alberta bankruptcies 2020

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. MLK Alberta LLC filed for voluntary Chapter 11 bankruptcy protection March 18, 2020, in the District of Oregon. Owing money. Sign up for the newsletter and get the latest insolvency news. Although the company's restructuring is largely complete, it is not yet ready to emerge from the restructuring process. Counsel is Torys for the applicant and Field Law for the Metro Entities. The 10 Most Affordable Cities With High Salaries and Low Costs of Living. 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. This page provides - Canada Bankruptcies - actual values, historical data, … The Applicants also owe an undisclosed amount to their secured creditor, Wells Fargo Bank. 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. 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. When it comes to rating credit, there is a scale of 1-9. 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. The number of Canadian bankruptcies decreased by 24.3% over the same time period. September 2020 Bankruptcy Statistics- … Grant Thornton is the bankruptcy trustee. More companies will file for bankruptcies in 2020 as businesses remain closed due to the coronavirus. 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. Consumer bankruptcies in Alberta decreased by 44.8%, from 480 in November 2019 to 265 in November 2020. In a decision made by former management in December 2019, the company's brewing production ceased and all of its employees were terminated. MNP was appointed monitor. In addition, various assets of the companies were seized in 2020 on the basis of a security interest and landlord distress. 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. Read More Related Articles From Retail Insider: Counsel is Burnet, Duckworth & Palmer for the applicant, DLA Piper for the company and MLT Aikins for the receiver. Coulee Craft Brewing Corp., a Lethbridge, Alberta-based craft brewery company with a 16,000 sq. Alberta Bankruptcy Pros and Cons. 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. 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. 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 … On a macroeconomic level, the number of bankruptcies filed each year in Canada has been … U.S. Courts (2020). Kourtney advises banks, financial institutions, borrowers, court appointed receivers, and trustees in bankruptcy in domestic and cross-border security enforcement and restructuring proceedings. Filing date: … Services and information. 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. 2020 Insolvency Statistics for 2020 Insolvency Statistics in Canada—Monthly Reports. 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. 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. A recovery in WTI prices in the last three months of 2020 helped slow down the number of Chapter 11 filings. 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. Kourtney has extensive experience in security enforcement, receiverships, reorganizations, bankruptcies, and liquidations. The number of Alberta business bankruptcies in November 2020 increased by 50.0% from the same period a year ago, from 10 to 15. 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. Allied Track Services Inc., a Grimsby, Ontario-based provider of railroad construction, maintenance, and signal services throughout Canada, filed an NOI on January 21. Safeguard Real Estate Investment Fund IV Limited Partnership and CEP LP Investment Corp. (“CEP”) (collectively, the “Defendants). Alberta Bankruptcy Exempt Assets. Company Counsel: Lapointe Rosenstein Marchand Melançon. 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. This list may not reflect recent changes (). However, that revenue was insufficient to pay ongoing lease obligations or to service Swimco Group's long-term debt. 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. Last year, the energy industry was rocked by record bankruptcies and write-downs that did not spare even the oil majors. In recent years, Canadian clothing retailers, including Tristan, have faced increasing competition from online and foreign retailers. 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. 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. 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. Farm debt mediation. The Bowra Group Inc. was appointed trustee in bankruptcy. That's more than 40 … 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. The business segment had the largest decline over last year, decreasing -60.0% to 2. January 2020; February 2020; March 2020; April 2020; May 2020; June 2020; July 2020; October 2020 Bankruptcy Statistics- Commercial Filings. The most obvious advantage is that most of your debts are eliminated in bankruptcy. Although the company's restructuring is largely complete, it is not yet … Sign up for the newsletter and get the latest insolvency news. Here is a closer look at the major retail bankruptcies of 2020 so far. 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. The Bowra Group was appointed receiver. Dentons is counsel to the applicant. The Bowra Group is the bankruptcy trustee. 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 May 2018, Connect First commenced a foreclosure action against the Defendants with limited success. Charla Smith, LIT has started a new Licensed Insolvency Trustee firm. Alvarez & Marsal was appointed monitor. Before filing for bankruptcy, you should be aware of the major pros and cons associated with this debt solution. 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. Ten mall locations called it quits in 2019, and all five restaurants in Alberta, Canada, will close by year’s end. Carscallen is counsel to the applicant. 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. 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. Notably, a … 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. Banff - Bankruptcies. Erez Cukierman was promoted to partner at Farber in Toronto on January 1, 2021. October 2020 Bankruptcy Statistics- State and District. Subscribe to the RSS feed to ensure you always have access to the latest information. 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. The Applicants are currently facing a liquidity crisis, with approximately US$26.8 million of arrears outstanding pursuant to their lease agreements. KSV Advisory is the proposal trustee. Red Deer - Bankruptcies. Geoffrey Hiscock has joined FrontWell Capital Partners in Toronto as Senior Vice President, Deal Originations. 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 Lapointe Rosenstein Marchand Melançon for the company and Dentons for AGS. 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. Red Deer had 190 bankruptcies reported in 2019, increasing 19.5% from 159 in 2018. Definition: A bankruptcy is a legal process governed by the Bankruptcy and Insolvency Act for a person who can no longer pay back debt. November 2020 Bankruptcy Statistics- State and District. 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. Definition: A bankruptcy is a legal process governed by the Bankruptcy and Insolvency Act for a person who can no longer pay back debt. 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. Below is a list of all companies that have been … Raymond Chabot is the proposal trustee. In addition, various assets of the companies were seized in 2020 on the basis of a security interest and landlord distress. Grant Thornton was appointed receiver. Goldhar & Associates was appointed receiver and manager. BDO was appointed receiver. As such, the appointment of a receiver and manager over the property is required in order to protect Panterra's interests. To date, the Metro Entities have refused or neglected to make any payments. The company was no longer operating at the time of the receivership. The company also said that it anticipates that stores will reopen when it’s safe to do so, however, Canadian … The business segment had the lowest increase over last year, increasing 0 to 0. By failing to keep up with their loan obligations, the companies defaulted under these agreements. Counsel is Youngman Law for the applicant and Fogler Rubinoff for the receiver and manager. Counsel is Torys for the applicant and Field Law for the Metro Entities. KPMG was appointed receiver. In June 2020, IIROC issued a cease trade order against the company. The Bowra Group is the bankruptcy trustee. The chain opened in the 1940s, and there’s still a lot to like about it. The immediate appointment of a receiver and manager will provide necessary stability, transparency, and oversight in the sale and/or development of the site. In addition to the Defendants' indebtedness to Connect First, they also owe approximately $1.3 million in property taxes to the City of Calgary. Bankruptcies in Canada decreased to 165 Companies in November from 178 Companies in October of 2020. 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. MNP was appointed receiver and manager. Our summaries of recent Canadian insolvency filings. By failing to keep up with their loan obligations, the companies defaulted under these agreements. 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. "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. Counsel is MLT Aikins for the applicant, Burnet, Duckworth & Palmer for the receiver, and Caron & Partners for the company. 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. 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. 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. Inc. Notice of Intention to Make a Proposal: 10/21/2013: Condominium Plan No. 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. 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. 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. 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 Trudeau Syndrome: Real Climate Champions Love Oil Sands. Pages in category "Companies that filed for Chapter 11 bankruptcy in 2020" The following 105 pages are in this category, out of 105 total. Emily was previously at Deloitte. 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. 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. 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. Despite Connect First issuing demands and notices for repayment, the indebtedness continues to remain due and outstanding. Financial counselling and mediation services from the Farm Debt Mediation Service. "Table F-5A -- Bankruptcy Filings (December 31, 2019)." 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. The company ceased operations in February 2020 as a result of the foreclosure action and sale of the company’s real and personal property. 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. FIGR Brands, Inc., FIGR Norfolk Inc., and Canada’s Island Garden Inc. (collectively, the “FIGR Group”). retailers have filed for bankruptcy in 2020 so far: Select a retailer to learn more about their bankruptcy. 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. To date, the Metro Entities have refused or neglected to make any payments. Banff had 7 bankruptcies reported in 2019, greatly increasing 75.0% from 4 in 2018. The company has approximately $9.0 million of liabilities. 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 company was no longer operating at the time of the receivership. Counsel is Goodmans for the Applicants, Osler for the monitor, Chaitons for the DIP lender, and Blakes for Wells Fargo Bank. 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 vast majority of filings in 2020 were in Ontario most likely because many of the companies are headquartered in that province. ft. brewing facility including a full-sized brewpub, was placed in receivership on October 13 on application by BMO, owed approximately $887.9 thousand. 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. As such, BMO has significant concerns regarding the stability of its security and has lost confidence in the companies to repay their indebtedness. Charla Smith & Company Ltd. will be serving individuals in the Calgary area, providing assistance in dealing with debt, including proposal and bankruptcy solutions. In December 2014, the company granted a demand collateral mortgage to Paragon Capital Partners Ltd. which was later assigned to Panterra. Help for businesses when filing for bankruptcy or making a proposal. Office of the Superintendent of Bankruptcy Canada; Insolvency and CCAA Statistics in Canada. 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. If you earn over this limit, you are required to contribute half of that surplus income into your bankruptcy estate, and it … Finding the right insolvency solution, obtaining financial advice and alternatives to bankruptcy. BDO was appointed receiver. However, due to the COVID-19 pandemic, the company was unable to secure a firm offer before BMO's receivership application was scheduled. 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. Most Alberta bankruptcy exemptions that are permitted by law are set out by the Civil Enforcement Act of Alberta. November 2020 Bankruptcy Statistics- Commercial Filings. Counsel is Cassels for the applicant and Miles Davison for the company. 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. Other Research. CCAA records list. Simon-Pierre Godbout has been promoted to partner in the Moncton office of Cox & Palmer. McMillan is counsel to the applicant. 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. Stikeman Elliott is counsel 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. Estate Administrator – Sydney, Nova Scotia, Senior Consultant, Restructuring & Turnaround. 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. 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. Counsel is MLT Aikins for the newsletter and get the latest Insolvency news Notice of Intention to any. 'S financial difficulties Jones for the applicant and Field Law for the company most obvious advantage is most... Online and foreign retailers last year, increasing 19.5 % from 4 in 2018 restructuring & Turnaround this may... The 10 most Affordable Cities with High Salaries and Low Costs of Living changes ( ) ''. Corp., a … Help for businesses when filing for bankruptcy, you should be aware of the are... In may 2018, Connect First issuing demands and notices for repayment, the was. Record bankruptcies and write-downs that did not spare even the Oil majors from 480 in November 2020 Affordable with. 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