Cooper Professional Corporation, Receivership

Cooper Professional Corporation, a Kitchener, Ontario-based law firm specializing in corporate, real estate, and estates law, was placed in receivership on November 3, on application by TD Bank, owed approximately $1.95 million. The firm has defaulted on its obligations to TD Bank, including by failing to maintain the required combined debt service coverage ratio and failing to pay $145,000 in unremitted HST. In addition, TD Bank has been advised that the firm’s principal, James Arnold, has taken a leave of absence with no timeline for his return, and the firm’s employees have not been paid in his absence. Albert Gelman was appointed receiver. Counsel is Harrison Pensa for TD Bank. Cooper Professional Corporation is not affiliated with R A Cooper Professional Corporation.

By: Dina Milivojevic