January 10, 2022
Coast to Coast Sunglasses Inc., a Montréal, Québec based retailer of optical products, was placed in receivership on January 10, on application by Caisse Desjardins de Rosemont-La-Petite-Patrie ("Caisse Desjardins"), owed over $7.5 million. The company began having liquidity issues in 2020. However, the extent of the issues was not known to Caisse Desjardins until 2021, when it learned that the company had made practically no sales since the spring of 2021 and that the accounts receivable appearing in the company's interim financial statements were not accurate, since amounts characterized as “accounts receivable” were actually goods that had been delivered to customers on consignment. As a result, the actual value of the company’s current receivables is practically nil. PWC was appointed receiver. Counsel is Janson Larente for Caisse Desjardins.
By Dina Milivojevic