Proceedings.

Innovative Capital Investments Inc. and Dominion Trading Ltd.

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Proceeding
CCAACompanies' Creditors Arrangement Act, R.S.C. 1985, c. C-36
Court
Supreme Court of Newfoundland and Labrador
File
2025 01G 0889
Industry
Agriculture, forestry & fishing · Fishing & aquaculture
Filings held74
Last activity24 Jul 2026
On the record632 days
OverviewSummary updated

Innovative Capital Investments Inc. and Dominion Trading Ltd. have been under Companies' Creditors Arrangement Act protection in the Supreme Court of Newfoundland and Labrador since February 11, 2025, with Grant Thornton Limited as monitor. Under the monitor's sale process, the R.S. Journey and its crab gear were sold to Todd Young for $2,750,000, and a sale of the halibut licence and quota was approved. After a refinancing failed in January 2026, Bank of Montreal, owed $15,685,297 on a creditors listing as of February 11, 2025, applied for a receiver over everything except the DTL licence, and on January 21, 2026 Ernst & Young Inc. was appointed receiver manager. The CCAA proceeding continued while the monitor completed the sale of the DTL licence, offshore groundfish licence NL-013 and its quota, to Hake Harvesters Limited, concluding the sale process; $11,662,448.55 in net proceeds went to the receiver.

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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

#Report

The officer filed report no. Ninth Report. The Companies continue limited operations (R.S. Journey II recommenced groundfishing in early January 2026 after completing the DFO charter), but cannot operate and fund the CCAA proceeding. Refinancing failed when the potential lender declined on January 12, 2026; the Excluded Assets remain unsold, the DTL licence transfer awaits DFO approval, and BMO has applied for a receiver over everything except the DTL licence.

Source: Monitor's Ninth Report dated January 19, 2026

#Report

The officer filed a report. The company is awaiting a DFO decision on transferring the DTL licence to the successful bidder, and the R.S. Journey II has not resumed groundfishing after completing its DFO charter. CIBC refinancing is stalled, the remaining vessel and groundfish licences remain listed for sale, and lobster gear was reported stolen.

Source: Letter to Court dated December 8, 2025

#Report

The officer filed report no. Eighth Report. The Companies continue to operate under a court-approved cash flow forecast, with the R.S. Journey II completing a DFO charter and resuming groundfishing, while pursuing a refinancing to a NewCo or a sale of the Excluded Assets and awaiting DFO approval of the Lot 3 halibut licence transfer.

Source: Monitor’s Eighth Report dated October 22, 2025

#Report

The officer filed report no. Seventh Report. The Companies' operations are cashflow positive but have not generated enough cash to cover professional fees, owing to weak lobster sales and higher-than-expected professional costs. They are continuing groundfish operations while pursuing a sale of the R.S. Journey II and groundfish licenses, completion of the Lot 3 sale, and a refinancing effort.

Source: Monitor’s Seventh Report dated September 4, 2025

#Report

The officer filed report no. Sixth Report. The Companies continue to operate under the court-approved Revised Cash Flow Forecast, pursuing the sale of the DTL licence to the Successful Bidder (subject to DFO transfer approval), a refinancing of the remaining assets (RS Journey II and groundfish licences), and collection of the Lennox Fisheries receivable.

Source: Monitor's Sixth Report dated September 3, 2025

#Report

The officer filed report no. Fifth Report. The Companies continue limited fishing operations (R.S. Journey II continues to fish) while the Monitor's SISP has produced an accepted offer on Lot 3 (no offers for Lot 2). The Companies seek a stay extension to October 3, 2025 to close the sale and refinance or liquidate the remaining operating assets to pay out BMO.

Source: Monitor's Fifth Report Dated June 26, 2025

#Report

The officer filed report no. Fourth Report. The Monitor has closed the R.S. Journey sale and run the SISP, accepting an offer on Lot 3 (fishing licence NL-013) with no offers on Lot 2. The Companies continue operating the R.S. Journey II, their sole remaining vessel, whose arrest by creditor West Nova Fuels is temporarily released pending resolution.

Source: Monitor's Fourth Report dated May 14, 2025.pdf

#Report

The officer filed report no. Third Report. The Monitor is running a court-approved SISP to sell the Companies' assets (fishing vessel, gear, and licence) and seeks approval of an early sale of the vessel R.S. Journey and crab gear so the purchaser can fish the 2025 snow crab season. The Companies remain in CCAA proceedings as a partial liquidation; BMO opposes the early sale.

Source: Monitor's Third Report dated April 8, 2025.pdf

#Report

The officer filed report no. Second Report. The Companies are in CCAA protection and propose a court-supervised sales and investment solicitation process for certain assets (R.S. Journey vessel, lobster gear, halibut license), while excluding other assets so they can continue operating in a reduced capacity after the proceedings. The Monitor supports extending the stay to July 4, 2025.

Source: Monitor's Second Report dated March 4, 2025.pdf

#Report

The officer filed report no. First Report. The Companies continue to operate in the normal course, harvesting groundfish and lobster (crab seasonally) with vessel crews, though poor winter weather has lowered landings. They need no DIP financing and are preparing a sales and investment solicitation process for the Halibut License, the vessel R.S. Journey and lobster gear.

Source: Monitor's First Report dated February 19, 2025.pdf

#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 · Subscribers

—
Report

Appendix B - Tender Bidding Form.pdf — Court officer report filed

PDF · Subscribers

—
Report

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

PDF · Subscribers

AnalysisAll insights⁠

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.

Outcome brief

Innovative Capital: the halibut licence closed, the trawler went to the receiver

Dominion Trading's offshore halibut licence NL-013 went to Hake Harvesters in a sale approved June 30, 2025, then waited on Fisheries and Oceans, which had to consult stakeholders in Nunavut. BMO had Ernst & Young appointed receiver in January 2026; the $11,650,000 sale closed March 26, and the monitor has applied to end the CCAA.

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 Labrador1 order, Oct 202514 cases on record

Counsel of record

PartyCounselFirst seenSource
ApplicantInnovative Capital Investments Inc. and Dominion Trading Ltd.O'Keefe & Sullivan4 Mar 2025Service list · 4 Mar 2025
CreditorBMO - Bank of MontrealBoyneClarke LLP21 Oct 2025Order · 21 Oct 2025
Capital structureAs asserted in the filings
stated amounts, drawn to scale · for subscribers
Priority classCreditorAmountSource
UnsecuredBank of Montreal · in 297 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
Unsecured
Unsecured
Unsecured
Unsecured
Unsecured
Unsecured
Unsecured
Unsecured
Unsecured

10 more claims in 1 class The stack holds Unsecured claims.

Every creditor and every amount, drawn to scale.

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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 saleSubscribersClosed15 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 saleSubscribersProposedMonitor'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 saleSubscribersNot 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 saleSubscribersCloseddate 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
Grant Thornton LimitedMonitorperiod 2 of 230 Aug 2025 – 19 May 2026—Monitor's Tenth Report · 20 Jul 2026
Grant Thornton LimitedMonitorperiod 1 of 22 Jan – 31 Aug 2025courtesy discountMonitor’s Eighth Report · 22 Oct 2025
Stewart McKelveyCounsel to the monitor2 Jan – 31 Aug 2025SoughtMonitor’s Eighth Report · 22 Oct 2025

8 blurred figures above

What each firm billed — each as the filing states it, with its source.

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Estate financialsReported figures — never derived

Cumulative receipts

$14.9M

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

Cumulative disbursements

As at

Cash on hand

As at

Professional fees

As at

3 more reported figures

Each one as the filing states it, with its source.

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Documents
74 filings
DateDocumentFile
Memorandum of Fact and Law of the Monitor dated July 24, 2026PDF · Subscribers
Application for CCAA Termination dated July 21, 2026PDF · Subscribers
Monitor's Tenth Report dated July 20, 2026
  • Closing confirmed Closed · date not stated · Hake Harvesters Limited
  • Cash on hand · Disbursements · Fee schedule Subscribers
  • + 10 more extracted facts
PDF · Subscribers
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 · Subscribers
Monitor's Ninth Report dated January 19, 2026
  • Operational summary The Companies continue limited operations (R.S. Journey II recommenced groundfishing in early January 2026 after completing the DFO charter), but cannot operate and fund the CCAA proceeding. Refinancing failed when the potential lender declined on January 12, 2026; the Excluded Assets remain unsold, the DTL licence transfer awaits DFO approval, and BMO has applied for a receiver over everything except the DTL licence.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 8 more extracted facts
PDF · Subscribers
Affidavit of George Kinsman dated January 13, 2026PDF · Subscribers
Interlocutory Application dated January 13, 2026PDF · Subscribers
Memorandum of Fact and Law dated January 13, 2026PDF · Subscribers
Amended Appendix B - Cash Flow Report to January 9, 2026PDF · Subscribers
Affidavit Martine Langlois.PDFPDF · Subscribers
Letter to Court dated December 8, 2025
  • Operational summary The company is awaiting a DFO decision on transferring the DTL licence to the successful bidder, and the R.S. Journey II has not resumed groundfishing after completing its DFO charter. CIBC refinancing is stalled, the remaining vessel and groundfish licences remain listed for sale, and lobster gear was reported stolen.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 3 more extracted facts
PDF · Subscribers
Stay Extension Order dated October 21,2025
  • Presiding officer Justice MacDonald
PDF · Subscribers
Monitor's Memorandum of Fact and Law filed October 22, 2025PDF · Subscribers
Monitor’s Eighth Report dated October 22, 2025
  • Cash on hand · Disbursements · Fee schedule · Financial position Subscribers
  • + 5 more extracted facts
PDF · Subscribers
Sealing Application re Confidential Appendix A to Monitor's Eighth Report dated October 22, 2025.
PDF · Subscribers
Consent Order of Monitor's fees and Activities
  • Counsel Joshua Santimaw Boyneclarke Lawyers LLP
PDF · Subscribers
Draft Sealing Order re Monitor's Eighth Report
PDF · Subscribers
Letter to the Court dated October 21, 2025PDF · Subscribers
Monitor's Application for fee Approval dated October 21, 2025PDF · Subscribers
Notice of Motion dated October 21, 2025PDF · Subscribers
Affidavit of S. Croft dated September 8, 2025PDF · Subscribers
Letter to Court dated September 8, 2025PDF · Subscribers
Memorandum of Fact and Law dated September 5, 2025PDF · Subscribers
Draft Order dated September 4, 2025PDF · Subscribers
Letter to Court dated September 4, 2025PDF · Subscribers
Monitor’s Seventh Report dated September 4, 2025
  • Operational summary The Companies' operations are cashflow positive but have not generated enough cash to cover professional fees, owing to weak lobster sales and higher-than-expected professional costs. They are continuing groundfish operations while pursuing a sale of the R.S. Journey II and groundfish licenses, completion of the Lot 3 sale, and a refinancing effort.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 4 more extracted facts
PDF · Subscribers
Notice of Motion dated September 4, 2025PDF · Subscribers
Affidavit of Phil Clarke - Sealing Application re Monitor's Sixth Report
  • Financial position · Secured creditors · Unsecured creditors Subscribers
PDF · Subscribers
Monitor's Sixth Report dated September 3, 2025
  • Operational summary The Companies continue to operate under the court-approved Revised Cash Flow Forecast, pursuing the sale of the DTL licence to the Successful Bidder (subject to DFO transfer approval), a refinancing of the remaining assets (RS Journey II and groundfish licences), and collection of the Lennox Fisheries receivable.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 4 more extracted facts
PDF · Subscribers
Sealing Application re Confidential Appendix to Monitor's Sixth Report
PDF · Subscribers
Sealing order re Confidential Appendix to Monitor's Sixth Report
PDF · Subscribers
2025 01G 0889 ICII - Draft Order (June 26, 25PDF · Subscribers
Sealing Application re Confidential Appendix A
  • Financial position · Secured creditors · Unsecured creditors Subscribers
PDF · Subscribers
2025 01G 0889 Letter to the Court (June 26, 2025)PDF · Subscribers
Monitor's Fifth Report Dated June 26, 2025
  • Closing confirmed Closed · date not stated
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 9 more extracted facts
PDF · Subscribers
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
  • Break fee Subscribers
  • + 1 more extracted fact
PDF · Subscribers
Monitor's Fourth Report dated May 14, 2025.pdf
  • Closing confirmed Closed · 15 Apr 2025 · Todd Young
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 9 more extracted facts
PDF · Subscribers
Appendix A - Conditions of Sale.pdfPDF · Subscribers
BMO Memorandum of Fact and Law dated April 9, 2025.PDFPDF · Subscribers
Letter to the Court dated April 8, 2025.pdfPDF · Subscribers
Memorandum of Fact and Law dated April 8, 2025.pdfPDF · Subscribers
Monitor's Third Report dated April 8, 2025.pdf
  • Operational summary The Monitor is running a court-approved SISP to sell the Companies' assets (fishing vessel, gear, and licence) and seeks approval of an early sale of the vessel R.S. Journey and crab gear so the purchaser can fish the 2025 snow crab season. The Companies remain in CCAA proceedings as a partial liquidation; BMO opposes the early sale.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 9 more extracted facts
PDF · Subscribers
Affidavit of Megan Taylor sworn April 4, 2025.pdfPDF · Subscribers
Letter to the Court dated April 4, 2025.pdfPDF · Subscribers
Notice of Motion dated April 4, 2025.pdfPDF · Subscribers
Solicitation Letter dated March 13, 2025.pdfPDF · Subscribers
Confidentiality Agreement.pdf
  • Sale outcome Sale process approved — On March 6, 2025 the Court granted an order allowing the Monitor to implement a Sales & Investment Solicitation Process to solicit bids for certain assets, rights, undertakings and properties of the Company.
  • Break fee · Stalking horse Subscribers
PDF · Subscribers
Affidavit of S. Croft sworn March 4, 2025.pdfPDF · Subscribers
Application re sealing Order dated March 4, 2025.pdfPDF · Subscribers
Letter to Court dated March 4, 2025.pdf
  • Counsel O'Keefe & Sullivan
PDF · Subscribers
Memo of Fact and Law dated March 4, 2025.pdfPDF · Subscribers
Monitor's Second Report dated March 4, 2025.pdf
  • Operational summary The Companies are in CCAA protection and propose a court-supervised sales and investment solicitation process for certain assets (R.S. Journey vessel, lobster gear, halibut license), while excluding other assets so they can continue operating in a reduced capacity after the proceedings. The Monitor supports extending the stay to July 4, 2025.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 4 more extracted facts
PDF · Subscribers
Notice of Motion dated March 4, 2025.pdfPDF · Subscribers
Affidavit of M Langlois dated Feb 20, 2025.pdfPDF · Subscribers
Letter to the Court dated February 19, 2025.pdfPDF · Subscribers
Memorandum of Fact and Law dated February 19, 2025.pdfPDF · Subscribers
Monitor's First Report dated February 19, 2025.pdf
  • Operational summary The Companies continue to operate in the normal course, harvesting groundfish and lobster (crab seasonally) with vessel crews, though poor winter weather has lowered landings. They need no DIP financing and are preparing a sales and investment solicitation process for the Halibut License, the vessel R.S. Journey and lobster gear.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 7 more extracted facts
PDF · Subscribers
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 · Subscribers
ICI - CCAA Notice to Creditors.pdf
PDF · Subscribers
ICI & DTL - List of Creditors.pdf
  • Financial position · Secured creditors · Unsecured creditors Subscribers
PDF · Subscribers
Innovative Capital Investments Inc. et al. Letter dated February 11, 2025.pdfPDF · Subscribers
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
  • Break fee Subscribers
  • + 1 more extracted fact
PDF · Subscribers
Proposed Monitor's Pre-Filing Report dated February 10, 2025.pdfPDF · Subscribers
Proposed Monitor’s Pre-filing Report.pdfPDF · Subscribers
Court Notice.pdfPDF · Subscribers
2025 01G 0889 Notice of Motion (26, June 2025PDF · Subscribers
Affidavit of S. Croft.pdfPDF · Subscribers
Affidavit of Shawn Croft.pdfPDF · Subscribers
Appendix B - Tender Bidding Form.pdfPDF · Subscribers
Applicants Memo of Fact and Law.pdfPDF · Subscribers
CCAA- Frequently Asked Questions.pdfPDF · Subscribers
Draft Order.pdfPDF · Subscribers
Notice of Application.pdfPDF · Subscribers
SISP Draft Order.pdfPDF · 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 Ltd.” (CCAA), Supreme Court of Newfoundland and Labrador. Retrieved 4 November 2026, https://proceedings.ca/case/innovative-capital-investments-inc-and-dominion-trading-ltd

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Sources last checked · summary updated 1 October 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.