Iron Wind Marine Inc. and 3309736 Nova Scotia Limited

Iron Wind Marine Inc. and 3309736 Nova Scotia Limited filed assignments under the BIA on January 31, 2025 in Nova Scotia, with BDO Canada Limited acting as Licensed Insolvency Trustee under estate and court file numbers 46017, 46018 and 51-3181158. The Toronto Dominion Bank holds general security against both companies, with approximately $220,000 owing by Iron Wind on a revolving line of credit and approximately $430,000 owing by the holding company on a term loan as at the date of bankruptcy. Two floorplan financiers have moved on the vessel fleet under subsection 60(8) of the PPSA: Wells Fargo Capital Finance Corporation Canada, owed approximately $924,000, and Northpoint Commercial Finance Canada Inc., owed approximately $772,000, each estimating $50,000 in costs to take possession and sell and no equity for the estate. The proceedings remain active.