Innovative Capital Investments Inc. and Dominion Trading Limited
- 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
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.
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.
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
Innovative Capital Investments Inc. and Dominion Trading Limited — Receivership filed, Newfoundland and Labrador.
Source: Receivership Order
Case update
Innovative Capital: a pollock overage holds up the groundfish licences
Innovative Capital's reported 2025 groundfish landings, made during the CCAA, exceeded its quota for some species, pollock nearly three times its limit, and DFO will not transfer the licences until the overages are addressed, the receiver reports. The trawler sold for $450,000, and on October 14 the court directed a $14.5 million interim distribution, $14,372,116.01 to BMO.
Debtor
Innovative Capital Investments Inc. and Dominion Trading Limited
Applicant
BMO
Receiver
EY
| # | 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 | |||
| 1 | Court-ordered charges | |||
| Pre-filing debt | ||||
| 3 | Deemed trusts (CRA and other) | |||
| 3 | Deemed trusts (CRA and other) | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
8 more claims in 4 classes The stack holds Court-ordered charges, Deemed trusts (CRA and other), Secured and Unsecured claims.
Every creditor and every amount, drawn to scale.
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See all plans2 transactions · 1 proposed · 1 closed — The R.S. Journey II sale, approved by the Court on June 25, 2026, closed on August 25, 2026 for gross proceeds of $450,000. The groundfish Quota and Licenses remain unsold because quota overages must be addressed before DFO will transfer the Licenses.Second Report of the Receiver · 28 Sep 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 of the R.S. Journey II not named; referred to as 'the Purchaser'the R.S. Journey II (the "Vessel") · asset sale · nominee/assignee: the Purchaser's assignee, nominee or designate | Subscribers | Closed25 Aug 2026 | Second Report of the Receiver |
Bank of Montreal: a distribution.EstimatedSecond Report of the Receiver · 28 Sep 2026
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Secured | Bank of Montreal | asserted | interimconditional | Estimatedper the receiver | Second Report of the Receiver · 28 Sep 2026 |
Each row is one filing's statement, copied as it reads and never computed. "Estimated" is the officer's forecast; "Under the plan" is the plan's or proposal's own term; "Final" is a declared or paid distribution; a row with no chip states no footing. A range is the two numbers stated; "of proven claims" is the document's own denominator.
3 blurred figures above
The claims and what each class or creditor recovers — each as the filing states it, with its source.
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See all plansAs at ·
Cumulative receipts
$14.3M
As at 3 Jun 2026First Report of the Receiver
Cumulative disbursements
As at
Cash on hand
As at
Professional fees
As at
3 more reported figures, and the total the debtor stated at filing
Each one as the filing states it, with its source.
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See all plans| Date | Document | File |
|---|---|---|
Interim Distribution Order
| PDF · Subscribers | |
| Draft Interim Distribution Order | PDF · Subscribers | |
Notice of Motion
| PDF · Subscribers | |
| Notice to Respondents | PDF · Subscribers | |
Second Report of the Receiver
| PDF · Subscribers | |
Asset Sale Approval and Vesting Order
| PDF · Subscribers | |
Sealing Order
| PDF · Subscribers | |
First Report of the Receiver
| PDF · Subscribers | |
Innovative Capital Investments Inc. and Dominion Trading Limited - Tender Information Package
| PDF · Subscribers | |
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
| PDF · Subscribers | |
Receivership Order
| PDF · Subscribers | |
Affidavit of George Kinsman
| PDF · Subscribers | |
Affidavit of Martine Langlois
| PDF · Subscribers | |
Draft Receivership Order
| PDF · Subscribers | |
Interlocutory Application
| PDF · Subscribers | |
| Memorandum of Fact and Law | PDF · Subscribers | |
Filing titles and dates are public, and so is each filing's own page. The figures read from them are for subscribers.
CiteProceedings., “Innovative Capital Investments Inc. and Dominion Trading Limited” (Receivership (court-appointed)), Supreme Court of Newfoundland and Labrador. Retrieved 4 November 2026, https://proceedings.ca/case/innovative-capital-investments-inc-and-dominion-trading-limited