Mill Street Ventures GP Ltd., the owner of a property located at 305 Mill Street, Angus, Ontario (the "Property"), had a receiver appointed over the Property on September 10. The Property consists of 5.3 acres of vacant land being developed into a 45,600 square foot mixed use office and retail plaza. Rosen Goldberg which has been the interim receiver of the property since April 20, is now the receiver. Counsel is Dickinson Wright for the receiver, Blaney McMurtry for Dorr Capital Corporation, Devry Smith Frank for DUCA, Jaffe & Peritz for the company and Lax O’Sullivan for Rescom.
OAN Canada Inc., a Toronto, Ontario-based company, filed for bankruptcy on September 1. Albert Gelman is the bankruptcy trustee.
2127712 Alberta Ltd., a Cochrane, Alberta-based company, was placed in receivership on August 20 on application by Roynat Inc., owed approximately $2.4 million pursuant to a loan agreement wherein Roynat Inc. agreed to loan $2.6 million to the company for, among other things, the purchase of 590 Griffin Road East, Cochrane, Alberta. The company committed various events of default under the loan agreement. In June, Roynat Inc. made demand of the company for immediate payment in full of the indebtedness, which currently remains unpaid. MNP was appointed receiver. McMillan is counsel to Roynat Inc.
Victoria Avenue North Holdings Inc., the legal owner of two medical office buildings in Hamilton, Ontario, had a receiver appointed over its assets on August 3, on application by American General Life Insurance Company and the National Union Fire Insurance Company of Pittsburgh, PA (collectively, the "Applicants"). On March 30, 2015, the Applicants advanced a loan to the company in the principal amount of $24.5 million to fund the purchase of the medical office buildings. As at June 30, 2021, the total amount of principal and interest outstanding on the loan was approximately $22.9 million. The company has failed to make a regularly scheduled payment under the loan since March 2020. KPMG was appointed receiver. Counsel is Blakes for the Applicants, Norton Rose for the receiver and Weisz Fell Kour for the company.
Vacances Beltour (9107-7107 Québec Inc.), a Montreal, Quebec-based travel agency, filed an assignment in bankruptcy in February 2021. Following the bankruptcy, on July 26, the Office de la protection du consommateur (OPC) appointed PwC as Claims administrator for the claims submitted to the Compensation Fund for Customers of Travel Agents (CFCTA) in connection with this file.
Generous Space Ministries, a Mississauga, Ontario-based non-profit LGBTQ+ Christian ministry, filed for bankruptcy on July 15. Albert Gelman is the bankruptcy trustee.
International Fitness Holdings Inc., International Fitness Holdings LP, and World Health North LP, which operated 21 fitness clubs and CrossFit studios in Calgary and Edmonton, were deemed bankrupt on July 8. The companies had previously filed NOIs to, among other things, effect the sale of their assets to Ayrfit West Inc. and certain related parties, as purchasers, following a strategic process run by MNP. The sale closed on June 18 and the companies were deemed bankrupt on July 8 after the extension period expired and no proposal was filed. KPMG is the bankruptcy trustee. Counsel is Osler for KPMG and BLG for the purchaser.
Nautilus Plus Inc., a Longueuil, Quebec-based company which operates a leading chain of corporately-owned fitness centres in Quebec, filed an NOI on June 14, listing approximately $42 million in liabilities, including approximately $28.4 million to BMO and $8.3 million to the Caisse de dépôt. Raymond Chabot is the proposal trustee.
The Estate of Paul Zigomanis (the "Estate") was placed into bankruptcy on June 10 by Farber, the estate trustee during litigation, for the general benefit of creditors. In April 2015, Paul Zigomanis was killed as a result of an explosion that destroyed the home in which he was living. The estate is insolvent and the bankruptcy filing was initiated in order to conduct a claims process and facilitate a distribution to creditors. Farber is the bankruptcy trustee.
Queen Mary Park Place Ltd., which owned and operated a commercial strip mall located in central Edmonton, Alberta, was placed in receivership on May 26 on application by CMLS Financial Ltd., owed approximately $2.9 million. The Bowra Group Inc. was appointed receiver. BLG is counsel to the applicant.