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.
MO Boutique, a Lévis, Quebec-based clothing boutique, filed for bankruptcy on July 29, listing approximately $23.5 thousand in assets and $491 thousand in liabilities, including $89.6 thousand to BDC and $70 thousand to Desjardins. Mallette is the bankruptcy trustee.
Vacances Beltour (9107-7107 Québec Inc.), a Montreal, Quebec-based travel agency, filed an assignment in bankruptcy in February 2021. Following the bankruptcy, on July 26, the Office de la protection du consommateur (OPC) appointed PwC as Claims administrator for the claims submitted to the Compensation Fund for Customers of Travel Agents (CFCTA) in connection with this file.
L'Univers du Modulaire Inc., a Sherbrooke, Quebec-based general contractor filed an NOI on July 12, listing approximately $6.7 million in liabilities, including $3.9 million to the Business Development Bank of Canada. Among other services, the company provides general contracting services in connection with the construction of modular houses and complexes. MNP is the proposal trustee.
Bel-Habitat Inc. and Bel-Habitat 2 Inc., Laval, Quebec-based construction companies, filed for bankruptcy on June 28, respectively listing $26.0 million and $14.7 million in liabilities. Bel-Habitat Inc. owes $1.5 million to the Bank of Canada and Bel-Habitat 2 Inc. owes $5 million to Gestion Yves Carbonneau et fils Inc. and $5 million to Stratégie S.I.M.A Inc. Raymond Chabot is the bankruptcy trustee.
Réseau Dentaire Inc., a Montreal, Quebec-based dental company, filed an NOI on June 17, listing approximately $9.5 million in liabilities, including $9.1 million to Desjardins. MNP is the proposal trustee.
Nautilus Plus Inc., a Longueuil, Quebec-based company which operates a leading chain of corporately-owned fitness centres in Quebec, filed an NOI on June 14, listing approximately $42 million in liabilities, including approximately $28.4 million to BMO and $8.3 million to the Caisse de dépôt. Raymond Chabot is the proposal trustee.
MetalsTech Terre des Montagnes Lithium Inc. and MetalsTech Wells-Lacourciere Lithium Inc., Montreal, Quebec-based lithium exploration companies, filed for bankruptcy on May 20, respectively owing approximately $1.9 million and $492.2 thousand to MetalsTech Limited, an Australian headquartered company that controls a developing portfolio of early stage, hard-rock exploration projects in Quebec. MetalsTech Project Generation Lithium Inc. and MetalsTech Kapiwak Lithium Inc. filed for bankruptcy on May 21, respectively owing approximately $327.5 thousand and $12.7 thousand to MetalsTech Limited. PwC is the bankruptcy trustee for each of the bankruptcy proceedings.
BioÉnergie AE Côte-Nord Canada Inc., which is a joint venture founded in 2012 between Biogaz SP S.E.N.C. and Ensyn BioEnergy Canada Inc. for the construction and operation of a biofuel factory in Port-Cartier, Quebec, obtained protection under the CCAA on May 5. Construction of the factory has been negatively affected by several delays and cost overruns. While most of the construction of the factory is now completed, it still does not have the capacity to produce biofuel in the volumes and level of quality provided for in various contracts. As a result of these operational issues, there is ongoing litigation between certain parties regarding who should pay for the costs of rectifying the defects that are preventing the plant from operating as intended. Raymond Chabot was appointed monitor. Counsel is Miller Thomson for the BioÉnergie AE Côte-Nord Canada Inc., Woods for Biogaz SP S.E.N.C., and BLG for Ensyn BioEnergy Canada Inc.
Société en commandite Industriel-Léger ("SEC"), a limited partnership set up for the purpose of managing and operating real estate holdings located in Magog and Sherbrooke, Quebec — along with its general partner, 9058-0150 Québec Inc. — were placed in receivership on March 26 on application by FWCU Capital Corp. ("FW Capital"), owed approximately $12.4 million. In July 2016, FW Capital entered into a loan agreement with Kanwal Inc. ("Kanwal") on the condition that SEC guarantee the obligations and liabilities of Kanwal. As a result of various defaults by Kanwal under this loan agreement, FW Capital demanded payment of Kanwal's indebtedness from SEC. FW Capital, which has not received any payments since 2018, alleges that Kanwal and SEC consistently pursued refinancing with a third party, Waygar Capital, despite being aware that it was objected to by FW Capital. MNP was appointed receiver. Counsel is Robinson Sheppard Shapiro for FW Capital and Fishman Flanz Meland Paquin for the receiver.