Pettos Maintenance Service Ltd. (“Pettos”) filed a NOI on December 1, 2021. Pettos has been providing condominium janitorial services since 1968 and is based out of Mississauga, Ontario. Due to the rising minimum wage, increased insurance costs, low margins, the volatile nature of contracts being undercut and the believed substantial CRA obligations due to alleged negligence of a former employee, Pettos identified the need to wind down operations. Pettos intends to complete an asset sale transaction including the transfer and retention of approximately 100 employees by the purchaser in the NOI proceeding. BDO is the proposal trustee. Counsel for the proposal trustee is WeirFoulds and counsel for Pettos is Keyser Mason Ball.
Urban Security and Resilience Conference and Exhibition Corp. ("Urban"), an Ottawa, Ontario-based company, filed a voluntary assignment in bankruptcy on November 30, 2021. In 2015, Urban, along with the Faculty of Engineering and Design at Carleton University in Ottawa, were responsible for planning the 2017 International Conference and Exhibition on Urban Security and Resilience to be held in Toronto, Ontario. The company entered into various contracts to hold the event, which was proposed to have 1,500 attendees and 80 exhibitors. A dispute between the company, Carleton University and the event planner resulted in the event planner terminating the consulting contract and bringing successful litigation against the company and others. MNP is the bankruptcy trustee.
1178929 Alberta Ltd., an Alberta corporation that previously owned two pieces of land, had a referee appointed under the Alberta Business Corporations Act on November 26. The referee was appointed to determine, among other things, the validity of various shareholder and creditor claims against the company and the distribution of the proceeds of sale from the two pieces of land to the company's creditors. A&M was appointed referee. Counsel is Bennett Jones for the applicants, Gurpreet Lail-Dhaliwal and Jaspreet Lail.
The Estate of Dap Huu Thach, an individual who died in Bracebridge Ontario in March 2021, had an estate trustee during litigation appointed on November 9, 2021 on application by his widow, Dianne Park. The deceased was an accountant by trade and left a very complicated estate with several businesses that he was operating at the time of his death. Based on the information that is available, it is possible that the deceased's liabilities exceed his assets. Farber was appointed estate trustee during litigation. Counsel is Casey & Moss for the applicant.
2738283, 2738284 and 2738285 Ontario Inc. had a receiver appointed over certain real property on November 9 on application by PS Holdings 1 LLC, PS Holdings 2 LLC and PS Holdings 3 LLC, owed approximately $14.8 million. The property is in the process of being developed for residential, commercial and institutional uses, MNP was appointed receiver. Counsel is Fasken for the applicant, Sack (Q.C.) and Bogle Law for the respondents, TGF for the receiver, Diamond & Diamond for RPN Finance Corp. and 1938272 Ontario Limited and Aird & Berlis for SvN Architects + Planners Inc.
Riverside Professional Centre Inc., which owns a medical office building in Ottawa, had a receiver appointed over its properties on October 29, on application by The Manufacturers Life Insurance Company. The company has been in default of substantial municipal property tax obligations for two years. As a result of this failure, the company is in default not only of its agreements with Manulife, but also its ground lease for the building with The Ottawa Hospital, the lessor and owner of the land on which the building is situated. MNP was appointed receiver. Counsel is Miller Thomson for Manufacturers, Lerners for the company, Faskens for the receiver and BLG for The Ottawa Hospital.
Eco-Industrial Business Park Inc., Absolute Energy Resources Inc., Absolute Environmental Waste Management Inc., Lot 11 GP Ltd. and Lot 11 Limited Partnership (collectively, the "Absolute Entities"), which own certain lands in Edmonton, Alberta, had a receiver appointed on November 4 on application by Romspen Mortgage Limited Partnership and Romspen Investment Corporation. Each of the Absolute Entities guaranteed a loan given by Romspen to 3443 Zen Garden Limited Partnership ("Zen Garden") in 2018. The security includes mortgages over certain lands in Edmonton. Zen Garden defaulted on the loan in Texas and was petitioned into involuntary bankruptcy. An order has been made in the US bankruptcy proceedings allowing Romspen's claim in the amount of approximately USD $96.7 million. MNP was appointed as interim monitor in 2020. However, since then, the Absolute Entities have incurred property tax obligations that have resulted in the City of Edmonton issuing Notifications of Public Auction for the Edmonton lands, with the auction set to take place on November 25, 2021. MNP was appointed receiver. Counsel is BLG for Romspen and Dentons for the Absolute Entities.
Western Oilfield Equipment Rentals Ltd., an industrial vacuum equipment supplier in Leduc, Alberta, was placed in receivership on November 3 on application by HSBC. The company committed various defaults under the facility letter with HSBC, and the forbearance period granted by HSBC has now expired. The company intends to wind down its business and consented to the receivership. EY was appointed receiver. Counsel is Faskens for HSBC.
Trinity Centres Cambridge, a single-purpose organization formed to acquire and manage real property located at 15 Wellington Street in Cambridge, Ontario, had a receiver appointed over its property on September 21, on application by Coldpoint Holdings Ltd., owed approximately $1.8 million. The company is jointly controlled by River City Christian Reformed Church, which is the primary tenant of the real property, and Trinity Centres Foundation. Deloitte was appointed receiver. Counsel is TGF for Coldpoint, Weintraub Erskine Huang for River City Christian Reformed Church, Aird & Berlis for Graham Singh and Trinity Centres Foundation, Teplitsky Colson for Peter Elgersma and Crawley McEwan Brush for the company.
10000050 Manitoba Ltd., the owner of a Bombardier Challenger 604 (the "Aircraft"), had a receiver appointed over the Aircraft on September 16 on application by PNC Equipment Finance, a Division of PNC Bank Canada Branch ("PNC"). To finance the acquisition of the Aircraft, the company borrowed US$3.36 million pursuant to an Aircraft Loan Agreement which was secured by the Aircraft. The company has been in continuous default under the Aircraft Loan Agreement since June 1, 2021, including because of the commencement of proposal proceedings by the company's sole shareholder, Sean McCoshen. As of July 9, the outstanding indebtedness under the Aircraft Loan Agreement was approximately US$3.05 million. Immediately following the granting of the Receivership Order, an Approval and Vesting Order was issued approving the sale of the Aircraft to Sunwest Aviation Ltd. Farber was appointed receiver. Counsel is Blakes for PNC and MLT Aikins for the receiver.