August 19, 2022

Filing Type:

Trustee: MNP

Applicant: Arnaki Ltd.

Applicant Counsel: Chitiz Pathak



Solvaqua Inc., a Calgary, Alberta-based company which provided proprietary wastewater management solutions based on nanopolymerization technology that allows isolated areas to reuse water, was placed in receivership on August 19, on application by Arnaki Ltd., owed approximately USD$6 million. Solvaqua’s business plan was to implement the technology in foreign jurisdictions. Its contracts with overseas buyers were insured by Export Development Canada (“EDC”). The amount owing represents the debt outstanding following EDC's payout of $1,386,000 on an insurance claim filed by the company after a buyer failed to complete the purchase of certain of the company's equipment, with the insurance proceeds having been assigned to Arnaki. MNP was appointed receiver. Counsel is Chitiz Pathak for Arnaki

By Dina Milivojevic