#Sale
The court granted an approval and vesting order for the sale to the R.S. Journey II (the "Vessel"). Closing terms, as extracted: Vesting effective upon delivery of Receiver's Deed and Receiver's Certificate to Purchaser.
Innovative Capital Investments Inc. and Dominion Trading Limited
FollowActive
- Proceeding
- Receivership (court-appointed)Subsection 243(1) of the Bankruptcy and Insolvency Act (BIA) and the equitable jurisdiction of the Court as partially codified by Rule 25.01(1) of the Rules of Supreme Court, 1986
- File
- 2025 01G 0889
Filings held10
Last activity25 Jun 2026
On the record243 days
Secured debt$17M
OverviewSummary updated
Innovative Capital Investments Inc. and Dominion Trading Limited were placed in court-appointed receivership on January 21, 2026, when the Supreme Court of Newfoundland and Labrador, on the application of Bank of Montreal, appointed Ernst & Young Inc. as receiver and manager, without security, over their property. The order was made under subsection 243(1) of the Bankruptcy and Insolvency Act and the Court's equitable jurisdiction as partially codified by Rule 25.01(1) of the Rules of Supreme Court, 1986, and includes a stay of proceedings. It creates a $100,000 Administrative Charge for the Receiver and its counsel, a Receiver's Indemnity Charge ranking second, and a $500,000 Receiver's Borrowings Charge securing Receiver's Certificates. The proceeding is active under court file 2025 01G 0889.
Proceedings AIAsk this case — answers cite the filings
Case updates10 dated entries
#Report
The officer filed report no. First Report. The Receiver has taken control of and is winding down the debtor's remaining fishing assets (the vessel R.S. Journey II, groundfish licenses/quota, and equipment), and is now seeking court approval to sell the vessel while ongoing quota overfishing issues remain unresolved.
Source: First Report of the Receiver
#Order
Justice Alexander MacDonald appointed Ernst & Young Inc. receiver and manager without security over both debtors' property, stayed proceedings, and granted the three priority charges.
Source: Draft Receivership Order
#Order
Innovative Capital Investments Inc. and Dominion Trading Limited — Receivership filed, Newfoundland and Labrador.
Source: Receivership Order
Parties
Debtor
Innovative Capital Investments Inc. and Dominion Trading Limited
Applicant
BMO
Receiver
EY
Capital structureAs asserted in the filings
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| Court-ordered charges | ||||
| 1 | Court-ordered charges | Receiver's Borrowings Charge — in priority to all security interests, trusts, liens, charges and encumbrances, statutory or otherwise, in favour of any Person, but subordinate in priority to the Receiver's Indemnity Charge, the Administrative Charge a | $500K | Draft Receivership Order |
| 1 | Court-ordered charges | Administrative Charge — shall form a first charge on the Property in priority to all security interests, trusts, liens, charges, and encumbrances, statutory or otherwise, in favour of any Person, but subject to subsections 14.06(7), 81.4(4), an | $100K | Draft Receivership Order |
| 1 | Court-ordered charges | Receiver's Indemnity Charge — shall form a second charge on the Property in priority to all security interests, trusts, liens, charges, and encumbrances, statutory or otherwise, in favour of any Person, but subject to subsections 14.06(7), 81.4(4), a | — | Draft Receivership Order |
| Pre-filing debt | ||||
| 4 | Secured | Bank of Montreal (BMO) · in 279 casesMortgages (Jan 20, 2023) over vessels R.S. Journey II and Hull #394/R.S. Journey; Marine Loan Agreements (Jan 20, 2023) over same vessels; General Security Agreement with DTL as guarantor (Jan 2023) over all present/after-acquired personal property incl. fishing license Groundfish-NL-013, registered PPSA NL #20505947 and NS #37364700; General Security Agreement with ICII as debtor (Jan 20, 2023) over all personal property, registered PPSA NL #20505962 and NS #37364676; General Security Agreement with ICII as debtor (July 2023) over all personal property incl. fishing license #103562, registere · as of 6 Jan 2026 | $17M | Interlocutory Application |
“not stated” means the record names the claim without a figure; “—” means not in the extracted record.
This proceeding was commenced by a secured creditor. The record does not include the debtor’s own statement of assets and liabilities — that ceiling is the record’s, not this page’s.
Sale processAs stated in the filings
2 transactions · 1 proposed · 1 approved — The Receiver terminated MMB's listing agreement and ran a tender process; the Receiver requests approval of the sale of the R.S. Journey II to Tillers' Fish Harvesters Ltd.First Report of the Receiver · 3 Jun 2026
| Purchaser | Price | Status | Source |
|---|---|---|---|
| Tillers' Fish Harvesters Ltd.the sale of the R.S. Journey II · asset sale | not stated | Proposed | First Report of the Receiver |
| Purchaser under the Agreement of Purchase and Sale not named in operative text or schedulethe R.S. Journey II (the "Vessel") · asset sale · nominee/assignee: the Purchaser's assignee, nominee or designate | not stated | Approved25 Jun 2026 | Asset Sale Approval and Vesting Order |
AdvisorsMaritime Marine Brokerage Inc. (listing broker)First Report of the Receiver
Closing termsVesting effective upon delivery of Receiver's Deed and Receiver's Certificate to PurchaserAsset Sale Approval and Vesting Order
Estate financialsReported figures — never derived
Cumulative receipts
$14.3M
As at 3 Jun 2026First Report of the Receiver
Cumulative disbursements
$205K
As at 3 Jun 2026First Report of the Receiver
Cash on hand
$44K
As at 3 Jun 2026First Report of the Receiver
Professional fees to date
$78.7K
As at 3 Jun 2026First Report of the Receiver
Documents
10 filings
| Date | Document | File |
|---|---|---|
Asset Sale Approval and Vesting Order
| ||
Sealing Order
| ||
First Report of the Receiver
| ||
| Notice and Statement of the Receiver (In accordance with Subsection 245(1) and 246(1) of the Bankruptcy and Insolvency Act) In the Matter of the Court-Appointed Receivership of Innovative Capital Investments Inc. and Dominion Trading Ltd | ||
Receivership Order
| ||
Affidavit of George Kinsman
| ||
Affidavit of Martine Langlois
| ||
Draft Receivership Order
| ||
Interlocutory Application
| ||
| Memorandum of Fact and Law | ||
Filing titles, dates, and extracted key facts are public.
CiteProceedings., “Innovative Capital Investments Inc. and Dominion Trading Limited” (Receivership (court-appointed)), Supreme Court of Newfoundland and Labrador. Retrieved 20 September 2026, https://proceedings.ca/case/innovative-capital-investments-inc-and-dominion-trading-limited