Laserpro Med Spa Inc. (“Laserpro”)

Laserpro Med Spa Inc. (“Laserpro”) filed an NOI on April 11. Laserpro has been providing laser and skincare treatment since 1999 and is based out of Mississauga, Ontario. Due to various provincially mandated shutdowns during COVID-19 pandemic, medical issues suffered by the director and lack of filing and payments to CRA, Laserpro identified the need to seek a settlement with its creditors. BDO is the proposal trustee. By Dina Milivojevic

Blugo Enterprise Inc.

Blugo Enterprise Inc. was placed in receivership on April 1, on application by Business Development Bank of Canada, owed approximately $1.1 million, together with applicable principal arrears, interest and other obligations as at December 6. Blugo is the owner of real property located at 46 Mimico Avenue, Toronto, Ontario, and Mr. Siddiqui is the principal of Blugo. He opposed the receivership on the basis that he had entered into an agreement to sell the property to a numbered company. Justice Cavanagh granted the receivership order, noting that the agreement was conditional and that the closing could be delayed by either party. BDO was appointed receiver. Counsel is Aird & Berlis for BDC. By Dina Milivojevic

Victory Nickel Inc.

Victkel Incory Nic., a Toronto, Ontario-based mineral resources company primarily engaged in the acquisition, exploration, evaluation and development of nickel projects and associated products in Canada, filed an NOI on April 1. The company owns 100% of three advanced sulphide nickel projects: Lynn Lake (under option to Corazon Mining Ltd., an Australian public company (ASX: CZN)), Mel Manitoba, and the Lac Rocher project in Québec. It sold its Minago project located in northern Manitoba on February 9, 2021. The company filed its proposal on April 14. Under the proposal, most of Victory's assets will be liquidated for the benefit of its creditors, which are anticipated to receive a recovery of 100% (exclusive of interest) if the proposal is approved. Grant Thornton is the proposal trustee. Counsel is WeirFoulds for the company. By Dina Milivojevic

Eve & Co Incorporated, Natural Medco Ltd. and Eve & Co International Holdings Ltd.

Eve & Co Incorporated, Natural Medco Ltd. and Eve & Co International Holdings Ltd., Strathroy, Ontario-based cannabis companies, were granted CCAA protection on March 25. Natural Medco Ltd. ("NMC") owns approximately 32 acres of land in Strathroy, Ontario, on which the Eve Group operates one of the largest cannabis cultivation and processing facilities in the world at 1,000,000 square feet (“Facility”). While NMC is licensed to cultivate and sell to other licensed cannabis producers cannabis for medicinal use, it is still not licensed to sell medicinal cannabis directly to patients in Canada. In anticipation of significant increases in sales volumes, including on account of anticipated supply agreements being negotiated with foreign importers of medicinal cannabis, the Eve Group undertook a 780,000 square foot expansion of the Facility in mid-2018 at a cost of $42 million. However, as a result of numerous external factors, the Eve Group’s utilization of the expanded, 1,000,000 square foot Facility has never been above 20% - a level of production that does not cover the debt service costs of the expansion. In addition, the companies' counterparties under the supply agreements failed to meet their minimum order obligations under the agreements. A sale process was approved on April 1. BDO was appointed monitor. Counsel is Miller Thomson for the companies, TGF for BDO as monitor, Harrison Pensa for RBC. and Aird & Berlis for DIP lender Deans Knight. By Dina Milivojevic

Media Central Corporation Inc.

Media Central Corporation Inc., a Toronto, Ontario-based media company, filed an assignment in bankruptcy on March 25, citing its inability to to meet its financial obligations as they come due. The filing does not affect Media Central's subsidiaries, Vancouver Free Press Publishing Corp. and Now Central Communications Inc., which publish the Georgia Straight and NOW Magazine. The publications were distributed for free on each city’s mass transit routes. With the major decline in ridership because of COVID, advertising revenues dropped dramatically and the operations could not be sustained in their previous form. The company defaulted on its secured senior debentures in the amount of $1.1 million and was unable to raise any more money. Accordingly it filed an assignment in bankruptcy. Ira Smith Trustee & Receiver Inc. is the bankruptcy trustee. By Dina Milivojevic

MJardin Group, Inc. (CNSX: MJAR) (“MJar”)

MJardin Group, Inc. (CNSX: MJAR) ("MJar"), a Toronto, Ontario-based cannabis company, had a receiver appointed over its assets (other than its cannabis assets) on March 23, on application by PwC as the receiver of Bridging Income Fund. MJar has two groups of subsidiaries. One group of subsidiaries is based out of the US and provides professional management operational and cultivation services in Canada and the US. The other group of subsidiaries is based out of Canada and is engaged in the cultivation and sale of cannabis products in Canada. In November 2017 and April 2018, Bridging advanced funds to MJar and certain of its subsidiaries. As at March 22 the total amount of the Indebtedness is $178,114,147. MJar and its subsidiaries have defaulted on various provisions of the credit facilities, including by failing to repay the indebtedness on the maturity date of April 23, 2021. PwC as the receiver of Bridging agreed to waive the defaults to allow MJar and its subsidiaries to undertake SISPs in Canada and the US. However, the SISPs failed to generate any viable offers for the MJar business despite several months of marketing efforts. KSV was appointed receiver. Counsel is TGF for PwC as the receiver of Bridging and Goodmans for KSV as the receiver of MJar. By Dina Milivojevic

Sheldon Gross Limited

Sheldon Gross Limited, a Toronto, Ontario-based company, was placed into bankruptcy on March 7, listing approximately $6.4 million in liabilities. The company is related to Gross Capital Inc., a Toronto-based real estate investment firm that filed for bankruptcy on June 25, 2021. KSV is the bankruptcy trustee for both estates. By Dina Milivojevic

2277233 Ontario Inc.

2277233 Ontario Inc., a family run farm operating in Hagersville, Ontario, assigned itself into bankruptcy on March 3, listing over $250,000 in liabilities. The company produced naturally raised products, including fruits, vegetables, beef, pork, chicken, turkey, honey, cheese, eggs and maple syrup. It also worked with local meat processors to source meats that are humanely and ethically raised. The company struggled with financial difficulties caused by poor crop yields and rising input costs (fuel, feed, and fertilizer), and was unable to service its mounting debt and fell behind on loan payments. Ultimately, management made the decision to wind down operations and liquidate all assets. The majority of the company's land and equipment was liquidated, and proceeds paid to secured creditors. MNP is the bankruptcy trustee. By Dina Milivojevic

Cirvis Consulting Inc.

Cirvis Consulting Inc., a Toronto, Ontario-based provider of business and management consulting services for the travel, tourism and hospitality industry, made an assignment in bankruptcy on March 3, listing approximately $800,000 in liabilities, including $600,000 to Desch North America Inc. The company was shut down at the outset of the pandemic, along with most of the travel industry, and it tried to pivot to sell specialty air filters. It built up an inventory of the air filters; however, sales were significantly lower than expected, and it took the Company almost two years to sell 10% of the initial inventory purchased. MNP is the bankruptcy trustee. By Dina Milivojevic

Bayview Creek (CIM) LP, CIM Investments Development Inc., and CIM Bayview Creek Inc.

Bayview Creek (CIM) LP, CIM Investments Development Inc., and CIM Bayview Creek Inc., the owners of a residential development property in Richmond Hill, Ontario, had a receiver appointed on March 2, on application by DUCA Financial Services Credit Union Ltd., the first-ranking mortgagee of the property. Spergel (GRIP) was appointed receiver. Prior to the receiver’s appointment, CIM Bayview Creek Inc. previously attempted to restructure its affairs through NOI proceedings, but was unable to file a proposal and was adjudged bankrupt on February 8, 2021. On May 4, 2021, Bayview Creek (CIM) LP also filed an assignment in bankruptcy. The receivership application was successful over a competing application by Bryton Creek Residences Inc., the second-ranking mortgagee of the property, to exercise an option to purchase the property. Counsel is Devry Smith Frank for DUCA; BLG for the receiver; Dickinson Wright for Bayview Creek (CIM) LP, CIM Investments Development Inc. and others; Himelfarb Proszanski for Bayview Creek (CIM) LP; Miller Thomson for CIM Bayview Creek Inc.; Owens Wright for Bryton Capital Corp. GP Ltd. and Bayview Creek Residences Inc.; Pallett Valo for the private receiver appointed by Bryton Capital Corp. GP Ltd., Cassels for the trustee in bankruptcy for Bayview Creek (CIM) LP, Gowlings WLG for GR (CAN) Investment Co. Ltd. & Monest Financial Inc. and Torys and Hummingbird Lawyers for certain debenture holders. By Dina Milivojevic