October 9, 2020
Concession Medical Pharmacy Ltd. (“Concession”), 2110044 Ontario Inc., 2589266 Ontario Inc., Concession Integrative Health Inc., and 2115265 Ontario Inc., a Hamilton, Ontario-based pharmacy which specializes in dispensing conventional medications as well as manufacturing and dispensing certain medical compounds, was placed into receivership on October 9 on application by BMO, owed approximately $5.0 million. The companies also owe McKesson Canada, a pharmaceutical company, approximately $800,000. BMO, which identified covenant breaches and several areas of concern with respect to the companies' cash flow position, entered into a standstill agreement with the companies in which it agreed to forbear until October 30. Despite the forbearance provided, Concession commenced NOI proceedings on July 28. However, the proposal was voted down on September 22 and Concession was deemed bankrupt. BDO was appointed receiver. Counsel is Chaitons for the applicant and Miller Thomson for the receiver.