November 24, 2020
Akinvest — XPT Inc. ("Akinvest"), a Toronto, Ontario-based company, was placed in receivership and liquidation on November 24 on application by Dwight Grovum and Grovum Equities. Akinvest was formed in 2009 through the amalgamation of Akinvest and XPT Forwarding, two companies that operated in an international auto brokerage that facilitated online purchases, sales and deliveries of used and salvage vehicles from North American automobile auctions to dealers located outside of North America. The assets of Akinvest were sold shortly after the amalgamation and virtually no business activity was carried on thereafter. The company’s sole remaining asset was cash of approximately $9.9 million (USD). Akinvest’s shareholders (Andrei Kouznetsov 70% and Dwight Grovum 30%) agreed to wind up the company and distribute the cash to its shareholders on a pro-rata basis. Despite these intentions, it is alleged that Kouznetsov has refused over several years to distribute the assets, leading Grovum to seek the appointment of a receiver to effect the wind down. Zeifmans was appointed Receiver and Liquidator. Counsel is Fogler for Grovum and Bouchelev Law for Kouznetsov.