KI Limited Partnership (formerly Korite International Limited Partnership) and 2302353 Alberta Inc. (formerly Korite International GP Inc.)

KI Limited Partnership, formerly Korite International Limited Partnership, and 2302353 Alberta Inc., formerly Korite International GP Inc., have been in court-appointed receivership since September 5, 2024, when the Court of King's Bench of Alberta appointed KSV Restructuring Inc. as receiver on the application of Canadian Imperial Bank of Commerce under section 243(1) of the Bankruptcy and Insolvency Act, section 13(2) of the Judicature Act, section 99(a) of the Business Corporations Act and section 65(7) of the Personal Property Security Act. CIBC was owed CAD $4,752,951.00 and USD $3,824,501.59 as of September 5, 2024, secured by PPSA and Land Titles registrations; The Driving Force Inc. holds a further PPSA registration. Unsecured claims as of the same date totalled CAD $325,340.05 and USD $79,809.89, the largest being Whissell Contracting Ltd at $187,703.00. The debtors' combined unaudited statements showed assets of $7,678,970 at estimated book value as at May 31, 2024, including inventory of $5,696,029. The receivership remains active under court file 2401-11824.