Validus Power Corp. et al., Receivership

Validus Power Corp. et al., a power generation company that sells power to the Independent Energy System Operator, was placed into receivership on August 10, 2023, on application by Macquarie Equipment Finance Limited, owed approximately $56 million. The company was previously placed into interim receivership following allegations that its principals misappropriated funds from a bank account and failed to provide benefits and RRSP contributions to their unionized employees. KSV was appointed Receiver, represented by Norton Rose. Torys is counsel for Macquarie and Minden Gross is counsel for the company.

By: Dina Milivojevic