Advantage Products

Advantage Products, a Didsbury, Alberta-based company specializing in oilfield downhole tools, was placed in receivership on February 7 on application by HSBC, owed approximately $693.1M. The company's controlled resigned in 2017 and its accounting firm ceased to provide services to the company in 2017, resulting in no financial information being provided to HSBC since June 2017. There was also virtually no communication from the company. After the company's current controller advised the applicant that her instructions were not to provide HSBC with any information, the applicant sent the company a demand letter, which it subsequently ignored. The company currently owes $1.5MM to its creditors. Alvarez & Marsal was appointed receiver. Bishop & McKenzie is counsel to the applicant.