July 22, 2020
Crowfoot Land & Livestock Corporation, a Brooks, Alberta-based agricultural company in the business of growing crops and raising livestock, along with James Clark and Robin Clark (collectively, the "Defendants"), were placed in receivership on July 22 on application by RBC, owed approximately $2.6 million from the company and $2.4 million from James Clark and Robin Clark. The Defendants defaulted on their loan agreements and forbearance agreement with RBC after, amongst other things, failing to make numerous monthly payments under several credit facilities and failing to provide evidence of satisfactory financing from a third-party lender. These defaults, in addition to James Clark's allegedly fraudulent actions and matrimonial conflict between James Clark and Robin Clark, have led RBC to lose complete faith that the Defendants can repay the indebtedness owing by the company. In May and June, RBC was forced to seize certain of the company's assets in order to protect its security. MNP was appointed receiver. Counsel is Dentons for the applicant, MacLean Wiedemann Lawyers for James Clark, Stringam for Robin Clark, and Burnet, Duckworth & Palmer for the receiver.