February 16, 2022
Aqua Greens Inc., a Rexdale, Ontario-based operator of indoor vertical farming operations, was placed in receivership on February 16, on application by Farm Credit Canada, owed approximately $3.17 million. The company previously filed for protection from its creditors under the Farm Debt Mediation Act ("FDMA") on November 15. Since the initiation of the FDMA proceedings, the company ceased making any payments under the credit facilities. A mediation held as part of the FDMA proceedings did not result in a mutually acceptable resolution, and Farm Credit Canada sought the appointment of a receiver. PwC was appointed receiver. Counsel is TGF for Farm Credit Canada, Chaitons for the company and Norton Rose for the receiver.
By Dina Milivojevic