Corner Equipment

Corner Equipment, a Carroll, Manitoba-based company that carries on the business of sales, leasing, rental and service of new and used agricultural machinery and equipment, filed an NOI on June 15, listing $10.0MM in liabilities, including $2.4MM to Farm Credit Canada ("FCC") and $1.5MM to the National Bank of Canada. Part of the reason for the company's desire to seek creditor protection is the fact that FCC, one of the company's floor plan lenders, has taken the position that the company is out of trust with respect to certain equipment sold. Another factor that contributed to the company's financial difficulties is a clear trend of acquiring used equipment at unprofitable valuations. On July 11, the company received an extension of time within which it may file a proposal. While a sale on a going concern basis as well as payment of unsecured creditors are both highly unlikely at this point, an orderly wind down will benefit some of the company's secured lenders. PwC is the proposal trustee. Counsel is Tapper Cuddy for the company, Taylor McCaffrey for FCC and MLT Aikins for the National Bank of Canada.

VI Fitness Centres Inc.

VI Fitness Centres Inc., a British Columbia-based fitness chain with eight locations on Vancouver Island, filed for bankruptcy on May 1, listing $5.7MM in liabilities. The company went through financial difficulties due to increased competition and could no longer sustain the operating loss. The Bowra Group Inc. is the Licensed Insolvency Trustee.

6998674 Canada

6998674 Canada, a Rouyn-Noranda, Quebec-based company, filed for bankruptcy on April 27, listing $67.6M in liabilities, including $30.0M to CRA. Raymond Chabot is the bankruptcy trustee.

1514657 Ontario

1514657 Ontario, an Ottawa, Ontario-based company, filed for bankruptcy on March 29, listing $373.0M in liabilities, with majority of that amount owing to CRA. Raymond Chabot is the bankruptcy trustee.

9248-3312 Quebec

9248-3312 Quebec, a Sainte-Marie, Quebec-based company, filed for bankruptcy on March 23, listing $85.0M in liabilities. MNP is the bankruptcy trustee.

665670 NB

665670 NB, a Baie Verte, New Brunswick-based company, was placed in receivership on March 20 on application by RBC. BDO was appointed receiver.

Wheeler Funeral Home, Cemetery and Crematorium

Wheeler Funeral Home, Cemetery and Crematorium, based in Winnipeg, Manitoba, was placed in receivership on March 20 on application by Timothy Price and certain other related parties. According to a recent CBC story, funds and records are missing for 48 people who prepaid for funeral services, totaling $121.0M. Lazer Grant (ICIN) was appointed receiver. Counsel is Thompson Dorfman Sweatman for the applicant.

DG Web Developments

DG Web Developments, an Edmonton, Alberta-based company, filed for bankruptcy on March 9, owing $1.3MM to Alberta Treasury Branches. BDO is the bankruptcy trustee.