April 11, 2019
Patriot Equipment, a Medicine Hat, Alberta-based oil and gas field services supplier, was placed in receivership on April 11 on application by RBC, owed approximately $892.4M. In or about late 2018 and early 2019, RBC discovered that Patriot had failed to disclose its liability for an oil spill on a third party's property, as well as committing several other acts of default. The receivership application was adjourned in early March to permit Patriot time to payout the RBC indebtedness, however proposed financing fell through and the amount was not repaid. KPMG was appointed receiver. Counsel is Osler for the applicant and BDP for the receiver.