Ingenious Packaging

Ingenious Packaging, a Scarborough, Ontario-based company that provides customized label solutions for every market, was placed in receivership on July 24 on application by BMO. The company is currently in default and its financial situation continues to deteriorate; as such, it can no longer afford to operate its business. Since March 2018, the company and its financial advisor, Mesirow Financial, have worked to address the company's significant challenges and implement a transaction to maximize value. The court was satisfied that the company's pre-receivership sale process had already resulted in the highest possible offer for the business and held that there was no need to run a further sales process, approving a sale transaction on the same day as the receivership order. Deloitte was appointed receiver. Counsel is BLG for the applicant and Goodmans for the receiver.