International Credit Experts Inc., Receivership

International Credit Experts Inc. (“ICE”), which operates a Woodbridge, Ontario-based financial debt recovery and call centre business, was placed in receivership on July 17 on application by Metropolitan Partner Group Administration, LLC.

Metropolitan is the agent for a group of investors that made a $10 million credit facility available to ICE. ICE has committed several defaults under the credit agreement, including by failing to make payments when due and failing to comply with various reporting requirements. The investors are currently owed approximately US$2.7 million.

Grant Thornton is the receiver.

Counsel is Gowlings for Metropolitan and Paliare Roland for ICE.