The Very Good Food Company Inc. et al.

The Very Good Food Company Inc. et al., a Vancouver, BC-headquartered group of companies which produce plant-based meat and cheese products which are sold wholesale to retailers and also direct to consumers across Canada and the US, were placed in receivership on January 16, on application by Waygar Capital Inc., as agent for Ninepoint Canadian Senior Debt Master Fund L.P. The lender is owed approximately $8.1 million, and sought the appointment of a receiver as a result of, among other factors, breaches of the credit agreement, including a breach of the cash coverage ratio and exceeding the amount permitted by the borrowing base calculation, as well as alleged mismanagement of the business, all of which seriously jeopardized the lender’s collateral and the companies' ability to repay the loan. BDO was appointed receiver. MLT Aikins is counsel for Waygar. By Dina Milivojevic

Inscape Corporation (TSX:INQ), Inscape (New York) Inc. and Inscape Inc. (collectively, the “Inscape Group”)

Inscape Corporation (TSX:INQ), Inscape (New York) Inc. and Inscape Inc. (collectively, the "Inscape Group"), manufacturers and distributors of office furniture to customers predominantly located in the United States and Canada, were granted CCAA protection on January 12. The Inscape Group maintains its head office in Holland Landing, East Gwillimbury, Ontario and operates from locations in East Gwillimbury, Ontario, as well as various locations in the United States. Over 90% of the Inscape Group's sales are to customers located in the United States. The Inscape Group has faced a number of challenges as a result of the continued impact of the Covid-19 pandemic, including a dramatic decline in order volumes and average order size attributed to a slower than expected return-to-office and many offices instituting work from home policies or transitioning to an entirely virtual office environment. The Inscape Group has also suffered from a number of supply chain and tightening liquidity issues, resulting in a shortage of production materials, which in turn has perpetuated delays to the completion of existing customer projects and orders. The principal purpose of the CCAA proceedings is to allow the Inscape Group to conduct a wind-down and liquidation of its assets and business in an orderly fashion. A&M was appointed monitor. Aird & Berlis is counsel to the monitor, Miller Thomson is counsel to the Inscape Group, Hicks Morley is employment counsel to the Inscape Group and Gowling WLG is counsel to the directors and officers of the Inscape Group. By Dina Milivojevic

Warehouse Brewing Company Inc.

Warehouse Brewing Company Inc., which operated a craft brewery in Regina, Saskatchewan, filed an assignment in bankruptcy on December 1, listing approximately $3.3 million in liabilities. The company was not able to sustain a profitable business model and the various investors did not want to advance further funding to sustain the operations. The company’s directors explored options for external investment and to sell the business as a going concern, but none of these preliminary discussions materialized into a deal that would allow the company to continue its operations. MNP is the bankruptcy trustee. By Dina Milivojevic

iSPAN Systems LP

iSPAN Systems LP, a manufacturer and installer of proprietary cold-formed steel floor joist and framing systems for residential, commercial and industrial building projects throughout Ontario and neighboring Provinces and States, filed an NOI on August 11. iSPAN lists approximately $22.9 million in liabilities, including approximately $7.2 million to Leder Investments, $6.7 million to Walters Partners and $2.3 million to CIBC. During the 30 months to June 30, 2022, iSPAN had revenues totalling approximately $67 million. However, due to declining gross margins, iSPAN has only generated net income of approximately $300,000. Due to recent production inefficiencies and project delivery delays, customer payments have been withheld of delayed, which resulted in liquidity pressures and the decision to file the NOI. The Fuller Landau Group is the proposal trustee. Counsel is Aird & Berlis for iSPAN.

Thomas’ Fine Furniture Inc.

Thomas' Fine Furniture Inc., which operated a Mississauga, Ontario based cabinetry manufacturing business, filed an assignment in bankruptcy on September 8. Sales have been on a decline for the past four years due to changing customer demands away from custom, high-end furniture. Since the outset of the Covid-19 pandemic, the company has also struggled with staff shortages, and its workforce was cut in half (from 6 to 3). Finally, the cost of its leased premises doubled in 2022. The company was no longer able to cash flow operations and was forced to shut down in August, 2022. MNP is the bankruptcy trustee. By Dina Milivojevic

12337240 Canada Inc. c.o.b. Minfu Kitchen Cabinets

12337240 Canada Inc. c.o.b. Minfu Kitchen Cabinets, based out of Newmarket, Ontario, filed an assignment in bankruptcy on July 27, listing approximately $312,000 in liabilities. The company manufactured custom cabinet products for residential and commercial projects and provided general renovation services for kitchens. The business was largely dependent on imports from China, and shipping delays along with the substantial increase in shipping costs during and after the COVID-19 pandemic adversely affected the viability of the business. In addition, a significant supplier based in China had COVID-19 restrictions placed on it by the government, resulting in the supplier ceasing operations, further aggravating the procurement issues. Goldhar & Associates is the bankruptcy trustee. By Dina Milivojevic

Trebor RX Corp.

Trebor RX Corp., a PPE manufacturer with production facilities in Collingwood, Ontario and Edmonton, Alberta, was placed in receivership on July 15, on application by RBC. The company unsuccessfully opposed the application on the basis of, among other things, a potential transaction with the State Project Development Commission of Ghana. Fuller Landau was appointed receiver. Counsel is Aird & Berlis for RBC and Scott Petrie for the company. By Dina Milivojevic

Home Solutions Corporation

Home Solutions Corporation, a Calgary, Alberta-based manufacturer and supplier of materials for closets and glassware for commercial and residential clients in the construction industry, was placed in receivership on June 28, on application by Private Debt Partners Senior Opportunities Fund GP Inc. carrying on business as Private Debt Partners ("PDP"), owed approximately $9.2 million. The company defaulted on its obligations to PDP within two months of the date that the credit facility was advanced. Grant Thornton was appointed receiver. Counsel is Miller Thomson for PDP. By Dina Milivojevic

Revlon Canada Inc. and Elizabeth Arden (Canada) Limited et al.

Revlon Canada Inc. and Elizabeth Arden (Canada) Limited et al. had their Chapter 11 proceedings recognized under the CCAA on June 20. Revlon is a leader in the global cosmetics industry. However, the company has been battered by the ongoing effects of the COVID-19 pandemic, which hit while Revlon was already trying to right-size its business. Although demand for Revlon's products has rebounded, the dual shocks of inflation and supply chain disruptions have left Revlon unable to manufacture sufficient products to fulfill orders. This has created a vicious cycle: lower production means lower sales, causing Revlon's production to fall farther short. Without immediate access to financing, the company was unable to fund going-concern operations. Revlon Canada and Elizabeth Arden Canada are guarantors under various of the company's loan facilities. KSV was appointed information officer. Counsel is Osler for the companies, McCarthy Tétrault for the information officer, Norton Rose for MidCap Funding IV Trust, Blakes for Citibank, N.A, Chaitons for the Financial Services Regulatory Authority of Ontario and Caleywray for Unifor, Local 323. By Dina Milivojevic

Emkade Distribution

Emkade Distribution, an Edmonton, Alberta-based manufacturer and supplier of oilfield equipment and accessories, and certain related entities were placed in receivership on June 17, on application by BNS and Roynat, owed collectively approximately $6.8 million. Since approximately April 30, 2021, Emkade has been in breach of its obligations to the lenders. In May 2020, the company commenced an informal sales process with the goal of securing a working capital injection. Two offers were received and one, which was for Emkade's USA assets, was accepted. Subsequently, an offer acceptable to the company and the lenders was received from Edward Liegman, who owns 13% of Emkade. Ultimately, two transactions were negotiated between the lenders and Mr. Liegman, each structured as pre-pack sales. PwC was appointed receiver. Counsel is MLT Aikins for the applicants, Miller Thomson for the receiver, Fasken for the the debtors and Cassels for Edward Liegman. By Dina Milivojevic