June 20, 2022

Filing Type:

Trustee: BDO

Applicant: HSBC Bank Canada

Applicant Counsel: TGF



LSI Logistix Canada Inc. and certain related entities, which operated a trucking and logistics company based in Ontario that serviced customers across Canada and the northeastern US, were placed in receivership on June 20, on application by HSBC Bank Canada, owed approximately $2 million. In August 2021, the parties entered into a forbearance agreement which was subsequently extended on a number of occasions and ultimately expired on April 29, 2022. During the forbearance period, the companies engaged in a process of winding down their business operations in an orderly fashion, including through the sale of significant assets, and utilized certain of the proceeds to repay a portion of the debt to the Bank. The companies had advised the Bank that the wind-down would culminate with bankruptcies of each of the companies, but the bankruptcies were never carried out. BDO was appointed receiver. Counsel is TGF for the Bank.

By Dina Milivojevic