Modern Acrylic Systems Ltd., a Winnipeg, Manitoba-based company whose primary business was providing exterior insulation and finishing services, was placed in receivership on May 18, on application by TD Bank, owed approximately $300,000 on a secured basis. The company had previously assigned itself into bankruptcy on April 25 and LC Taylor & Co. was appointed bankruptcy trustee. The bankruptcy trustee declined to act as agent for TD Bank in respect of the preservation and collection of the company's accounts receivable. Grant Thornton was appointed receiver. Counsel is MLT Aikins for TD Bank and Taylor McCaffrey for the receiver.