Virtual Power Systems-Canada, Inc., a Toronto, Ontario based technology company, filed an assignment in bankruptcy on October 21, listing approximately $4 million in liabilities, including approximately $3 million owing to its US parent company. The company was the hardware engineering and manufacturing subsidiary of its US parent company, which operates in the digital infrastructure space. The company never generated any revenues and the parent company decided to exit the space. EY is the bankruptcy trustee. Counsel is Stikeman Elliott for the company.
Halo Metrics Inc., a Richmond, British Columbia-based reseller of technology, products, and services for retail security and merchandising operating out of leased premises in Mississauga, Ontario, filed an assignment in bankruptcy on October 8, 2021, listing assets of approximately $1.4 million and liabilities of approximately $2.9 million. The Bowra Group is the bankruptcy trustee.
Bidvine Inc., a Guelph, Ontario-based software development services company that is wholly-owned by a UK company, Bidvine Limited, filed an assignment in bankruptcy on October 6, due to the UK division being placed into administration. Founded in 2014, the company's premise was to make “hiring local, trusted service professionals ridiculously simple”. Liabilities are listed at approximately $100,000. BDO is the bankruptcy trustee.
Telemus Systems Inc., a Kanata, Ontario-based company that specializes in the design, development, and manufacturing of Intelligence, Surveillance and Reconnaissance (ISR) and counter measure systems and suites for operational support in the international market, filed for bankruptcy on August 24, listing approximately $638.6 thousand in liabilities, including $120.9 thousand to CM Computer and $330.1 thousand to various employees. KPMG is the bankruptcy trustee.
Studio Elastique Inc./Elastic Games Inc., a Montreal, Quebec-based game development company, filed for bankruptcy on August 2, listing approximately $1.6 million in liabilities, including $664.8 thousand to RBC and $236 thousand to BDC. Raymond Chabot is the bankruptcy trustee.
Olds Institute for Community & Regional Development and Olds Fibre Ltd. (o/a O-NET), two related Olds, Alberta-based telecommunication companies, were placed in receivership on June 25 on application by the Town of Olds (the "Town"), owed approximately $14 million pursuant to two loans extended by the Town so that the companies could install a high-speed fibre optic cable through the Town. BDO was appointed receiver. Brownlee is counsel to the Town.
Datawind Inc. (aka Jeotex Corporation and aka Jeotex Inc. ("Jeotex")), a Mississauga, Ontario-based developer and manufacturer of low-cost tablet computers and smartphones, was adjudged bankrupt on June 10 on application by Greenwoods GRM LLP ("Greenwood"), a UK-based judgment creditor of the company. In 2017, Greenwood commenced a claim against Jeotex for unpaid legal fees and the UK High Court granted judgment in favour of Greenwood (the "Judgment"). In 2018, Greenwood enforced the Judgment in Ontario, which Jeotex unsuccessfully attempted to appeal. In 2019, Greenwood then filed a bankruptcy application against Jeotex in the Ontario Superior Court of Justice. At the time the application was filed, Jeotex had ceased making rent payments to its landlord in Quebec and was ordered by the Court to remedy its default or face eviction. Jeotex failed to abide by the Court order and was subsequently evicted from the property. Despite obtaining several Court orders within the UK and Ontario, Greenwood has been unable to collect on the Judgment for the past four years. Greenwood has also continued to incur costs unnecessarily due to Jeotex's attempts to litigate matters that, in Greenwood's view, had no merit or chance of success. In order to protect the interest of creditors, Greenwood sought a bankruptcy order to allow for the equitable distribution of Jeotex's assets and its subsidiaries in the UK, India, and the United States. Albert Gelman Inc. is the bankruptcy trustee. Counsel is Macdonald Sager Manis for Greenwood and Page Martin for the company.
SafetyTek Software Ltd., a Saskatoon, Saskatchewan-based company that provides digital workplace safety management software to manage subcontractors, filed an NOI on May 13, listing approximately $2.2 million in liabilities, including $1 million to Conexus Venture Capital Fund. EY is the proposal trustee. DLA Piper is counsel for the company.
Brant Telephone Inc., a Burlington, Ontario-based telecommunications interconnect company, filed an NOI on December 11, 2020 and a proposal to its creditors on January 6, 2021. The company was founded in the 1980s and grew into an integrator of Unified Communications and Contact Centre solutions concentrating in Avaya premise-based systems. The company lists approximately $2.1 million in liabilities. Albert Gelman is the proposal trustee. Counsel is WeirFoulds for the proposal trustee and Keyser Mason Ball for the company.
Juch-Tech, a Hamilton, Ontario-based company that provides satellite broadcast and internet transmission and uplink services, was placed in receivership on December 9 on application by New Skies Satellites B.V. ("New Skies"), owed approximately $10.4 million (USD) under a Master Services Agreement. A portion of the company's indebtedness is secured by a General Security Agreement. The company has defaulted on various obligations to New Skies, including failing to pay outstanding service fees and engaging in a pattern of improper conduct, such as unauthorized use of New Skies' satellites. Over the past few months, the company has completely ignored numerous demand notices and requests for information made by New Skies. In addition, New Skies has discovered that the company appears to have moved assets that are subject to the General Security Agreement to a property owned by a related company, possibly to frustrate efforts by New Skies to enforce its security interest. KSV was appointed Receiver. Counsel is Osler for the applicant and Norton Rose Fulbright for the Receiver