April 3, 2020
Splend, a Mississauga, Ontario-based company in the business of arranging vehicle leases for on-demand drivers (e.g. Uber drivers), was adjudged bankrupt on April 3, listing approximately $7.2 million in liabilities, including $6.3 million to Element Fleet Management. The company, which currently has in excess of 400 customers, has been negatively impacted by the onset of social distancing requirements and other consequences of the COVID-19 pandemic. Due to the sudden and material decrease in the company's revenues, it is unable to generate sufficient cash flows to service its debts. Deloitte is the bankruptcy trustee. Counsel is Dentons for the bankruptcy trustee and Blakes for Element.