The company is a wholly-owned subsidiary of Destiny Bioscience Global Corp., a cannabis genetics and tissue culture research and development company, which (along with various other subsidiaries) was placed in receivership on May 22 on application by Synergy Projects (Destiny) Ltd. and Synergy Projects Ltd. Fuller Landau was appointed receiver and manager. Sign up for the newsletter and get the latest insolvency news. More recently, global oil and natural gas markets and pricing have suffered precipitous declines as a result of extreme oversupply and an unprecedented drop in demand as a result of COVID-19. Our bankruptcy lawyers in Alberta AL and our Alberta Alabama foreclosure attorneys can help you. Applicant: Home Trust Company ("Home Trust"). In the 25 years from 1980 to 2005, personal bankruptcy filings rose significantly. This problem will persist for a long time and will become the new normal. In a decision made by former management in December 2019, the company's brewing production ceased and all of its employees were terminated. As such, BMO has significant concerns regarding the stability of its security and has lost confidence in the companies to repay their indebtedness. Albert Gelman Inc. is the bankruptcy trustee. In addition, various assets of the companies were seized in 2020 on the basis of a security interest and landlord distress. Ellis Fabrication Inc. et al., an Innisfail, Alberta-based company that manufactures heavy machinery attachments and trench safety systems, was placed into receivership on December 3 on application by TD, owed approximately $5.7M. Schwartz Levitsky Feldman is the bankruptcy trustee. This piece of legislation provides you the ability to protect the following assets: Food required by you and your dependents during the next 12 months. BANKRUPTCY AND INSOLVENCY ACT Form 87 Notice and Statement of the Receiver (Subsections 245(1) and 246(1) of the Act) IN THE MATTER OF THE RECEIVERSHIP OF 1356760 ALBERTA LTD. During these proceedings, HSBC will be providing up to $2.6 million in DIP financing. 1075397 Alberta Ltd., which owns certain real property in Alberta, had its property placed under receivership on October 27 on application by Panterra Mortgage & Financial Corporation ("Panterra"), owed approximately $3.6 million. The Bowra Group is the bankruptcy trustee. AUGUST 6, 2020 â Calgary, AB â With the ever-growing list of businesses filing for bankruptcy, itâs only a matter of time before the number of personal bankruptcies jump to record levels. Like other oil and gas businesses, the company has suffered due to the global collapse in commodity prices. Studies show that many people who qualify for bankruptcy are instead choosing to file a consumer proposal after learning about it as a debt relief optio⦠November 19, 2020 853405 Alberta Ltd. 853405 Alberta Ltd., which operated a fitness centre under the name âPeak Physique Gym and Fitness Centreâ in the Town of St. Paul, Alberta, was adjudged bankrupt on November 18, 2020, on joint application by ATB Financial (âATBâ) and Servus Credit Union Ltd. What does all this mean to individuals regarding Personal Bankruptcy in Alberta? September 2020 Bankruptcy Statistics- State and District. In 2015 and 2016, Home Trust extended a mortgage loan in favour of the company and obtained a $5.1 million charge against the Oakville property as security for the loan. ft. brewing facility including a full-sized brewpub, was placed in receivership on October 13 on application by BMO, owed approximately $887.9 thousand. In April 2020, the company defaulted on its payments under the mortgage and in June 2020, Home Trust demanded repayment of the indebtedness in full. In addition, various assets of the companies were seized in 2020 on the basis of a security interest and landlord distress. A list of the biggest companies that have filed for bankruptcy during the coronavirus pandemic, ranked by assets. 2020 Insolvency Statistics for 2020 Insolvency Statistics in CanadaâMonthly Reports. Despite re-opening its stores in late May, sales revenues have not returned to their normal levels and the Swimco Group became unable to meet its payment obligations to various creditors. Geoffrey Hiscock has joined FrontWell Capital Partners in Toronto as Senior Vice President, Deal Originations. Subsequently, the brewery business, including inventory and the company's goodwill, was listed for sale and the new management pursued leads on potential purchasers or investors. For the period from March to August, the Group's revenues were approximately 83% below projected revenues for that period. The company ceased operations in February 2020 as a result of the foreclosure action and sale of the companyâs real and personal property. Remember, you should only consider declaring personal bankruptcy when youâre totally out of less drastic options. The company agreed that Home Trust would have the right to seek the appointment of a receiver upon default under the terms and conditions of the mortgage. Our family was born and raised in Alberta. A copy of the Notice and Proof of Claim may be accessed under the "Bankruptcy" tab of this website. Our summaries of recent Canadian insolvency filings. Counsel is Cassels for the applicant and Miles Davison for the company. On December 6, 2019, real property and certain personal property owned by the company were sold in the foreclosure action and proceeds from the sale of the Lands were applied to ATBâs indebtedness. Counsel is Field Law for Swimco Group and Cassels for the proposal trustee. "At some point, theyâll run out and personal bankruptcies will surge.â In the meantime, Altman believes corporate bankruptcy filings will continue to ⦠Kalco Farms Ltd. ("Farms"), a Gibbons, Alberta-based farm which produces and markets cereal grains such as wheat, barley, and rye, along with Kalco Investments Ltd. ("Investments"), were placed in receivership on January 14 on application by BMO, owed approximately $5.0 million from Farms and $11.2 million from Investments. Alberta Bankruptcy Exempt Assets. Grant Thornton Limited is pleased to announce that Rob Stelzer has joined the partnership effective January 1, 2021. Here is a closer look at the major retail bankruptcies of 2020 so far. Since March, the three clubs have remained temporarily closed. Unlike a consumer proposal, this type of procedure can actually free you from all your unsecured debts. Gowling WLG is counsel to the applicant. Fortunately, there are ⦠November 2020 Bankruptcy Statistics- State and District. Home Trust has lost trust in the ability of the company's management to develop and implement a plan to repay its indebtedness, especially given the alleged illegal wrongdoings of the company's principal, Moninder Khundal, and his associates. The companies had granted security in favour of BMO, including, among other things, general security agreements securing all of the companies' real and personal property and mortgages in relation to lands owned by the companies. Litwin Boyadjian is the proposal trustee. Geoff was previously with Waygard Capital. Grant Thornton was appointed Monitor. Clothing up to a value of $4, 000. Bankruptcies in Canada decreased to 165 Companies in November from 178 Companies in October of 2020. Pages in category "Companies that filed for Chapter 11 bankruptcy in 2020" The following 105 pages are in this category, out of 105 total. Applicant: Buduchnist Credit Union Limited ("BCU"). Declaring Bankruptcy To find out what your options are if you are facing financial difficulties, visit CPLEAâs Help with Debt for Albertans. These agreements allow and provide for the appointment of a receiver or a receiver and manager upon default in respect of obligations owed to BMO. Dundas Retirement Place Inc., Maple Retirement Homes Inc., and 1059244 Ontario Inc., which each own and operate a retirement residence in Hamilton, Ontario, were placed in receivership on December 23 on application by Buduchnist Credit Union Limited ("BCU"), owed approximately $10.1 million in total. The company was founded in the 1980s and grew into an integrator of Unified Communications and Contact Centre solutions concentrating in Avaya premise-based systems. Destiny Organics Inc., a Nisku, Alberta-based organic fertilizer and living soil company, filed for bankruptcy on January 4, listing approximately $647.6 thousand in liabilities and $112.4 thousand in assets. Bankruptcy is a legal process by which you may be discharged from most of your debts.Its purpose is to permit an honest, but unfortunate debtor to obtain a discharge ⦠McEown and Associates is the proposal trustee. Estate Administrator – Sydney, Nova Scotia, Senior Consultant, Restructuring & Turnaround. Starting in the first quarter of 2020, the sole marketer of the bitumen produced at the companies' facility failed to make payment on over 300,000 barrels of bitumen that the companies had produced. Counsel is MLT Aikins for the applicant, Burnet, Duckworth & Palmer for the receiver, and Caron & Partners for the company. Grant Thornton was appointed receiver. If you file for bankruptcy in Canada, you are allowed to keep a portion of your income each month. Panterra alleges that a sale of the property will generate insufficient value to repay the indebtedness and it will suffer a shortfall from the enforcement of the company's mortgage. Dundas Retirement Place Inc., Maple Retirement Homes Inc., and 1059244 Ontario Inc. However, one should not underestimate the impact that consumer education has on lowering of the bankruptcy rate. Options Besides Declaring Bankruptcy 3. January 2020; February 2020; March 2020; April 2020; May 2020; June 2020 However, that revenue was insufficient to pay ongoing lease obligations or to service Swimco Group's long-term debt. This list may not reflect recent changes (). Each of the companies defaulted on its obligations to BCU and the defaults continue. Debt Control 2. To our fellow Albertans: Cawston and Associates Inc. is a family company. A list of all bankruptcies and proposals filed in Canada. Alvarez & Marsal is the proposal trustee. View Case Details The number of Canadian bankruptcies decreased by 18.3% over the same time period. Mr. Manjoo Logistics Ltd., a Hamilton, Ontario-based company, filed for bankruptcy on December 21, 2020, listing approximately $99.6 thousand in liabilities and $26.0 thousand in assets. Kalco Farms Ltd. ("Farms"), a Gibbons, Alberta-based farm which produces and markets cereal grains such as wheat, barley, and rye, along with Kalco Investments Ltd. ("Investments"), were placed in receivership on January 14 on application by BMO, owed approximately $5.0 million from Farms and $11.2 million from Investments. Studio Black Suede Inc., a Montreal, Quebec-based premium footwear brand, filed an NOI on December 24, 2020 owing approximately $434.0 thousand to CIBC. The company was no longer operating at the time of the receivership. The company lists approximately $1.1 million in liabilities. The company is a wholly-owned subsidiary of Destiny Bioscience Global Corp., a cannabis genetics and tissue culture research and development company, which (along with various other subsidiaries) was placed in receivership on May 22 on application by Synergy Projects (Destiny) Ltd. and Synergy Projects Ltd. Swimco Aquatic Supplies Ltd. and Swimco Partnership (collectively, the "Swimco Group"), a Calgary, Alberta-based swimwear and clothing retailer, was deemed bankrupt on October 10 after the companies failed to make a viable proposal to their creditors. This resulted in a severe working capital and liquidity shortage, leading to the termination of all employees in May 2020. Improving worldwide economic conditions are probably the most significant reasons for the shift. Cambridge Group Inc. (the "Group"), which is comprised of three boutique health clubs in downtown Toronto — the Cambridge Club, the Adelaide Club and the Toronto Athletic Club — obtained protection under the CCAA on December 11, listing approximately $7.0 million in liabilities, including $2.0 million to BNS. As such, BMO has significant concerns regarding the stability of its security and has lost confidence in the companies to repay their indebtedness. The NRA filed for Chapter 11 bankruptcy in federal court in Dallas and said it planned to incorporate in Texas, where records show it formed a limited liability corporation, Sea Girt LLC, in November 2020. These numbers dropped at the start of 2020 indicating that Albertans are finding more success with other debt solutions such as debt settlement programs that are available to the public. October 2020 Bankruptcy Statistics- State and District. If you earn over this limit, you are required to contribute half of that surplus income into your bankruptcy estate, and it is distributed to your creditors. bankruptcies in Alberta, despite programs to support. Counsel is Burnet, Duckworth & Palmer for the companies, McMillan for the proposal trustee and Blakes for secured lender, Summit Partners. from the trend in other provinces, so it is worth. During the mandated closures, the Swimco Group's only source of revenue was from its online sales. Counsel is Burnet, Duckworth & Palmer for the applicant, DLA Piper for the company and MLT Aikins for the receiver. records list. Albert Gelman is the proposal trustee. November 2020 Bankruptcy Statistics- Commercial Filings. EY was appointed monitor. On a macroeconomic level, the number of bankruptcies filed each year in Canada has been declining since a peak level of 152,000 in 2009. Norton Rose Fulbright has announced a round of promotions which includes Aaron Stephenson of the firm’s insolvency practice in Calgary being promoted to partner. Fossil Water Corporation, a Calgary, Alberta-based company that provides water treatment consulting services and supplies custom-built modular water treatment systems primarily for the oil and gas industry, was adjudged bankrupt on November 19 on application by RBC, owed approximately $585.5 thousand. Greenfire Oil and Gas Ltd. and Greenfire Hangingstone Operating Corporation, Calgary, Alberta-based energy technology companies focused on the development of in-situ oil sands projects, filed NOIs on October 8, respectively listing $8.3 million and $17.8 million in liabilities. Deloitte is the proposal trustee. Although the companies appear to have sufficient funds to make payments to BCU, payments are not being made and BCU has no visibility into what the funds are being used for. Counsel is Keyser Mason Ball for the applicant and Brown Law for the companies. Bankruptcy filings this year have already surpassed what we ⦠Many Albertans face insolvency in the coming months. By failing to keep up with their loan obligations, the companies defaulted under these agreements. A creditor is someone you owe money to, such as a ⦠However, due to the COVID-19 pandemic, the company was unable to secure a firm offer before BMO's receivership application was scheduled. The immediate appointment of a receiver will provide necessary stability, transparency, and oversight in the sale of the Oakville property. There were 14,696 consumer insolvencies filed in the province over the 12 months ending in January, a figure that includes both bankruptcies and consumer proposals. Gary Cerrato, David Lewis and Matthew Marchand have been promoted to partners at BDO. Grant Thornton is the bankruptcy trustee. The property exempt from seizure applies to the equity in the asset. On the 28th day of May, 2020, the undersigned, KPMG Inc., became the receiv er and manager (the The company lists approximately $2.1 million in liabilities. Debt Control What is a creditor? On May 29, 2020 Boulder Creek Golf Course Limited Partnership was assigned into bankruptcy and PricewaterhouseCoopers Inc., LIT was named as Trustee. Consumer bankruptcies in Alberta decreased by 34.4%, from 486 in October 2019 to 319 in October 2020. Despite sweeping cost cutting measures, the elimination of a substantial portion of the Group's revenue for almost nine months has resulted in a financial strain that cannot continue on the current path. October 2020 Bankruptcy Statistics- Commercial Filings. That's more than 40 per day. 2335779 Ontario Inc., a Mississauga, Ontario-based company which owns and oversees the development of residential real estate, had its interest in real property located at 78 Trafalgar Road, Oakville, Ontario, placed under receivership on December 17 on application by Home Trust Company ("Home Trust"), owed approximately $2.3 million. Schwartz Levitsky Feldman is the bankruptcy trustee. Ayman Chaaban was promoted to partner at Raymond Chabot Grant Thornton in Montreal on January 1. In November, there were 15 bankruptcies, an increase of 50% versus this time last year. During 2019, the number of filings for personal bankruptcy totaled a little over 400 per month on average. Rob has extensive experience advising both debtors and creditors experiencing operational or financial distress in a variety of different proceedings including informal proceedings, proposals, CCAAs, bankruptcies and receiverships. Alberta Personal Bankruptcy on the Rise. To date, no payments have been made to Home Trust and it appears that the company has not made any attempts to refinance the indebtedness or sell the Oakville property. Glenogle previously commenced NOI proceedings on May 14. Dentons is counsel to the applicant. It is forecasted that the Group will not have sufficient funds after January 4, 2020 and, as such, will not be able to make the term loan payment to BNS due in January. Counsel is Bennett Jones for the company, Fasken for the monitor, and Norton Rose Fulbright for HSBC. For details about a particular record, click on the company name. TORONTO -- The latest data shows that Canadians are filing the highest number of personal insolvencies in a decade. Most Alberta bankruptcy exemptions that are permitted by law are set out by the Civil Enforcement Act of Alberta. The Bowra Group is the bankruptcy trustee. In December 2014, the company granted a demand collateral mortgage to Paragon Capital Partners Ltd. which was later assigned to Panterra. Counsel is Miller Thomson for the Group, Cassels Brock for the Monitor, and Harrison Pensa for BNS. During the past 40 years in Alberta we have seen our share of the boom and bust cycle related to the price of oil and other economic factors. These agreements allow and provide for the appointment of a receiver or a receiver and manager upon default in respect of obligations owed to BMO. The Bowra Group Inc. was appointed trustee in bankruptcy. 1. KPMG was appointed receiver. Home; About; Listing; Services; Contact Us; Register; recent canadian bankruptcies 2020 EzTix Event Ticketing Inc., a Vancouver, British Columbia-based company that provides ticketing solutions to event organizers around the world, filed an NOI on November 30 and a proposal to its creditors on December 29. As such, the appointment of a receiver and manager over the property is required in order to protect Panterra's interests. Filing a Personal Bankruptcy in Edmonton. By failing to keep up with their loan obligations, the companies defaulted under these agreements. Main Menu. Bankruptcies went up fast, though there were periods where filings dropped for a few years. Bankruptcies in Canada averaged 362.22 Companies from 2004 until 2020, reaching an all time high of 872 Companies in March of 2004 and a record low of 108 Companies in April of 2020. liquidity. Bankruptcies can be volatile from month to month, so this could turn around. Glenogle Energy Inc. and Glenogle Energy Limited Partnership (collectively, "Glenogle"), a Calgary, Alberta-based oil and gas exploration and production company, obtained protection under the CCAA on September 8, listing approximately $72.6 million in liabilities, including $51.0 million to HSBC. PUBLISHED - Dec 4, 2020 The number of Alberta business bankruptcies in October 2020 decreased by 26.7% from the same period a year ago, from 15 to 11. Alberta bankruptcy exemptions or assets you keep in a bankruptcy or a proposal are set by the Alberta government and are the most generous exemptions in Canada. Status of File as of May 29, 2020 . The biggest oil and gas bankruptcy of the year--indeed, the biggest since 2016--was EP Energy, which filed for bankruptcy in October, unable to pay back some $5 billion in debt. Counsel is WeirFoulds for the proposal trustee and Keyser Mason Ball for the company. The Bowra Group was appointed receiver. The Bowra Group was appointed receiver. Inc. Notice of Intention to Make a Proposal: 10/21/2013: Condominium Plan No. The companies had granted security in favour of BMO, including, among other things, general security agreements securing all of the companies' real and personal property and mortgages in relation to lands owned by the companies. Dentons is counsel to the applicant. 1. Coulee Craft Brewing Corp., a Lethbridge, Alberta-based craft brewery company with a 16,000 sq. McMillan is counsel to the applicant. 2020 is a time of unprecedented financial crisis. Each year the Office of the Superintendent of Bankruptcy increases these limits to account for inflation. The Receiver gives notice and declares that: 1. The Swimco Group lists approximately $8.8 million in liabilities, including $1.2 million to Steve Forseth Enterprises. In addition to financial difficulties resulting from the COVID-19 pandemic, the Group is currently facing litigation and threats of litigation. Yoga Centre Toronto, a Toronto, Ontario-based not-for-profit yoga centre, filed for bankruptcy on December 23 after its revenue decreased significantly due to the COVID-19 pandemic and, consequently, the centre could not sustain payment of debts related to the financing of leasehold improvements at its studio and other debts. 3/27/2020: Cobalt Energy Services Ltd. and 1592809 Alberta Ltd. Receivership / Bankruptcy: 4/24/2015: Col Sel Transit Inc. CCAA: 2/3/2020: Compagnie de Gestion M.D.J. Destiny Organics Inc., a Nisku, Alberta-based organic fertilizer and living soil company, filed for bankruptcy on January 4, listing approximately $647.6 thousand in liabilities and $112.4 thousand in assets. Mr. Manjoo Logistics Ltd., a Hamilton, Ontario-based company, filed for bankruptcy on December 21, 2020, listing approximately $99.6 thousand in liabilities and $26.0 thousand in assets. That is a 13.5% increase from the previous year. Status of the File as at May 25, 2020 853405 Alberta Ltd., which operated a fitness centre under the name âPeak Physique Gym and Fitness Centreâ in the Town of St. Paul, Alberta, was adjudged bankrupt on November 18, 2020, on joint application by ATB Financial (âATBâ) and Servus Credit Union Ltd. On March 29, 2019, ATB commenced foreclosure proceedings in the Court of Queenâs Bench of Alberta against the company for failure to pay the indebtedness owed to ATB. Contact one now. In addition, the companies' strategic process has been complicated by the public health emergency caused by COVID-19. It does, however, deviate. MNP was appointed receiver. The company was no longer operating at the time of the receivership. Sea Girt LLC made a separate bankruptcy filing Friday, listing few assets and fewer than $100,000 in liabilities. retailers have filed for bankruptcy in 2020 so far: Select a retailer to learn more about their bankruptcy. Alberta British Columbia ... bankruptcies will continue to rise into 2020 and possibly beyond, said CAIRP chair Chantal Gingras. The company has ceased to meet its liabilities as they become due as the indebtedness to RBC remains entirely unpaid and there appear to be multiple outstanding judgments registered against the company. Sign up for the newsletter and get the latest insolvency news. Currently, Glenogle requires the stability of the CCAA proceedings to carry out its SISP in a manner that will maximize value as part of its proposal. Companies under creditor protection A list of companies that have been granted protection under the Companies' Creditors Arrangement Act . Swimco Aquatic Supplies Ltd. and Swimco Partnership (collectively, the “Swimco Group”), Greenfire Oil and Gas Ltd. and Greenfire Hangingstone Operating Corporation, Glenogle Energy Inc. and Glenogle Energy Limited Partnership (collectively, “Glenogle”). Below is a list of all companies that have been granted protection under the Companies' Creditors Arrangement Act (CCAA) since September 18, 2009.The CCAA is a federal law allowing insolvent corporations that owe their creditors in excess of $5 million to restructure their business and financial affairs. Brant Telephone Inc., a Burlington, Ontario-based telecommunications interconnect company, filed an NOI on December 11, 2020 and a proposal to its creditors on January 6, 2021. MNP was appointed receiver and manager. Most significant reasons for the companies proposal trustee and Keyser Mason Ball for the applicant and Miles Davison the. The asset as a result of the Oakville property estate Administrator – Sydney, Nova,..., visit CPLEAâs Help with Debt for Albertans addition, the company was unable secure! Order to protect Panterra 's interests % versus this time last year all this mean individuals. Ontario Inc 's interests management in December 2019, the company Associates Inc. a. 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