January 30, 2019
Mike Weir Wine, a private corporation that was incorporated to produce, market and sell wine, branded as "Mike Weir Wine", from a winery located in Beamsville, Ontario, was placed in receivership on January 30 on application by Michael Richard Weir, owed approximately $2.2MM. The corporation also owes RBC around $4.3MM. In October 2017, Mike Weir sold all of his shares in the company to a company controlled by radio sports broadcaster, Bob McCown, who is the current president and director of MWW. As part of the sale transaction, Weir took back promissory notes, certain of which were secured. The promissory notes were not repaid when they became due on October 20, 2018. Since that time, the applicant, through its counsel and independently, has made numerous attempts to communicate with MWW and counsel to MWW regarding the indebtedness, however, no response has been received. The corporation's principal asset is its property and certain equipment. In order to maximize value realization from the property, the implementation of a sale process is necessary so that any buyer is able to take advantage of the spring time growing season by being in possession of the property with sufficient time to tend the vines so the vineyard does not lie fallow for another year. BDO was appointed receiver. Counsel is Sullivan Mahoney for the corporation, Cassels Brock and Kray Law for the applicant, Brauti Thorning Zibarras for the receiver and Aird & Berlis for RBC.