April 9, 2019
Devlin Construction, an Alberta, Edmonton-based construction company, was placed in receivership on April 9 on application by ATB, owed approximately $5.6MM. The company ran into financial difficulties with the downturn of the oil and gas industry as the number of jobs and margins on those jobs decreased. In February, the company filed an NOI in an attempt to restructure its affairs, seeking primarily to sell redundant assets and obtain interim financing. The company's request for a second extension of time to file a proposal was not supported by ATB or the Bowra Group, its proposal trustee, who reported that efforts to formulate a proposal were not progressing in an efficient and timely manner primarily because of the company's directors lack of cooperation and inability to work together. The court did not grant the extension and subsequently appointed PwC as receiver of the company. Counsel is Blakes for ATB and Emery Jamieson for the company.