BR Capital Inc.

BR Capital Inc. and twelve related entities each filed an NOI on September 14, 2022, listing approximately $2.7 million in liabilities. The companies, based in Calgary, Alberta, had developed various cloud-based software systems for dental/medical clinics and for teaching functions. Due to disruptions caused by the COVID-19 pandemic, demand for new licenses and revenue had declined, resulting in liquidity pressures and resulting in the decision to file the NOIs. KPMG is the proposal trustee, Gowlings WLG is counsel for the companies and Osler is counsel for the proposal trustee. By Dina Milivojevic

Genesis Integration Inc. (“Genesis”)

Genesis Integration Inc. ("Genesis"), an Edmonton, Alberta-based company in the business of designing and integrating audiovisual collaboration systems for both public sector and corporate clients, and its sole shareholder, 965591 Alberta Ltd. ("965"), a holding company, were each placed in receivership on September 14, on application by Cortland Credit Lending Corporation ("Cortland"), owed approximately $9.5 million, plus legal fees, interest and costs. The Cortland debt is guaranteed by Genesis and its wholly-owned subsidiary, Fusion Cine Sales & Rental Inc. ("Fusion”). On the same day that the Receivership Order was granted, a Reverse Vesting Order was granted approving a going concern sale to Sequent AI Exchangeco Limited, a related party, of all of the issued and outstanding shares of Genesis, including Genesis’s ownership interest in Fusion, without any effect on Fusion’s creditor obligations, including in respect of the Cortland debt and amounts it owes to certain critical suppliers. KSV was appointed receiver. Counsel is Dentons for Cortland, McMillan for the receiver and Blakes for the purchaser. By Dina Milivojevic

GetSwift Technologies Limited

GetSwift Technologies Limited, a British Columbia holding company, and Get Swift, Inc. ("GSI"), its wholly-owned Delaware subsidiary, had their Chapter 11 proceedings recognized under the CCAA on August 18. The companies are a leading provider of last mile SaaS logistics technology and services. They began to explore capitalization options in early 2021, after a period of financial difficulty caused by class action lawsuits and a regulatory proceeding involving a non-debtor Australian subsidiary. In May 2022, the company announced it had signed an LOI with Stage Equity Partners, LLC (“Stage”) to acquire substantially all of the software assets of GSI. At the last minute, the bridge financing partner for Stage pulled out of the financing deal and, as a result, the companies decided to pursue the sale while under creditor protection. Grant Thornton was appointed information officer. Counsel Moncur Mowbray LLP for the information officer and Miller Thomson for the companies. By Dina Milivojevic

iS5 Communications Inc.

iS5 Communications Inc., a Mississauga, Ontario-based company that provides customers with information technology services and proprietary hardware products – specifically servicing critical infrastructure, including the energy, transportation, heavy industrial, and defense industries – filed an NOI on August 5, listing approximately $15 million in liabilities, including $1.9 million USD to Silicon Valley Bank. The company plans to undertake a stalking horse sale process and is working toward a stalking horse agreement during the NOI period. Grant Thornton is the proposal trustee. Counsel is Fasken for the company, Aird & Berlis for Silicon Valley Bank, TGF for the stalking horse purchaser, and Cozen O’Connor for the proposal trustee. By Dina Milivojevic

Intelivote Systems Inc.

Intelivote Systems Inc., a Dartmouth, Nova Scotia-based company providing electronic voting services to unions, associations, political parties, municipal and provincial governments, and federal government agencies, obtained protection under the CCAA on July 14. In contrast to other companies in the electronic voting industry, Intelivote does not sell electronic voting hardware and software or voting machines and tabulators, and its work is project-based and depends on election cycles. All of the company’s debt is quite old as it was incurred around the time when the company was started in 2003, when electronic voting technology was in its infancy. Intelivote raised debt financing with hopes of developing innovative technology to capitalize on the change in the election voting from a paper-based process to electronic voting methods. However, the company’s business was not as profitable as expected due to lengthy delays in election law reform to permit electronic voting, intense competition from competing software and voting hardware and the company’s inability to secure as much international business as it had anticipated. Grant Thornton is the monitor. Counsel is BoyneClarke for the company. By Dina Milivojevic

Premium Comfort Heating & Air Conditioning Ltd

Premium Comfort Heating & Air Conditioning Ltd., a Kelowna, British Columbia-based HVAC company, was placed in receivership on June 15 by National Bank of Canada, owed approximately $2.1 million. In late 2019, National Bank made certain credit facilities available to the company. In 2022, the company defaulted on its working capital ratio and reporting requirements under the credit agreement, and the parties began negotiating a forbearance agreement. However, on June 10, the company advised National Bank that it was shutting down operations effective immediately. The company later advised National Bank that some of the company's employees and suppliers were taking assets off the business premises. While National Bank engaged a bailiff to change the locks and move certain mobile assets to a secure location, because the premises were vacant and assets remained on and around the premises, National Bank was concerned that the property’s value may be impaired due to neglect, looting and vandalism. FTI was appointed receiver. Counsel is Faskens for National Bank and Blakes for the receiver. By Dina Milivojevic

Pika Technologies Inc.

Pika Technologies Inc., a Kanata, Ontario-based communications company whose offerings included telephony appliances, board-level TDM products, mobile PBX, end-user applications, and custom telecom development services, filed an assignment in bankruptcy on May 31, listing approximately $770,000 in liabilities, including approximately $392,000 to Business Development Bank of Canada. The company had ceased operations prior to the date of the assignment. Remaining inventory consisted of computer parts tailored to the company's software, which has been taken to Rideau Auctions. Given the uniqueness of the equipment, anticipated realizations are low. MNP is the bankruptcy trustee. By Dina Milivojevic

Chisel AI

Chisel AI, a Toronto, Ontario-based technology company developing a commercial insurance workflow management platform, filed an assignment in bankruptcy on April 19. The company was seeking investment financing to strategically grow its business and had identified investors and signed a term sheet. However, the lead investor experienced several delays in closing its round. In order to mitigate its risk, the company engaged in conversations with several potential strategic acquirors. After exploring these possibilities and with no confirmation of its ability to close on the financing and no definitive offers for acquisition, Chisel decided to cease operations to conserve cash. MNP is the bankruptcy trustee. Loopstra Nixon is counsel for the bankruptcy trustee. By Dina Milivojevic

Sungard Availability Services (Canada) Ltd.

Sungard Availability Services (Canada) Ltd. and 11 US-based affiliated companies had their Chapter 11 proceedings recognized under the CCAA on April 13. For approximately 40 years, the companies have established and maintained resilient and recoverable IT environments for myriad businesses, including financial institutions, healthcare, manufacturing, logistics, transportation and general services. Headquartered in Wayne, Pennsylvania, the companies employ approximately 585 employees in the US and Canada. Operational liabilities, including long-term fixed lease costs, have weighed on the companies’ performance and ability to implement its business plan. The companies’ efforts have been further strained by the COVID-19 pandemic, faster than expected declines in demand for legacy products and increased competition for the companies’ more current, cloud-based products. In the weeks leading up to the filing and with the assistance of their advisors, the companies engaged in negotiations with an ad hoc group of term loan lenders over the terms of the restructuring. A&M is the information officer. Counsel is Cassels for the companies, Bennett Jones for A&M as information officer, Norton Rose for certain prepetition lenders; Miller Thomson for PNC Bank; DLA Piper for Landmark Infrastructure Partners; Camelino Galessiere for Orlando Corporation; and Faskens for Digital Toronto Nominee, Inc. By Dina Milivojevic

Effenco Development Inc.

Effenco Development Inc., a Montréal, Québec-based autotech company, filed an assignment in bankruptcy on April 6, listing assets of approximately $6.6 million and liabilities of approximately $17.5 million, including approximately $3.3 million to Banque de développement du Canada (Québec), approximately $2.4 million to Investissement Québec and approximately $1.1 million to BMO Financial Group. The company's key technology is an electric hybrid Active Stop-Start system that improves energy efficiency on heavy trucks as well as reduce their greenhouse gas emissions by 30%. The company's management attributes its financial difficulties to significant development costs, operational difficulties and insufficient sales, which led to a liquidity problem. Ultimately, management was unable to secure the necessary funding to continue the company's operations. MNP is the bankruptcy trustee. By Dina Milivojevic