December 3, 2020
2423402 Ontario Inc., a special purpose entity that is wholly owned by Bondfield Construction ("Bondfield"), filed for bankruptcy on December 3, 2020, listing approximately $15.1 million in liabilities, including $13.3 million owing to the sole secured creditor, Zurich Insurance Company Ltd. ("Zurich"). The company had one asset, which was a receivable of $7.5 million under a court-approved settlement arising from its contracts for the development, construction, and completion of the Cambridge Memorial Hospital — a $187.0 million fixed price project. The debtor did not perform the construction itself, but rather contracted the work back to Bondfield. When Bondfield entered into prior CCAA proceedings, the debtor was first placed in receivership for the sole purpose of calling on the insurance company bonds in order to complete the project. Ira Smith Trustee & Receiver is the bankruptcy trustee. Counsel is BLG for Zurich and the estate solicitor is Aird & Berlis.