August 4, 2022
Epic Alliance Real Estate Inc., a Saskatoon, Saskatchewan-based real estate company, was placed into bankruptcy on August 4. EY was previously appointed as inspector of the company and certain related entities (the "EA Group") on February 25 on application by various investors to investigate what happened to the $211.9 million in investor funds raised by the EA Group. The inspector reported that, among other things, investors may never know exactly what happened to the money raised, in part because the company's books were unaudited and incomplete and two of three computer servers that stored the electronic records had been wiped clean. EY is the bankruptcy trustee. Counsel is MLT Aikins for the inspector.
By Dina Milivojevic