Proceedings.

Innovative Capital Investments Inc. and Dominion Trading Ltd.

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Proceeding
CCAAsubsection 243(1) of the Bankruptcy and Insolvency Act and Rule 25.01(1) of the Rules of Supreme Court, 1986
Court
Supreme Court of Newfoundland and Labrador
File
2025 01G 0889
Filings held74
Last activity24 Jul 2026
On the record587 days
OverviewSummary updated

Innovative Capital Investments Inc. and Dominion Trading Ltd. are subject to a receivership order granted January 21, 2026 by Justice MacDonald of the Supreme Court of Newfoundland and Labrador, on Bank of Montreal's application under subsection 243(1) of the Bankruptcy and Insolvency Act and Rule 25.01(1) of the Rules of Supreme Court, 1986. Ernst & Young Inc. was appointed receiver manager. A creditors listing as of February 11, 2025 shows Bank of Montreal owed $15,685,297, the Canada Revenue Agency $232,821, and WCB Nova Scotia $20,000, alongside smaller trade claims from suppliers including Harvey's Oil Ltd., Kubota Canada Ltd. and A.F. Theriault & Son Ltd.

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Case updates66 dated entries · 9 undated
#Report

The officer filed report no. Tenth Report. Following the January 2026 Receivership Order, the Companies have ceased to have any activity or participation in the CCAA proceedings, with Ernst & Young Inc. as Receiver now controlling all remaining assets while the Monitor completes the sale of the DTL fishing license, wind-up of the estate, and eventual termination of the CCAA proceedings.

Source: Monitor's Tenth Report dated July 20, 2026

#Order

The Supreme Court of Newfoundland and Labrador granted a receivership order over Innovative Capital Investments Inc. and Dominion Trading Ltd., appointing Ernst & Young Inc. receiver manager, on January 21, 2026.

Source: Draft Receivership Order

#Order

Innovative Capital Investments Inc. and Dominion Trading Ltd. — CCAA filed, Newfoundland and Labrador.

Undated filings9 — no date appears on the document · show
—
Filing

2025 01G 0889 Notice of Motion (26, June 2025 — Application filed

PDF

—
Filing

Affidavit of S. Croft.pdf — Application filed

PDF

—
Filing

Affidavit of Shawn Croft.pdf — Application filed

PDF

—
Order

Appendix B - Tender Bidding Form.pdf — Interim order granted

PDF

—
Filing

Applicants Memo of Fact and Law.pdf — Application filed

PDF

—
Report

CCAA- Frequently Asked Questions.pdf — Court officer report filed

PDF

—
Order

Draft Order.pdf — Initial order

PDF

—
Filing

Notice of Application.pdf — Application filed

PDF

—
Order

SISP Draft Order.pdf — Sale process approved

PDF

Parties

Debtor

Innovative Capital Investments Inc. and Dominion Trading Ltd.

Monitor

Doane Grant Thornton

Bench and counselPer the orders and service lists on the record

Bench

JudgeCourtOn this docketCases on record
Justice MacDonaldSupreme Court of Newfoundland and Labrador2 orders, Jun 2025 – Oct 202511 cases on record

Counsel of record

PartyCounselFirst seenSource
CreditorBMO - Bank of Montreal PO Box 876, Dartmouth MainBoyneClarke LLP21 Oct 2025Order · 21 Oct 2025
Capital structureAs asserted in the filings
stated amounts, drawn to scale
Priority classCreditorAmountSource
UnsecuredBank of Montreal · in 279 casesListed as unsecured per this creditors listing; classification not otherwise stated on this page — debtor: Innovative Capital Investments Inc. & Dominion Trading Ltd. · as of 11 Feb 2025$15.7MICI & DTL - List of Creditors.pdf
UnsecuredCanada Revenue Agency · in 926 casesPossible deemed-trust class claim; not otherwise specified on this page — debtor: Innovative Capital Investments Inc. & Dominion Trading Ltd. · as of 11 Feb 2025$233KICI & DTL - List of Creditors.pdf
UnsecuredKubota Canada Ltd. · in 16 casesdebtor: Innovative Capital Investments Inc. & Dominion Trading Ltd. · as of 11 Feb 2025$60.6KICI & DTL - List of Creditors.pdf
UnsecuredShelburne Diesel Supplies & Services Ltd.debtor: Innovative Capital Investments Inc. & Dominion Trading Ltd. · as of 11 Feb 2025$59.9KICI & DTL - List of Creditors.pdf
UnsecuredA.F. Theriault & Son Ltd.debtor: Innovative Capital Investments Inc. & Dominion Trading Ltd. · as of 11 Feb 2025$44.5KICI & DTL - List of Creditors.pdf
UnsecuredHarvey's Oil Ltd.debtor: Innovative Capital Investments Inc. & Dominion Trading Ltd. · as of 11 Feb 2025$36.1KICI & DTL - List of Creditors.pdf
UnsecuredRoyal Bank of Canada · in 556 casesdebtor: Innovative Capital Investments Inc. & Dominion Trading Ltd. · as of 11 Feb 2025$28.7KICI & DTL - List of Creditors.pdf
UnsecuredCarmac Marine Servicesdebtor: Innovative Capital Investments Inc. & Dominion Trading Ltd. · as of 11 Feb 2025$27KICI & DTL - List of Creditors.pdf
UnsecuredWest Nova Fuels Ltd. · in 2 casesdebtor: Innovative Capital Investments Inc. & Dominion Trading Ltd. · as of 11 Feb 2025$24KICI & DTL - List of Creditors.pdf
UnsecuredWCB Nova Scotia · in 2 casesWorkers' Compensation Board claim; possible preferred/regulatory class not otherwise specified on this page — debtor: Innovative Capital Investments Inc. & Dominion Trading Ltd. · as of 11 Feb 2025$20KICI & DTL - List of Creditors.pdf
UnsecuredRichmond Marine Services Inc.debtor: Innovative Capital Investments Inc. & Dominion Trading Ltd. · as of 11 Feb 2025$3.78KICI & DTL - List of Creditors.pdf
Sale processAs stated in the filings

9 transactions · 3 closed · 2 approved · 2 terminated · 1 proposed · 1 not completed — Sale of the DTL License to HHL completed, concluding the SISPMonitor's Tenth Report dated July 20, 2026 · 20 Jul 2026

Bids received

2

Monitor's Fifth Report Dated June 26, 2025

Bid deadline (round closed)

17 June 2025

ICI-Extension of SISP Bid Deadline to June 17 FINAL

Stalking horse

None

Sales Process and Bidding Procedures.pdf

PurchaserPriceStatusSource
Todd Younga fishing vessel owned by ICI, 'R.S. Journey' ... and certain crab fishing gear, being 1,175 crab pots, 160 coils of rope and associated buoys for crab fishing in 2024 as well as the custom, removable shelter and any associated parts, spares and filters · asset sale$2.75Mprice contained in confidential appendix, not disclosed in report bodyClosed15 Apr 2025Monitor's Fourth Report dated May 14, 2025.pdf
accepted offer on Lot 3, unnamedLot 3 · asset saleSealedApprovedMonitor's Fourth Report dated May 14, 2025.pdf
Successful Bidder for Lot 3, unnamedLot 3 · asset salenot statedTerminatedICI-Extension of SISP Bid Deadline to June 17…
Initial Successful Bidder on Lot 3; agreement terminated due to unsatisfied financing conditionLot 3 · asset salenot statedTerminatedMonitor's Fifth Report Dated June 26, 2025
Successful Bidder for Lot 3 under the Revised Proposed Transaction, unnamed in this reportLot 3 · asset saleSealedDetails of the Revised Proposed Transaction, including price, are contained in sealed Confidential Appendix A, not disclosed in this reportProposedMonitor's Fifth Report Dated June 26, 2025
R.S. Journey vessel purchaser, unnamed in this reportthe R.S. Journey vessel and associated crab fishing gear · asset salenot statedCloseddate not statedMonitor's Fifth Report Dated June 26, 2025
Successful Bidder for Lot 3 - Halibut License & Quota under the SISPLot 3 in the SISP · asset salenot statedApprovedMonitor's Ninth Report dated January 19, 2026
unnamed interested parties/offerors for the Excluded Assets (R.S. Journey II vessel and groundfish licenses)R.S. Journey II and the two groundfish licenses owned by ICI (the Excluded Assets) · asset sale$1.6Mlisting price reduced effective December 1, 2025 for each of R.S. Journey II and the Groundfish Licenses; no acceptable offers receivedNot completedMonitor's Ninth Report dated January 19, 2026
Hake Harvesters Limitedthe sale of the offshore groundfish license NL-013 and associated quota (the ' DTL License ') · asset sale$11.7Mamount reflects net proceeds transferred to the Receiver, not necessarily the full sale priceCloseddate not statedMonitor's Tenth Report dated July 20, 2026
AdvisorsGrant Thornton Limited (sale agent); Maritime Marine Brokerage (listing broker)Monitor's Ninth Report dated January 19, 2026
Fees and ratesAs stated in the filings

3 engagements · 2 firms — latest: Grant Thornton Limited, 30 Aug 2025 – 19 May 2026Monitor's Tenth Report · 20 Jul 2026

FirmPeriodHoursFeesRatesSource
(firm not named)Counsel to the monitorfirm not named in the heading2 Jan – 31 Aug 2025Sought135.5$60,693.00ex. tax$447.91stated averageMonitor’s Eighth Report · 22 Oct 2025
Grant Thornton LimitedMonitorperiod 2 of 230 Aug 2025 – 19 May 2026286.75—$463.33stated averageMonitor's Tenth Report · 20 Jul 2026
Grant Thornton LimitedMonitorperiod 1 of 22 Jan – 31 Aug 2025593.45$258,006.00ex. taxcourtesy discount$434.75stated averageMonitor’s Eighth Report · 22 Oct 2025
Estate financialsReported figures — never derived

Cumulative receipts

$14.9M

As at 20 Jul 2026Monitor's Tenth Report dated July 20, 2026

Cumulative disbursements

$591K

As at 20 Jul 2026Monitor's Tenth Report dated July 20, 2026

Cash on hand

$173K

As at 20 Jul 2026Monitor's Tenth Report dated July 20, 2026

Professional fees to date

$165K

As at 20 Jul 2026Monitor's Tenth Report dated July 20, 2026

Documents
74 filings
DateDocumentFile
Memorandum of Fact and Law of the Monitor dated July 24, 2026PDF
Application for CCAA Termination dated July 21, 2026PDF
Monitor's Tenth Report dated July 20, 2026
  • Cash on hand $173K · Note: Figure matches 'FUNDS ON HAND' total in Appendix F Statement of Receipts and Disbursements (Feb 10, 2025 to July 17, 2026); to be distributed as estimates to complete and to the Receiver once fees are approved. · As at: 2026-07-17 · Qualifier: residual funds pending final distribution, subject to Court approval of fees
  • Closing confirmed Closed · date not stated · Hake Harvesters Limited
  • Disbursements $591K · Note: Total disbursements (excluding payments to the Receiver as creditor) per Statement of Receipts and Disbursements covering February 10, 2025 to July 17, 2026; separately, $14,113,641.68 was paid to Ernst & Young Inc. as Receiver. · Since: February 10, 2025
  • Fee schedule Engagements: Form: prose · Rows: · Money: Approximate: false · Period: End: 2026-05-19 · Kind: cumulative · Quote: Summary of Monitor's Significant Activities August 30, 2025 to May 19, 2026 · Start: 2025-08-30 · Approval: State: unstated · Averages: — · Currency: · Invoices: · Firm text: Grant Thornton Limited · Firm quote: TENTH REPORT OF GRANT THORNTON LIMITED IN ITS CAPACITY AS MONITOR · Hours total: Quote: The Monitor incurred 286.75 hours through May 19, 2026, at an average rate of approximately $463.33/hour. · Value: 286.75 · Context quote: IN ITS CAPACITY AS MONITOR
  • + 7 more extracted facts
PDF
Draft Receivership Order
  • Applicant Bank of Montreal
  • Appointee Ernst & Young Inc
  • Appointee role receiver manager
  • Commencement date 21 January 2026
  • + 3 more extracted facts
PDF
Monitor's Ninth Report dated January 19, 2026
  • Purchaser Successful Bidder for Lot 3 - Halibut License & Quota under the SISP · Lot 3 in the SISP · asset sale · approved; unnamed interested parties/offerors for the Excluded Assets (R.S. Journey II vessel and groundfish licenses) · R.S. Journey II and the two groundfish licenses owned by ICI (the Excluded Assets) · asset sale · $1.6M · not completed
  • Sale advisor Maritime Marine Brokerage (listing broker)
  • Sale outcome Sale did not complete — Sale of Lot 3 to the Successful Bidder approved and CCAA proceeding continuing solely to close that transaction; Excluded Assets remain unsold with no acceptable offers received
PDF
Affidavit of George Kinsman dated January 13, 2026PDF
Interlocutory Application dated January 13, 2026PDF
Memorandum of Fact and Law dated January 13, 2026PDF
Amended Appendix B - Cash Flow Report to January 9, 2026PDF
Affidavit Martine Langlois.PDFPDF
Letter to Court dated December 8, 2025PDF
Stay Extension Order dated October 21,2025
  • Presiding officer Justice MacDonald
PDF
Monitor's Memorandum of Fact and Law filed October 22, 2025PDF
Monitor’s Eighth Report dated October 22, 2025
  • Fee schedule Engagements: Form: prose · Rows: · Money: Tax: $39.6K · Label: HST · Quote: HST of $39,611.24 · Fees: $258K · Quote: amount to fees of $258,006.00 · Approximate: false · Disbursements: $20K · Quote: expenses and administration fees of $20,046.37 · Period: End: 2025-08-31 · Kind: invoice · Quote: The total fees, of the Monitor for the period of January 2, 2025 to August 31, 2025, amount to fees of $258,006.00, expenses and administration fees of $20,046.37, HST of $39,611.24, and a discount of $3,000.00. · Start: 2025-01-02 · Approval: State: unstated · Averages: before expenses, administration fees, and HST · Currency: · Invoices: · Firm text: Grant Thornton Limited · Firm quote: EIGHTH REPORT OF GRANT THORNTON LIMITED IN ITS CAPACITY AS MONITOR · Hours total: Quote: A total of 593.45 hours were incurred during this period · Value: 593.45 · Context quote: EIGHTH REPORT OF GRANT THORNTON LIMITED IN ITS CAPACITY AS MONITOR · Discount note: Text: a discount of $3,000.00 · Quote: and a discount of $3,000.00; Form: prose · Rows: · Money: Tax: $15.6K · Label: HST · Quote: HST of $15,610.84 · Fees: $60.7K · Quote: amount to fees of $60,693.00 · Approximate: false · Disbursements: $649 · Quote: expenses of $649.18 · Period: End: 2025-08-31 · Kind: invoice · Quote: The total fees of the Monitor's legal counsel for the period of January 2, 2025 through August 31, 2025, amount to fees of $60,693.00, expenses of $649.18 and HST of $15,610.84. · Start: 2025-01-02 · Approval: Quote: The Monitor is seeking to have the fees and disbursements of its legal counsel approved by the court for the period of January 2, 2025 through August 31, 2025. · State: sought · Averages: before expenses and HST · Currency: · Invoices: · Hours total: Quote: A total of 135.50 hours were incurred during this period · Value: 135.5 · Context quote: The Monitor is seeking to have the fees and disbursements of its legal counsel approved by the court for the period of January 2, 2025 through August 31, 2025. · Firm unverified: true
PDF
Sealing Application re Confidential Appendix A to Monitor's Eighth Report dated October 22, 2025.PDF
Consent Order of Monitor's fees and Activities
  • Counsel Joshua Santimaw Boyneclarke Lawyers LLP
PDF
Draft Sealing Order re Monitor's Eighth ReportPDF
Letter to the Court dated October 21, 2025PDF
Monitor's Application for fee Approval dated October 21, 2025PDF
Notice of Motion dated October 21, 2025PDF
Affidavit of S. Croft dated September 8, 2025PDF
Letter to Court dated September 8, 2025PDF
Memorandum of Fact and Law dated September 5, 2025PDF
Draft Order dated September 4, 2025PDF
Letter to Court dated September 4, 2025PDF
Monitor’s Seventh Report dated September 4, 2025PDF
Notice of Motion dated September 4, 2025PDF
Affidavit of Phil Clarke - Sealing Application re Monitor's Sixth ReportPDF
Monitor's Sixth Report dated September 3, 2025PDF
Sealing Application re Confidential Appendix to Monitor's Sixth ReportPDF
Sealing order re Confidential Appendix to Monitor's Sixth ReportPDF
2025 01G 0889 ICII - Draft Order (June 26, 25PDF
Sealing Application re Confidential Appendix APDF
2025 01G 0889 Letter to the Court (June 26, 2025)PDF
Monitor's Fifth Report Dated June 26, 2025
  • Closing confirmed Closed · date not stated
  • Process results 2 bids · as of 17 Jun 2025
  • Purchaser Initial Successful Bidder on Lot 3; agreement terminated due to unsatisfied financing condition · Lot 3 · asset sale · terminated; Successful Bidder for Lot 3 under the Revised Proposed Transaction, unnamed in this report · Lot 3 · asset sale · price sealed · proposed; R.S. Journey vessel purchaser, unnamed in this report · the R.S. Journey vessel and associated crab fishing gear · asset sale · closed
  • Sale outcome Approval pending — Revised Proposed Transaction for Lot 3 pending court approval
PDF
ICI-Extension of SISP Bid Deadline to June 17 FINAL
  • Bid deadline 17 June 2025
  • Presiding officer Justice MacDonald
  • Purchaser Successful Bidder for Lot 3, unnamed · Lot 3 · asset sale · terminated
PDF
Monitor's Fourth Report dated May 14, 2025.pdf
  • Closing confirmed Closed · 15 Apr 2025 · Todd Young
  • Process results 330 solicited · 14 NDAs · 5 bids · as of 14 May 2025
  • Purchaser Todd Young · the R.S. Journey vessel and associated crab fishing gear · asset sale · $2.75M · closed; accepted offer on Lot 3, unnamed · Lot 3 · asset sale · price sealed · approved
  • Sale outcome Sale approved — SISP process update, Lot 1 closed, Lot 2 no offers to be liquidated, Lot 3 offer accepted
PDF
Appendix A - Conditions of Sale.pdfPDF
BMO Memorandum of Fact and Law dated April 9, 2025.PDFPDF
Letter to the Court dated April 8, 2025.pdfPDF
Memorandum of Fact and Law dated April 8, 2025.pdfPDF
Monitor's Third Report dated April 8, 2025.pdf
  • Purchaser Todd Young · a fishing vessel owned by ICI, 'R.S. Journey' ... and certain crab fishing gear, being 1,175 crab pots, 160 coils of rope and associated buoys for crab fishing in 2024 as well as the custom, removable shelter and any associated parts, spares and filters · asset sale · price sealed · proposed
  • Sale advisor Grant Thornton Limited (sale agent)
  • Sale outcome Approval pending — offer received from Todd Young for Lot 1 fishing vessel and crab gear, pending Court approval
PDF
Affidavit of Megan Taylor sworn April 4, 2025.pdfPDF
Letter to the Court dated April 4, 2025.pdfPDF
Notice of Motion dated April 4, 2025.pdfPDF
Solicitation Letter dated March 13, 2025.pdfPDF
Confidentiality Agreement.pdfPDF
Affidavit of S. Croft sworn March 4, 2025.pdfPDF
Application re sealing Order dated March 4, 2025.pdfPDF
Letter to Court dated March 4, 2025.pdfPDF
Memo of Fact and Law dated March 4, 2025.pdfPDF
Monitor's Second Report dated March 4, 2025.pdfPDF
Notice of Motion dated March 4, 2025.pdfPDF
Affidavit of M Langlois dated Feb 20, 2025.pdfPDF
Letter to the Court dated February 19, 2025.pdfPDF
Memorandum of Fact and Law dated February 19, 2025.pdfPDF
Monitor's First Report dated February 19, 2025.pdf
  • Sale advisor Grant Thornton Limited (sale agent)
  • Sale outcome Sale process approved — SISP proposed for sale of Halibut License, vessel, and equipment, subject to Court approval
PDF
Notice of Motion dated February 19, 2025.pdf
  • Applicant Innovative Capital Investments Inc. and Dominion Trading Limited
  • Appointee Doane Grant Thornton Ltd.
  • Appointee role Monitor
  • Court IN THE SUPREME COURT OF NEWFOUNDLAND AND LABRADOR IN BANKRUPTCY AND INSOLVENCY
  • + 2 more extracted facts
PDF
ICI - CCAA Notice to Creditors.pdfPDF
ICI & DTL - List of Creditors.pdf
  • Unsecured creditors $59.9K · Page: 1 · As of: 2025-02-11 · Basis: Creditors Listing as of February 11, 2025 · Debtor: Innovative Capital Investments Inc. & Dominion Trading Ltd. · Creditor: Shelburne Diesel Supplies & Services Ltd.
PDF
Innovative Capital Investments Inc. et al. Letter dated February 11, 2025.pdfPDF
Sales Process and Bidding Procedures.pdf
  • Bid deadline 22 April 2025
  • Sale advisor Grant Thornton Limited (sale agent)
  • Sale outcome Sale process approved — SISP bidding procedures document describing the sales and investment solicitation process
  • Stalking horse No stalking horse
PDF
Proposed Monitor's Pre-Filing Report dated February 10, 2025.pdfPDF
Proposed Monitor’s Pre-filing Report.pdfPDF
Court Notice.pdfPDF
2025 01G 0889 Notice of Motion (26, June 2025PDF
Affidavit of S. Croft.pdfPDF
Affidavit of Shawn Croft.pdfPDF
Appendix B - Tender Bidding Form.pdfPDF
Applicants Memo of Fact and Law.pdfPDF
CCAA- Frequently Asked Questions.pdfPDF
Draft Order.pdfPDF
Notice of Application.pdfPDF
SISP Draft Order.pdfPDF

Filing titles, dates, and extracted key facts are public.

CiteProceedings., “Innovative Capital Investments Inc. and Dominion Trading Ltd.” (CCAA), Supreme Court of Newfoundland and Labrador. Retrieved 20 September 2026, https://proceedings.ca/case/innovative-capital-investments-inc-and-dominion-trading-ltd

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Sources last checked · summary updated 6 September 2026 · Report a correction · Printed from proceedings.ca/case/innovative-capital-investments-inc-and-dominion-trading-ltd

Facts and summaries are extracted automatically from the court filings linked on each page; the filings remain the authoritative record. Suggested corrections are reviewed against the source filings.