Demand Power Group Inc., Receivership

Demand Power Group Inc., a developer and operator of power supply systems in Ontario, was placed in receivership on November 22 on application by Star America DPGI Acquisition Company, Inc., a shareholder and investor in the company. The company does not have any secured creditors and owes approximately $180,000 to unsecured creditors. It recorded a net loss of over $4 million for the fiscal year ended December 31, 2022. The company recently terminated virtually all employees and all of its ongoing power supply projects. It has no source of revenue, and was unlikely to meet the next payroll for its remaining essential employees, creating exposure for directors. Deloitte was appointed receiver. Counsel is Stikeman Elliott for Star America, Goodmans for the receiver and Pallett Valo for the company.

By: Dina Milivojevic