Searchfast Systems Limited, Bankruptcy

Searchfast Systems Limited, a Mississauga, Ontario-based company that provides textbooks to schools across Canada, filed an assignment in bankruptcy on February 27, stating it was no longer able to meet its obligations as they came due.

The company operated the Canadian School Book Exchange and BookPower, buying and selling books and learning resources for elementary and secondary schools throughout the country. It used a consignment model and has approximately 13,500 consignment creditors (including individuals, schools and organizations) owed over $3 million across Canada.

BDO is the bankruptcy trustee.

By: Dina Milivojevic