March 26, 2021
Société en commandite Industriel-Léger ("SEC"), a limited partnership set up for the purpose of managing and operating real estate holdings located in Magog and Sherbrooke, Quebec — along with its general partner, 9058-0150 Québec Inc. — were placed in receivership on March 26 on application by FWCU Capital Corp. ("FW Capital"), owed approximately $12.4 million. In July 2016, FW Capital entered into a loan agreement with Kanwal Inc. ("Kanwal") on the condition that SEC guarantee the obligations and liabilities of Kanwal. As a result of various defaults by Kanwal under this loan agreement, FW Capital demanded payment of Kanwal's indebtedness from SEC. FW Capital, which has not received any payments since 2018, alleges that Kanwal and SEC consistently pursued refinancing with a third party, Waygar Capital, despite being aware that it was objected to by FW Capital. MNP was appointed receiver. Counsel is Robinson Sheppard Shapiro for FW Capital and Fishman Flanz Meland Paquin for the receiver.