March 17, 2021
AVAD Canada Ltd., the Canadian operating affiliate of the North American business of AVAD, a wholesale distributor of a variety of electronic equipment and accessories, was placed in receivership on March 17 on application by MidCap Funding IV Trust ("Midcap"). The company owes approximately $498.0 thousand under a Credit Agreement between MidCap (as agent), certain lenders, and the company and its affiliates. As a result of various events of default under the Credit Agreement, the security granted by the company under the Credit Agreement has become immediately enforceable and the obligations owing under the Credit Agreement by the company are due and payable. The company's material tangible assets in Canada consist of an inventory of electronic products and accessories located at leased warehouse facilities in Mississauga, Ontario and Calgary, Alberta. MNP was appointed receiver. Norton Rose Fulbright is counsel to the applicant.