January 3, 2023

Filing Type:

Trustee: BDO

Applicant: CPL Investments LLC and Uloo Partners LLC (collectively, the "Sellers")

Applicant Counsel: Farris

Industry:

Province:

Bloom Health Partners Inc. (CSE:BLMH), a healthcare company with a registered address in Vancouver, British Columbia, was placed in receivership on January 3, on application by CPL Investments LLC and Uloo Partners LLC (collectively, the "Sellers"). The company wholly owns Bloom Health Holdings Corp. (the "Buyer"), a Delaware corporation. In June 2021, the Buyer purchased the Sellers' interest in Round Hill Health Partners, LLC for consideration of US$12,250,000. The Buyer has repeatedly failed to make payments owed to Sellers. After granting the Buyer two waivers, the Sellers demanded payment in late October 2022. In November 2022, the company informed the Sellers that the company's board and its interim CEO had resigned, and that it intended to wind down its business. As a result, the Sellers sought the appointment of a receiver to act as the company's management and continue operations until July 31, 2023, so that the company can fulfil its contract to supply COVID-19 testing services to the Texas Department of State Health Services, coordinated with an orderly wind down and sale of redundant assets. BDO was appointed Receiver. Farris is counsel for the Sellers.

By Dina Milivojevic