Torrent Shotcrete Placed in Receivership After Sustained Losses

Torrent Shotcrete, a provider of shotcrete services to the construction industry in British Columbia and Ontario, was placed into receivership on August 28, 2025, on application by Royal Bank of Canada, which is owed approximately $4.9 million. Grant Thornton Ltd. has been appointed receiver.

Founded in Vancouver in the early 2000s and expanding to Toronto in 2013, the company specialized in sprayed-concrete applications for structural walls and shoring systems on infrastructure and commercial projects. Its services were used on large-scale builds across both provinces, positioning it as a niche contractor in the concrete and shoring market.

Financial difficulties emerged in 2022 as sustained operating losses left its RBC facility over-advanced and liquidity strained. A sale process launched in 2023 failed to produce a viable transaction, and by 2024 RBC alleged the company was diverting receivables and defaulting on reporting obligations. Continued losses and the absence of a credible restructuring plan prompted RBC to seek and obtain a receivership order.

Grant Thornton Ltd. is acting as receiver. Dentons Canada LLP is representing RBC, while MacEwan Cooper Kirkpatrick LLP is counsel to the company.