Razar Contracting Services Ltd., receivership

Razar Contracting Services Ltd., a Manitoba-based construction company, was placed in receivership on July 6, on application by BMO, owed approximately $3.5 million. The company defaulted on its loan in May 2022, and BMO agreed to forbear in October 2022. After paying down approximately $320,000 of the debt, the company has not made a payment since February 1, 2023. Razar also has approximately $260,000 in arrears owing to CRA. EY was appointed Receiver, represented by Gowlings. Pitblado is counsel for BMO and Tapper Cuddy is counsel for the company.

By: Dina Milivojevic