October 28, 2021
Trident Processes Inc., an Abbotsford, BC-based provider of sludge treatment, resource recovery and wastewater treatment solutions, had a receiver appointed on October 28, on application by Export Development Canada, owed US$2.6 million. Trident has two subsidiaries in the US and has active operations in both Canada and the US. Pursuant to a forbearance agreement entered into on March 11, 2021, EDC agreed to forbear from enforcing its debt until May 14, 2021. During the forbearance period, an independent business review was conducted and identified potential improper payments being made to the company’s shareholders. Since the forbearance agreement expired in May 2021, Trident has not made any payment, reporting or other communications to EDC. In September 2021, the lawyer who maintains Trident's corporate records indicated that one of Trident's subsidiaries in the US was sold. PwC was appointed receiver. Counsel is Gowling (WLG) for EDC and Nathanson, Schachter & Thompson LLP for the receiver.