Axess Pickering Ltd., the owner of real property located at 1525 Pickering Parkway in Pickering, Ontario (the "Property"), had a receiver appointed over all of its assets on October 12, on application by C & K Mortgage Services Inc. (carrying on business as Rescom) and 975393 Ontario Inc., the company's senior secured creditors. The Property is a vacant 1.273 acre parcel which is being developed for construction of 336 units, in two residential condominium towers and approximately 26,000 square feet of office/restaurant space. On September 1, there was a default in the payment of interest under the charge on the Property, and no payments have been received since that date. Alvarez & Marsal was appointed receiver. Counsel is Dickinson Wright for the applicants.
Mahal Venture Capital Inc. ("Mahal") and Golden Miles Food Corporation ("Golden Miles"), Brantford, Ontario-based companies, had a receiver appointed over their assets owned or used in connection with a flour mill located on 155 Adams Blvd., Brantford, Ontario (the “Real Property”). The application was brought by Skymark Finance Corporation, owed approximately $29 million. Mahal is the registered owner of the Real Property and, once completed, Golden Miles was to operate the flour mill located at the Real Property. KSV was appointed receiver. Counsel is Chaitons for Skymark Finance Corporation, Kirwin Partners for the companies and Blakes for the receiver.
Medifocus Inc. (TSX-V:MFS), a Maryland, US-based biotechnology company incorporated under the Ontario Business Corporations Act, obtained protection under the CCAA on October 7. The company holds a portfolio of medical products used in treating cancerous and benign tumors and enlarged prostates. Due to the COVID-19 pandemic, many of the routine treatments which require Prolieve - one of the company's central products - have been delayed. As a result of decreased demand for Prolieve, as well as COVID-related supply chain disruptions, Medifocus has halted the sales of Prolieve since May 2021. On September 4, 2020, the Ontario Securities Commission issued a cease trade order against the company for failure to file certain periodic disclosures. The company filed an NOI on September 8. It then had its NOI proceeds continued under the CCAA to maximize the value of its business while it runs a SISP. Spergel (GRIP) was appointed monitor. Counsel is Weisz Fell Kour for the company and Aird & Berlis for the monitor.
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.
McEwan Enterprises Inc., a Toronto, Ontario-based premier hospitality company, obtained protection under the CCAA on September 28, listing over $10 million in liabilities. The company's business is comprised of six high-end restaurant locations (including Bymark, Fabbrica and ONE Restaurant), three gourmet grocery locations, a catering business and an events business, A key part of the company's restructuring plan and the CCAA proceedings is to effectuate a going concern transaction of the company's business, including the sale and transfer of substantially all of its assets and liabilities, to a new entity formed by the company's current shareholders, Fairfax Financial Holdings Limited and McEwan Holdco Inc. A&M was appointed monitor. Counsel is Goodmans for the company and Bennett Jones for the monitor.
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.
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.
PharmHouse Inc., a licensed cannabis producer with an operating facility in Staples, Ontario, filed an assignment in bankruptcy on September 9, listing over $125 million in liabilities. The bankruptcy filing comes after a successful CCAA proceeding involving a SISP and a sale of the company's assets to Tweed Inc., another Canadian cannabis company. EY is the bankruptcy trustee. Counsel is Bennett Jones for the company and BLG for the 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.
Artex Systems Inc., a Concord, Ontario-based manufacturer of architectural precast wall panels for buildings primarily in the United States, including large-scale condominiums and public use buildings, filed an NOI on September 1, listing approximately $1.4 million in liabilities. The company experienced severe cash flow problems arising from deteriorating market conditions, as well as a confluence of cash demands on several concurrent projects. As a result, the company fell behind on its payments to creditors, government payroll remittances, as well as its obligations to TD, its primary secured lender. The company's sole project at this time is in Manhattan. The company has projected that if it completes this project and can collect outstanding holdbacks from other jobs, it will have sufficient funds to fully repay the outstanding priority source deduction obligations, its indebtedness to TD, as well as repay a significant portion of its unsecured debt. Spergel (GRIP) is the proposal trustee. Weisz Fell Kour is counsel for the company.