December 17, 2019
8318085 Canada, a Montreal, Quebec-based company which designs, imports and distributes women’s outerwear garments, its main focus being coats, filed an NOI on December 17, listing $10.8 million in liabilities, including $2.1 million to RBC and $1.1 million to Jiangsu Sainty Glorious Trade. Several factors led to the company’s insolvency, including a reduction in sales as well as the introduction of a new software system that resulted in inaccurate reporting of the business’ performance. Although the company is currently still in operation, it must promptly complete its activities related to the spring and winter 2020 seasons - such as booking orders and making purchases - in order to maintain viability. As part of the restructuring, the company will undergo a sale and solicitation process to market the business to potential acquirers, investors, or strategic partners. KPMG is the proposal trustee. Kugler Kandestin is counsel to the company.