September 9, 2019
Westridge Cabinets, a Red Deer, Alberta-based cabinet manufacturer, was placed in receivership on August 16 on application by BMO, owed approximately $2.4 million. Attributing its financial difficulties to the consistent decline in housing starts in Alberta, the company filed an NOI on July 5 after its majority shareholder, Toronto-based Signal Hill Equity Partners, advised that it was no longer prepared to continue supporting the company's financial losses. While under creditor protection, the company began a wind-down of its operations. No proposal was filed by the company and on August 10 it was deemed bankrupt. BMO then moved for a receiver to be appointed to protect its interests. PwC was appointed receiver. Counsel is Dentons for the applicant, BLG for the receiver and TGF for Signal Hill.