Kernhem International B.V., Receivership

Kernhem International B.V., a bankrupt Dutch financial holdings company, had its foreign insolvency proceedings recognized in Canada on April 6 on application by Ragnild Meulenberg, the company's Dutch trustee and foreign representative. The foreign representative has completed a sales process in the Netherlands and entered into an asset purchase agreement. The purchased assets include shares held by the debtor in a Canadian company, Knoc Black Hill Ltd. In order to complete the closing of the transaction, the foreign representative requires the assistance of the Canadian Court to recognize the foreign order as a foreign non-main proceeding in order to seize the Black Hill shares in Canada. BDO was appointed Administrative Delegate. Stikeman Elliott is counsel for the applicant.