October 9, 2020
Westbury National Show System Ltd., one of Canada’s largest professional audio-visual integration and full-service live event production companies, was placed in receivership on October 9 on application by BMO, owed approximately $10.1 million. Starting in October 2018, the company's financial performance had begun to deteriorate and BMO requested that the company address the need for an imminent capital injection. The company's existing financial difficulties were exacerbated by the COVID-19 pandemic, which rendered the company's live events business inactive and created further liquidity pressure on the business given the lost revenue and ongoing overhead expenses. Currently, there are two sales and liquidation processes being run in parallel for the company's assets. Grant Thornton was appointed receiver. Counsel is Gardiner Roberts for the applicant and Aird & Berlis for the receiver.