December 9, 2022
Forage M3 Drilling Services Inc., a Hawkesbury, Ontario-based drilling firm in the mining industry, was placed into bankruptcy on December 9, 2022, on application by RBC, owed approximately $500,000. The company has further debt in the amount of approximately $3.7 million. Since about 2018, the company has been unable to manage drilling programs profitably, which resulted in the company being unable to satisfy its obligations for trade accounts payable, long-term loans and HST arrears. In 2021, the company ceased active drilling operations after a shareholder dispute arose as a result of the increasing losses and began self-liquidating drilling equipment and other supporting assets. MNP is the Bankruptcy Trustee. Soloway Wright is counsel for RBC and Vice & Hunger is counsel for Centre De Services A L’Emploi Prescott-Russel Inc.
By Dina Milivojevic