April 8, 2019
Ula-Matic, a Vaughan, Ontario-based company that designed and built automation equipment used in the automotive industry, was placed in receivership on April 8 on application by BMO, owed approximately $4.5MM. Employing approximately 45 employees, the company had been experiencing declining revenue and losses over the past two years as result of, among other things, a slowdown in the automotive industry and uncertainty surrounding the negotiation of international trade agreements. Grant Thornton was appointed receiver. Counsel is Chaitons for the applicant, Fogler Rubinoff for the company and Miller Thomson for the receiver.