Concept Electric

Concept Electric, a Calgary, Alberta-based full service electrical contractor delivering project management and ongoing service and maintenance across Western Canada, was placed in receivership on July 16 on application by HSBC, owed approximately $14.0MM. The company has exhausted all potential sources of funds that may have allowed for its continued operation. As a result of being unable to procure additional funds, the company has advised that it is insolvent and incapable of continuing further business operations. Grant Thornton was appointed receiver. Bishop & McKenzie is counsel to the applicant.