Fraser Valley Renewables Ltd. et al., a British Columbia organics company, was placed into receivership on August 21 on application by BNS, owed approximately $16.5 million.

Fraser Valley has defaulted on its loan from BNS which was initially advanced in 2020, including by breaching financial and other covenants, operating at a loss and allegedly making unauthorized advances to a related company.

BNS also cited the company’s history of environmental violations, including unauthorized dumping and being over triple capacity at its composting site in Abbotsford, causing the company to incur fines.

PwC is the receiver.

Counsel is Fasken for BNS, Norton Rose for the receiver, Waterstone Law for Fraser Valley, Torkin Manes for Continental Paper Grading of Canada, Badh Rejminiak for Goodrich Terminal2012, and Dentons for BDC.