nGrain Canada Corporation, Receivership

nGrain Canada Corporation, a Vancouver, British Columbia-based member of the mCloud Technologies group, was placed into receivership on 22 February, on application by ATB Financial, owed approximately $3.8 million.

The group operates worldwide primarily in the insurance, industrial manufacturing, defense, and aerospace industries.

nGrain, which guaranteed the loan from ATB, holds certain intellectual property rights and defense contracts for the group.

EY is the receiver.

Counsel is McCarthys for ATB, Miller Thomson for the receiver, TGF for Fiera and Blue Rock Law for the company.

By: Dina Milivojevic