Pro Glass Services, a Mississauga, Ontario-based window and glass repair company, filed for bankruptcy on February 7, listing $953.2MM in liabilities, including $417.0M to CRA. msi Spergel is the bankruptcy trustee.
Sandpaul Investments, a Thunder Bay, Ontario-based property management company, was placed in receivership on January 21 on application by RBC. BDO was appointed receiver. Dentons is counsel to the applicant.
Nordan Group, a Cambridge, Ontario-based company that designs and produces multi-material marketing displays, was placed in receivership on January 11. Dodick Landau was privately-appointed receiver. In December 2018, the company made an assignment in bankruptcy and Scott, Pichelli and Easter acted as the bankruptcy trustee. The company's assignment was an event of default under its security agreement with BNS and, consequently, the BNS security became enforceable.
Kodiak Group of Companies, a St. Albert, Alberta-based full service wireline company with operations throughout Western Canada and the US, was placed in receivership on January 10 on application by ATB Financial. EY was appointed receiver. Norton Rose Fulbright is counsel to the applicant.
Nisga’a Pacific Ventures Limited Partnership and Nisga’a Pacific Ventures Ltd. (collectively ("NPV"), a New Aiyansh, British Columbia-based company that provides management and oversight to a group of limited partnerships involved in the business of fishing, forestry, telecommunications, guide outfitting, contract services and tourism in northwestern British Columbia, was placed in receivership on December 14 on application by Nisga'a Nation. Bowra Group was appointed receiver. Counsel is Gehlen Dabbs for the applicant and Gowlings for the receiver.
Icarus Power Generation, a Vaughan, Ontario-based power systems development specializing in developing, designing and building power generation and storage solutions, filed an NOI on November 23, listing $969.5MM in liabilities, including $466.1M to RBC. Dodick Landau is the proposal trustee.
Escalade IT Solutions, Escalade IT, Escalade Information Technology Solutions, an Ottawa, Ontario-based IT consulting company, filed for bankruptcy on October 4, listing $139.9M in liabilities, including $108.2 to Accellion, a private cloud solutions company. Raymond Chabot is the bankruptcy trustee.
Restoration Energy, an Airdrie, Alberta-based home maintenance and repair company, was adjudged bankrupt on September 14 on application by Grant Thornton, the receiver of Crystal Wealth Enlightened Factoring Strategy, owed approximately $1.5MM. The Bowra Group is the bankruptcy trustee. MLT Aikins is counsel to the applicant.
Intema Solutions (TSX-V:ITM), a Montreal, Quebec-based consulting company that helps its customers optimize their online marketing activities, filed for protection under the CCAA on August 29. The company has yet to develop a restructuring plan. Demers Beaulne was appointed monitor.
Nazeema Rajabali Professional Corporation, a Calgary, Alberta-based dental practice, was placed in receivership on August 23 on application by RBC, owed approximately $1.3MM. In July, the corporation defaulted on its obligations under its loan agreements with RBC by failing to make payments on time. The current financial situation of the corporation, as well as its inability to pay debts as they become due, seriously impairs its viability and negatively impacts the value of RBC's collateral. To date, the corporation has not responded to any of RBC's demand letters. Grant Thornton was appointed receiver. MLT Aikins is counsel to the applicant.