alberta bankruptcies 2020

In addition to the Defendants' indebtedness to Connect First, they also owe approximately $1.3 million in property taxes to the City of Calgary. Counsel is Lapointe Rosenstein Marchand Melançon for the company and Dentons for AGS. Last year, the energy industry was rocked by record bankruptcies and write-downs that did not spare even the oil majors. January 2020; February 2020; March 2020; April 2020; May 2020; June 2020; July 2020; For Alberta, the number of filings also may reflect the economic downturn the province has experienced not only due to COVID but also to lower oil prices. 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. Dentons is counsel to the applicant. U.S. Courts (2020). 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. Clothing up to a value of $4, 000. Oil companies that hold nearly a third of the well licences in Alberta have joined a bankruptcy trustee’s legal battle to have a four-year-old … Grant Thornton is the bankruptcy trustee. McMillan LLP is pleased to announce that Kourtney Rylands has joined the partnership in McMillan’s Calgary office. Goldhar & Associates was appointed receiver and manager. Our summaries of recent Canadian insolvency filings. Simon-Pierre Godbout has been promoted to partner in the Moncton office of Cox & Palmer. In addition, various assets of the companies were seized in 2020 on the basis of a security interest and landlord distress. Coulee Craft Brewing Corp., a Lethbridge, Alberta-based craft brewery company with a 16,000 sq. Yatsen Group of Companies Inc. and various other entities (collectively, the "Applicants"), which are comprised of 38 indirect subsidiaries of Markham, Ontario-based Edjar International Inc. — the largest Japanese quick service restaurant chain in the US with 226 Sarku Japan restaurants across 34 states and Puerto Rico — filed for protection under the CCAA on January 25. Bankruptcies in Canada decreased to 165 Companies in November from 178 Companies in October of 2020. Company Counsel: Lapointe Rosenstein Marchand Melançon. 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. Since commencing operations, the FIGR Group has been cash flow negative and relies on funding from indirect subsidiaries of New Pyxus International ("New Pyxus"), which is the parent company of FIGR Brands, Inc. Alliance One International Tabak C.V. ("AOI Tabak"), one of the New Pyxus' indirect subsidiaries, is owed approximately $189.7 million and is no longer prepared to continue funding the FIGR Group. The En Carde Group Inc., Mark Gdak, Jaimee Lynn Gdak and Jaimak Real Properties Inc. were placed into receivership on October 22, 2020, on application by ClearFlow Commercial Finance, owed approximately $48.6 million. In July 2020, the company filed an NOI under the Bankruptcy and Insolvency Act (the "BIA"), with the time to file a proposal set to expire on January 21, 2021. Counsel is Burnet, Duckworth & Palmer for the applicant, DLA Piper for the company and MLT Aikins for the receiver. Kourtney advises banks, financial institutions, borrowers, court appointed receivers, and trustees in bankruptcy in domestic and cross-border security enforcement and restructuring proceedings. In December 2014, the company granted a demand collateral mortgage to Paragon Capital Partners Ltd. which was later assigned to Panterra. 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. With assets of roughly $16.2 billion and liabilities of $11.8 billion, the filing represents the fourth-largest bankruptcy by assets so far in 2020, above that of Intelsat. Other Research. 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 ATB’s indebtedness. Alberta Bankruptcy Exempt Assets. Dentons is counsel to the applicant. The company was no longer operating at the time of the receivership. The company has approximately $9.0 million of liabilities. CCAA records list. Closeout chain Tuesday Morning has filed for bankruptcy and will be holding liquidation sales for real as it plans to shut down around 230 of its nearly 700 locations during the summer of 2020. As such, BMO has significant concerns regarding the stability of its security and has lost confidence in the companies to repay their indebtedness. However, due to the COVID-19 pandemic, the company was unable to secure a firm offer before BMO's receivership application was scheduled. MLK Alberta LLC filed for voluntary Chapter 11 bankruptcy protection March 18, 2020, in the District of Oregon. When it comes to rating credit, there is a scale of 1-9. In a decision made by former management in December 2019, the company's brewing production ceased and all of its employees were terminated. Banff - Bankruptcies. The debtor listed an address of 6931 NE Martin Luther Kings Jr. FIGR Brands, Inc., FIGR Norfolk Inc., and Canada’s Island Garden Inc. (collectively, the “FIGR Group”). Albert Gelman is the proposal trustee. Red Deer - Bankruptcies. 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. The Bowra Group is the bankruptcy trustee. Subscribe to the RSS feed to ensure you always have access to the latest information. Safeguard Real Estate Investment Fund IV Limited Partnership and CEP LP Investment Corp. (“CEP”) (collectively, the “Defendants). Definition: A bankruptcy is a legal process governed by the Bankruptcy and Insolvency Act for a person who can no longer pay back debt. 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. Counsel is MLT Aikins for the applicant, Burnet, Duckworth & Palmer for the receiver, and Caron & Partners for the company. As such, BMO has significant concerns regarding the stability of its security and has lost confidence in the companies to repay their indebtedness. This list may not reflect recent changes (). Sign up for the newsletter and get the latest insolvency news. Definition: A bankruptcy is a legal process governed by the Bankruptcy and Insolvency Act for a person who can no longer pay back debt. The Trudeau Syndrome: Real Climate Champions Love Oil Sands. Emily Klein has joined KSV in Toronto as a senior associate in the firm’s restructuring practice. Counsel is Bennett Jones for the FIGR Group, Cassels for the monitor, and Chaitons for Alliance One Tobacco Canada Inc. Rockwater on Main Inc., which owns and oversees the development of a proposed residential site located at 64 Main Street East, Hamilton, Ontario, was placed in receivership on January 21 on application by a mortgagee. 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. In addition, the jurisdiction in which the company operates, Mauritania, has been the object of certain negative perceptions in the industry and among investors that have made it more difficult to attract financing and support. BDO was appointed receiver. BDO was appointed receiver. The COVID-19 pandemic further exacerbated the company's financial situation when the company experienced a further drop in traffic in its brick-and-mortar stores and it was forced to temporarily lay off more than 300 employees. Beaver Lake Resources Corporation, a Calgary, Alberta-based exploration and production company, filed for bankruptcy on January 28, listing approximately $889.8 thousand in liabilities and approximately $nil in realizable assets. By failing to keep up with their loan obligations, the companies defaulted under these agreements. retailers have filed for bankruptcy in 2020 so far: Select a retailer to learn more about their bankruptcy. As such, the company has sought an order authorizing the BIA proceedings to continue under the CCAA. Here is a closer look at the major retail bankruptcies of 2020 so far. A recovery in WTI prices in the last three months of 2020 helped slow down the number of Chapter 11 filings. As security for repayment of the Defendants' indebtedness to Connect First, CEP executed a mortgage in favour of Connect First over certain real property. Carscallen is counsel to the applicant. The 10 Most Affordable Cities With High Salaries and Low Costs of Living. 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. Geoffrey Hiscock has joined FrontWell Capital Partners in Toronto as Senior Vice President, Deal Originations. 23 Mar 2020 Category: Cost of Bankruptcy If you file for bankruptcy in Canada, you are allowed to keep a portion of your income each month. J.Crew Instagram/@jcrew J.Crew filed for Chapter 11 Bankruptcy in May 2020, marking one of the first major retailers to do so since the coronavirus outbreak.While J.Crew has filed for Chapter 11 Bankruptcy, its online operations will remain open throughout the restructuring. The business segment had the lowest increase over last year, increasing 0 to 0. As a result of various events of default under the loan agreements entered into by the Metro Entities, BMO demanded repayment of their indebtedness. During these CCAA proceedings, the FIGR Group will be receiving up to $8.0 million in DIP financing from Alliance One Tobacco Canada Inc. FTI Consulting was appointed monitor. In recent years, Canadian clothing retailers, including Tristan, have faced increasing competition from online and foreign retailers. 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. Confronted with various liquidity issues and difficulties in raising debt or equity financing, the company ceased its operations on November 19. 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. Erez Cukierman was promoted to partner at Farber in Toronto on January 1, 2021. "Table F-5A -- Bankruptcy Filings (December 31, 2019)." Read More Related Articles From Retail Insider: According to credit bureaus, a first bankruptcy will remain on your credit report for six years after your date of discharge, and second bankruptcy will appear on your report for 14 years. That's more than 40 … 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. November 2020 Bankruptcy Statistics- State and District. Grant Thornton is the bankruptcy trustee. As such, the appointment of a receiver and manager over the property is required in order to protect Panterra's interests. However, that revenue was insufficient to pay ongoing lease obligations or to service Swimco Group's long-term debt. More companies will file for bankruptcies in 2020 as businesses remain closed due to the coronavirus. November 2020 Bankruptcy Statistics- Commercial Filings. Owing money. Algold Resources Ltd. (TSX: ALG), a Montreal, Quebec-based junior mining company that focuses on the exploration and development of gold deposits in West Africa, filed an NOI on January 15, listing approximately $16.8 million in liabilities, including $9.8 million to Aya Gold & Silver Inc. ("AGS"). Emily was previously at Deloitte. October 2020 Bankruptcy Statistics- Commercial Filings. Before filing for bankruptcy, you should be aware of the major pros and cons associated with this debt solution. September 2020 Bankruptcy Statistics- … Although the company's restructuring is largely complete, it is not yet … Since the start of its restructuring, the company has operated in the normal course of business and has tried to stimulate demand by maintaining orders for new seasonal clothing collections. Most Alberta bankruptcy exemptions that are permitted by law are set out by the Civil Enforcement Act of Alberta. Counsel is Torys for the applicant and Field Law for the Metro Entities. 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. 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. Notably, a … 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. The Applicants also owe an undisclosed amount to their secured creditor, Wells Fargo Bank. The company also said that it anticipates that stores will reopen when it’s safe to do so, however, Canadian … The Bowra Group Inc. was appointed trustee in bankruptcy. Metro Paving and Roadbuilding Ltd., a Calgary, Alberta-based supplier of construction services, along with various other related entities (collectively, the "Metro Entities"), were placed in receivership on January 20 on application by BMO, owed approximately $7.2 million. The number of Alberta business bankruptcies in September 2020 increased by 20.0% from the same period a year ago, from 10 to 12. Counsel is Cassels for the applicant and Miles Davison for the company. Kourtney has extensive experience in security enforcement, receiverships, reorganizations, bankruptcies, and liquidations. Red Deer had 190 bankruptcies reported in 2019, increasing 19.5% from 159 in 2018. In May 2018, Connect First commenced a foreclosure action against the Defendants with limited success. To date, the Metro Entities have refused or neglected to make any payments. Pages in category "Companies that filed for Chapter 11 bankruptcy in 2020" The following 105 pages are in this category, out of 105 total. The principal purpose of the restructuring proceedings is to create a stabilized environment to allow the company to enter a transaction for the sale of its business and assets through a “stalking horse” sale and investor solicitation process. Services and information. McMillan is counsel to the applicant. October 2020 Bankruptcy Statistics- State and District. The chain opened in the 1940s, and there’s still a lot to like about it. BDO was appointed receiver. The Applicants are currently facing a liquidity crisis, with approximately US$26.8 million of arrears outstanding pursuant to their lease agreements. Alvarez & Marsal was appointed monitor. The vast majority of filings in 2020 were in Ontario most likely because many of the companies are headquartered in that province. Boutique Tristan & Iseut Inc., which operates the Montreal, Quebec-based Tristan fashion brand with 38 stores across Canada, filed for protection under the CCAA on January 20, listing approximately $32.9 million in liabilities, including $1.5 million to the National Bank of Canada. The number of companies filing for Ch. MNP was appointed receiver and manager. Finding the right insolvency solution, obtaining financial advice and alternatives to bankruptcy. 2020 Insolvency Statistics for 2020 Insolvency Statistics in Canada—Monthly Reports. Metro Paving and Roadbuilding Ltd., a Calgary, Alberta-based supplier of construction services, along with various other related entities (collectively, the "Metro Entities"), were placed in receivership on January 20 on application by BMO, owed approximately $7.2 million. 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. Similar to so-called "Chapter 11" bankruptcy filings in the U.S., CCAA proceedings are typically used as a last resort for companies that have run out of options and time. TORONTO -- Home decor chain Pier 1, Carlton Cards and Forever 21 are simply the latest in a growing list of retailers closing their doors in Canada or filing for bankruptcy. Current information from the superintendent of bankruptcy indicates that from January to November 2020, Alberta insolvency filings were down 22 per cent compared to the same period the year before. The number of Canadian bankruptcies decreased by 24.3% over the same time period. To date, the Metro Entities have refused or neglected to make any payments. Grant Thornton is the bankruptcy trustee. MNP was appointed monitor. The company was no longer operating at the time of the receivership. Despite Connect First issuing demands and notices for repayment, the indebtedness continues to remain due and outstanding. The most obvious advantage is that most of your debts are eliminated in bankruptcy. Counsel is Bennett Jones for the company, Blakes for the proposal trustee and Chaitons for the DIP lender. Safeguard Real Estate Investment Fund IV Limited Partnership and CEP LP Investment Corp. ("CEP") (collectively, the "Defendants), were placed in receivership on December 4 on application by Connect First Credit Union Ltd. ("Connect First"), owed approximately $15.5 million. By failing to keep up with their loan obligations, the companies defaulted under these agreements. 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 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. Inc. Notice of Intention to Make a Proposal: 10/21/2013: Condominium Plan No. 853405 Alberta Ltd., which operated a fitness centre under the name “Peak Physique Gym and Fitness Centre” in the Town of St. Paul, Alberta, was adjudged bankrupt on November 18, 2020, on joint application by ATB Financial (“ATB”) and Servus Credit Union Ltd. On March 29, 2019, ATB commenced foreclosure proceedings in the Court of Queen’s Bench of Alberta against the company for failure to pay the indebtedness owed to ATB. Alberta Bankruptcy Pros and Cons. The Bowra Group was appointed receiver. Sign up for the newsletter and get the latest insolvency news. Banff had 7 bankruptcies reported in 2019, greatly increasing 75.0% from 4 in 2018. Counsel is Goodmans for the Applicants, Osler for the monitor, Chaitons for the DIP lender, and Blakes for Wells Fargo Bank. The company ceased operations in February 2020 as a result of the foreclosure action and sale of the company’s real and personal property. KPMG was appointed receiver. 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. November 19, 2020 853405 Alberta Ltd. 853405 Alberta Ltd., which operated a fitness centre under the name “Peak Physique Gym and Fitness Centre” in the Town of St. Paul, Alberta, was adjudged bankrupt on November 18, 2020, on joint application by ATB Financial (“ATB”) and Servus Credit Union Ltd. Consumer bankruptcies in Alberta decreased by 44.8%, from 480 in November 2019 to 265 in November 2020. ft. brewing facility including a full-sized brewpub, was placed in receivership on October 13 on application by BMO, owed approximately $887.9 thousand. As a result of various events of default under the loan agreements entered into by the Metro Entities, BMO demanded repayment of their indebtedness. Various factors contributed to the company's financial difficulties. Although the company's restructuring is largely complete, it is not yet ready to emerge from the restructuring process. Office of the Superintendent of Bankruptcy Canada; Insolvency and CCAA Statistics in Canada. KSV Advisory is the proposal trustee. Get a Red Robin burger before it’s too late; the signature sandwich was a Zagat winner four years in a row. 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. Filing date: … Help for businesses when filing for bankruptcy or making a proposal. The pre-COVID-19 pandemic macro-economic background of gold, including increasing interest rates, stronger USD, and the downward trended price of gold, has led to a challenging financing environment for junior gold exploration projects. Grant Thornton was appointed receiver. The immediate appointment of a receiver and manager will provide necessary stability, transparency, and oversight in the sale and/or development of the site. This page provides - Canada Bankruptcies - actual values, historical data, … During these CCAA proceedings, the Applicants will be receiving between $500.0 thousand and $5.0 million in DIP financing, depending on whether the Applicants bring a subsequent motion to increase the amount of DIP financing from $500.0 thousand to $5.0 million. Counsel is Torys for the applicant and Field Law for the Metro Entities. Stikeman Elliott is counsel for the company. In June 2020, IIROC issued a cease trade order against the company. The Bowra Group was appointed receiver. Counsel is Youngman Law for the applicant and Fogler Rubinoff for the receiver and manager. Estate Administrator – Sydney, Nova Scotia, Senior Consultant, Restructuring & Turnaround. The number of Alberta business bankruptcies in November 2020 increased by 50.0% from the same period a year ago, from 10 to 15. AGS, a Canadian mineral exploration and development company, has notified the company of its interest in providing interim financing during the court-supervised restructuring proceedings. In July 2020, the company filed an NOI under the Bankruptcy and Insolvency Act (the "BIA"), with the time to file a proposal set to expire on January 21, 2021. 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. 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. FIGR Brands, Inc., FIGR Norfolk Inc., and Canada's Island Garden Inc. (collectively, the "FIGR Group"), a vertically integrated cannabis business which operates two cannabis facilities (one in Ontario and the other in PEI), filed for protection under the CCAA on January 21, listing approximately $203.4 million in liabilities and $153.2 million in assets. The Bowra Group is the bankruptcy trustee. If you earn over this limit, you are required to contribute half of that surplus income into your bankruptcy estate, and it … Beaver Lake Resources Corporation, a Calgary, Alberta-based exploration and production company, filed for bankruptcy on January 28, listing approximately $889.8 thousand in liabilities and approximately $nil in realizable assets. Raymond Chabot is the proposal trustee. On a macroeconomic level, the number of bankruptcies filed each year in Canada has been … The business segment had the largest decline over last year, decreasing -60.0% to 2. 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. "The prolonged and unexpected closures of our stores in response to COVID-19 has had severe consequences on our business," says CEO Steve Becker, in a news release. Financial counselling and mediation services from the Farm Debt Mediation Service. Ten mall locations called it quits in 2019, and all five restaurants in Alberta, Canada, will close by year’s end. The impact of the COVID-19 pandemic on the Applicants' business has been significant, with extensive restaurant closures and greatly reduced revenues for the 2020 fiscal year. Farm debt mediation. Charla Smith & Company Ltd. will be serving individuals in the Calgary area, providing assistance in dealing with debt, including proposal and bankruptcy solutions. Allied Track Services Inc., a Grimsby, Ontario-based provider of railroad construction, maintenance, and signal services throughout Canada, filed an NOI on January 21. Below is a list of all companies that have been … Charla Smith, LIT has started a new Licensed Insolvency Trustee firm. In addition, various assets of the companies were seized in 2020 on the basis of a security interest and landlord distress. Offer before BMO 's receivership application was scheduled Insolvency news to partner at Farber in Toronto on January 1 2021... Creditor, Wells Fargo Bank 4 in 2018 too late ; the signature sandwich was a Zagat four!, increasing 0 to 0, increasing 0 to 0 there’s still a lot to like it. And foreign retailers BMO has significant concerns regarding the stability of its employees were terminated difficulties in raising debt equity. The 10 most Affordable Cities with High Salaries and Low Costs of Living sign up for the.. 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