Net Zero Renewable Energy Inc. (TSXV:NZRE)

Net Zero Renewable Energy Inc. (TSXV:NZRE), a Niagara Falls, Ontario-based producer of structural building systems, including its proprietary “ENERTEC” product line, was placed in receivership on February 24 on application by Horizon RE Limited ("Horizon"). Horizon holds all $3,000,000 of the company’s outstanding issued Series 1 Debentures and $500,000 of the company’s outstanding issued Series 2-1 Debentures. The Series 1 Debentures matured on March 4, 2018, and the Series 2-1 Debentures matured on July 3, 2017. Horizon has never received any payment on account of either the Series 1 Debentures or the Series 2-1 Debentures. Farber was appointed receiver. Counsel is Dentons for Horizon, Miller Thomson for Computershare Trust Company of Canada (the Indenture Trustee) and Aird & Berlis for certain other debenture holders. By Dina Milivojevic

Chatsworth Farms Limited

Chatsworth Farms Limited, a farm located in the County Municipality of Meaford, Ontario, filed an assignment in bankruptcy on February 23, listing approximately $4.2 million in liabilities. Goldhar & Associates is the bankruptcy trustee. By Dina Milivojevic

Trinity Ravine Community Inc.

Trinity Ravine Community Inc., a registered charitable organization whose primary business is the development of a real estate project known as Trinity Ravine Community in Scarborough, Ontario, obtained CCAA protection on February 23. The purpose of the project is to provide a community for senior citizen residents, with accessibility features and specialized amenities to enable its residents to “age in place”. There are a total of 439 purchasers in the project, and a total of approximately $27.6 million in deposits has been paid to the organization. Due to factors which include skyrocketing construction costs, delays and uncertainty caused by the COVID-19 pandemic, the project’s financial model is no longer viable. The company commenced CCAA proceedings to obtain the necessary breathing room to implement a dual track sales process and develop a plan to be put to creditors. Deloitte was appointed monitor. Counsel is Miller Thomson for the company, Cassels for the monitor and Dentons for Nahid Corp. By Dina Milivojevic

Sunwave Gas & Power Inc.

Sunwave Gas & Power Inc., a North York, Ontario-based provider of energy commodity products and services, filed an assignment in bankruptcy on February 23, listing approximately $13.2 million in liabilities, including approximately $12 million to ONEnergy Inc., its publicly-traded parent company. In 2015, the Ontario provincial government placed restrictions on door-to-door sales of utility related products and services. This negatively impacted the company’s ability to market its products. After suffering losses since the third quarter of 2017 due to volatility in wholesale energy prices, significant working capital commitment and weather issues, the company formally began marketing itself for sale. The US based division was sold to C Wave Inc. (“C Wave”) in 2019 for US$3.6 million plus working capital. On closing, the working capital was negative US$4.3 million resulting in a payable to C Wave for approximately US$700,000. Demand was made by C Wave for payment of this debt in February 2021 and again 2022. The company was without funds to pay the debt to C Wave. Farber is the bankruptcy trustee. By Dina Milivojevic

Aqua Greens Inc.

Aqua Greens Inc., a Rexdale, Ontario-based operator of indoor vertical farming operations, was placed in receivership on February 16, on application by Farm Credit Canada, owed approximately $3.17 million. The company previously filed for protection from its creditors under the Farm Debt Mediation Act ("FDMA") on November 15. Since the initiation of the FDMA proceedings, the company ceased making any payments under the credit facilities. A mediation held as part of the FDMA proceedings did not result in a mutually acceptable resolution, and Farm Credit Canada sought the appointment of a receiver. PwC was appointed receiver. Counsel is TGF for Farm Credit Canada, Chaitons for the company and Norton Rose for the receiver. By Dina Milivojevic

2519920 Ontario Inc.

2519920 Ontario Inc., a Toronto, Ontario-based franchisor of a series of dry-cleaning retail stores under the names "Dove Cleaners" and "Flair Cleaners", filed an NOI on February 9, listing approximately $4.3 million in liabilities, including approximately $4.1 to TD Bank. Prior to the pandemic, the Dove Cleaners brand was successful, and the company was profitable. However, the pandemic had a catastrophic impact on the company’s business operations, with the volume of business significantly decreasing to a fraction of what it had been. This was likely due to the fact that many people were working from home and were wearing more casual clothing, and thus, their dry-cleaning needs were much less. Crowe Soberman is the proposal trustee. Counsel is Goldman Sloan Nash & Haber for the proposal trustee. By Dina Milivojevic

Cura-Can Health Corp. and its wholly-owned subsidiary, The Clinic Network Canada Inc.

Cura-Can Health Corp. and its wholly-owned subsidiary, The Clinic Network Canada Inc., were placed in receivership on February 7 on application by Avonlea-Drewery Holdings Inc., owed approximately $16.4 million. The companies hold investments in medical cannabis clinics operating in Alberta, Saskatchewan, Manitoba, and Ontario, and currently have no active operations. KPMG was appointed receiver. Counsel is Dentons for the companies, Aird & Berlis for the applicant and Cassels for the receiver. By Dina Milivojevic

Ayanda Cannabis Corporation

Ayanda Cannabis Corporation, a licensed producer of cannabis products operating from a facility in Norwich, Ontario, filed an NOI on February 4, listing approximately $1.03 million in liabilities, of which $1.02 million is owed to Michael Sioen Farms Ltd. The company intends to seek the approval of the Court to complete a transaction for the sale of its business. Richter is the proposal trustee. Counsel is Miller Thomson for the company and TGF for the proposal trustee. By Dina Milivojevic

Can-Dairy Inc.

Can-Dairy Inc., a Clarksburg, Ontario dairy company focused on developing the certified grass-fed-organic dairy segment in Canada via the brand, Emerald Grasslands, filed an assignment in bankruptcy on February 18. Albert Gelman is the bankruptcy trustee. By Dina Milivojevic

Breakthrough Enterprises Inc.

Breakthrough Enterprises Inc. and certain related entities (collectively, “Breakthrough”) each filed an NOI on February 1. Breakthrough is a Toronto, Ontario-based television production company that produces and distributes television programming worldwide. At the outset of the COVID-19 pandemic in 2020, Breakthrough experienced interruptions in its audiovisual media productions. When shooting recommenced after the delay, Breakthrough incurred significant additional and duplicative costs that negatively impacted Breakthrough’s overall cash flow. Revenues were temporarily impacted as a result of the lack of new sales during the first year of the COVID-19 pandemic. Further, the cost and challenges of implementing and maintaining safety measures on ongoing productions had a negative impact on cash flow and the overall profitability of productions generally. As a result, Breakthrough was forced to lay off and terminate a number of its employees. It sought and was granted approval of a sale of certain development assets to a corporation controlled by Ira Levy, a minority shareholder of Breakthrough Enterprises Inc. The purchased assets consist of concepts that have not yet commenced production, and that Levy was responsible for as Executive Producer. Dodick is the proposal trustee. Counsel is Weisz Fell Kour for Breakthrough. By Dina Milivojevic