At present, there is no closing date and the loan has been in default for six months. Rosen Goldberg was appointed receiver. Chaitons is counsel to BMO.

Victoria Avenue North Holdings Inc.

Victoria Avenue North Holdings Inc., the legal owner of two medical office buildings in Hamilton, Ontario, had a receiver appointed over its assets on August 3, on application by American General Life Insurance Company and the National Union Fire Insurance Company of Pittsburgh, PA (collectively, the "Applicants"). On March 30, 2015, the Applicants advanced a loan to the company in the principal amount of $24.5 million to fund the purchase of the medical office buildings. As at June 30, 2021, the total amount of principal and interest outstanding on the loan was approximately $22.9 million. The company has failed to make a regularly scheduled payment under the loan since March 2020. KPMG was appointed receiver. Counsel is Blakes for the Applicants, Norton Rose for the receiver and Weisz Fell Kour for the company.

Mohawk Trail Properties Inc., 2317159 Ontario Inc., and Mohawk Inn & Suites Management Inc.

Mohawk Trail Properties Inc., 2317159 Ontario Inc., and Mohawk Inn & Suites Management Inc., a related group of primarily land holding companies based in Toronto and Milton, Ontario, had a receiver appointed over their assets on August 3, on application by Cortland Credit Lending Corporation as agent for certain lenders. Mohawk Trail Properties Inc. was the borrower under the loan agreement, while 2317159 Ontario Inc. and Mohawk Inn & Suites Management Inc. provided guarantees. Starting in June 2019, as a result of certain material breaches and defaults (including monetary defaults) under the loan agreement, the parties entered into a series of forbearance agreements. However, the companies have been unable to repay the loan and, as of July 23, 2021, owed approximately $17 million to the lenders. A sale process for the companies' assets was approved on the same day that the companies were placed in receivership. PwC was appointed receiver. Counsel is Dentons for Cortland Credit Lending Corporation and Stikeman Elliott for the companies.

Shamrock Valley Enterprises Ltd. (“Shamrock”)

Shamrock Valley Enterprises Ltd. (“Shamrock”), an Elk Point, Alberta-based provider of services in the form of general earthworks, oil and gas infrastructure, grading, road building, and fluid hauling, had a receiver appointed over its assets on application by Canadian Western Bank, owed approximately $3.9 million. The Receivership Order was granted on July 30, but stayed by the Court of Queen’s Bench of Alberta until August 27, 2021, when a further Order was granted lifting the stay. The Bowra Group Inc. was appointed receiver. Counsel is McLellan Ross for Canadian Western Bank.