Validus Power Corp. et al., a power generation company that generates and sells power to the Independent Energy System Operator as a participant in its "capacity auction" market, was placed into interim receivership on August 2, 2023, on application by Macquarie Equipment Finance Limited, owed approximately $56 million. The Validus Group's operations consist of four power plants located in North Bay, Kapuskasing, Iroquois Falls and Kingston, Ontario, as well as a non-operational data centre in North Bay. In addition to committing various monetary and non-monetary defaults under its loan with Macquarie, the company’s principals allegedly misappropriated funds from a bank account and failed to provide benefits and RRSP contributions to their unionized employees. KSV was appointed Interim Receiver, and an application to appoint KSV as Receiver and Manager is set to be heard on August 10. Norton Rose is counsel for the Interim Receiver, Torys is counsel for Macquarie and Minden Gross is counsel for the company.

By: Dina Milivojevic