June 28, 2022
Premium Comfort Heating & Air Conditioning Ltd., a Kelowna, British Columbia-based HVAC company, was placed in receivership on June 15 by National Bank of Canada, owed approximately $2.1 million. In late 2019, National Bank made certain credit facilities available to the company. In 2022, the company defaulted on its working capital ratio and reporting requirements under the credit agreement, and the parties began negotiating a forbearance agreement. However, on June 10, the company advised National Bank that it was shutting down operations effective immediately. The company later advised National Bank that some of the company's employees and suppliers were taking assets off the business premises. While National Bank engaged a bailiff to change the locks and move certain mobile assets to a secure location, because the premises were vacant and assets remained on and around the premises, National Bank was concerned that the property’s value may be impaired due to neglect, looting and vandalism. FTI was appointed receiver. Counsel is Faskens for National Bank and Blakes for the receiver.
By Dina Milivojevic