Miquelon Meter Services in Receivership

Miquelon Meter Services Ltd., an Alberta-based supplier of flow-meter equipment and calibration services to the oil-and-gas sector, was placed into receivership on September 29, 2025, on application by Royal Bank of Canada, owed approximately $2,755,742.16 and US $249,977.96 under multiple secured credit facilities.

The company, incorporated in Alberta and directed by Blake and Theresa Patras, had obtained financing from HSBC Bank Canada in 2021 and 2022—later administered by RBC following HSBC’s Canadian amalgamation. The facilities included a $2.75 million revolving operating line, a US $250,000 overdraft, and two term loans originally advanced for about $1.1 million and $272,565, maturing in 2024.

A downturn in drilling activity and persistent covenant breaches left Miquelon unable to meet repayment terms. RBC issued a de-marketing letter on February 27, 2025 demanding repayment by April 4. When that deadline passed, the bank delivered demand and s. 244 BIA notices on April 28. A subsequent forbearance agreement with refinancing milestones in July and August 2025 also failed. By mid-September, the company had ceased payments, and total indebtedness stood at roughly $2.76 million plus US $250,000.

On September 29, Justice Gill of the Alberta Court of King’s Bench granted an order appointing KSV Advisory Inc. as receiver and manager over all of Miquelon’s present and after-acquired property. The application proceeded on consent as to form and content. KSV is authorized to take possession, collect receivables, and realize on the company’s inventory and equipment.

Gowling WLG (Canada) LLP represents RBC. KSV Advisory Inc. acts as receiver. Miquelon was represented and consented to the order.