Infocus Energy Services Inc.

Infocus Energy Services Inc. has been in court-appointed receivership in Alberta since June 2, 2023, under Court of King's Bench file 2303 00579, on the application of Canadian Western Bank. CWB's claim stood at $1,091,005.52 as at January 6, 2023 across four loans, secured by a February 25, 2019 general security agreement and a July 2, 2019 schedule giving a first interest in all present and after-acquired property, plus personal guarantees from Allan Pearson and Carl Rosenau. The Receiver has since been advised that a third-party guarantor paid CWB in full. The Canada Revenue Agency, the largest priority creditor, claimed $1,282,964.92 as at September 18, 2023, of which $761,150.43 is deemed trust; the Receiver has recommended distributing $269,302.30 to CRA in partial satisfaction. Independent counsel to the Receiver opined that Meridian OneCap Credit Corp's January 28, 2020 lease of a five-ton crane is a valid true lease, leaving the crane outside CRA's deemed trust.