February 7, 2023
Kivuto Solutions Inc., an Ottawa, Ontario-based company in the business of providing software management and distribution services with a customer base focus on academic institutions, was placed in receivership on February 7, on application by TD Bank, owed approximately USD$15 million. The company defaulted on its obligations under its credit facilities and security arrangements with TD Bank. It operated at a loss while conducting a SISP for 7 months, but was unable to secure a buyer outside of an insolvency proceeding. On the same day as the receivership order was made, a quick flip sale to Valsoft Corporation Inc. and Aspire Ontario Inc. was approved. BDO was appointed Receiver. Fogler Rubinoff is counsel for TD Bank, Fasken is counsel for the company, Chaitons is counsel for BDC, and Blakes is counsel for the purchasers
By Dina Milivojevic
