Proceedings.

TCAS Holdings Limited, Sustainable Fish Farming (Canada) Limited, Sustainable Blue Inc., and TCAS IP Inc. (collectively, the “Sustainable Blue”)

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Active
Proceeding
Receivership (court-appointed)subsection 243(1) of the Bankruptcy and Insolvency Act and the equitable jurisdiction of this Court as partially codified by s. 43(9) of the Judicature Act
Court
Supreme Court of Nova Scotia
File
Hfx No. 531915
Filings held43
Last activity6 Mar 2025
On the record900 days
Secured debt$23M
OverviewSummary updated

TCAS Holdings Limited, Sustainable Fish Farming (Canada) Limited, Sustainable Blue Inc. and TCAS IP Inc. — together Sustainable Blue — are the subject of a court-appointed receivership before the Supreme Court of Nova Scotia, commenced on March 26, 2024 under section 243 of the Bankruptcy and Insolvency Act and provincial Judicature Act authority. The proceeding carries court file number 531915 and remains active. The record to date reflects only the commencement of the receivership application against the four related entities.

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Case updates43 dated entries
#Order

The court appointed Deloitte Restructuring Inc. as receiver and manager, on the application of 4595756 Nova Scotia Limited. Court file Hfx No. 531915.

Source: Receivership Order

#Filing

Receivership application filed against the four Sustainable Blue entities in the Supreme Court of Nova Scotia under BIA s. 243 and provincial Judicature Act authority, opening file 531915.

Source: Notice of Application in Chambers

Parties

Debtor

TCAS Holdings Limited, Sustainable Fish Farming (Canada) Limited, Sustainable Blue Inc., and TCAS IP Inc. (collectively, the “Sustainable Blue”)

Receiver

Deloitte

Bench and counselPer the orders and service lists on the record

Counsel of record

PartyCounselFirst seenSource
CreditorJeremy LeeConlon5 Mar 2025Application · 5 Mar 2025
Capital structureAs asserted in the filings
stated amounts, drawn to scale
#Priority classCreditorAmountSource
3Deemed trusts (CRA and other)Canada Revenue Agency · in 926 casesListed under Secured Creditors in the Listing of Creditors; likely reflects a deemed-trust class claim (statutory Crown priority) rather than a conventional registered security; amount as stated is nominal ($1.00). — debtor: Sustainable Group (collectively)$1Notice and Statement of the Receiver
4Secured4595756 NS LtdListed as secured creditor in Listing of Creditors prepared without audit by the Receiver; nature/registration of security not specified in this document. — debtor: Sustainable Group (collectively)$23MNotice and Statement of the Receiver
8UnsecuredBayt Al Qoot UK Ltd.debtor: Sustainable Group (collectively)$10.1MNotice and Statement of the Receiver
8UnsecuredAtlantic Fisheries Fund · in 3 casesdebtor: Sustainable Group (collectively)$4MNotice and Statement of the Receiver
8UnsecuredTracadie Investmentsdebtor: Sustainable Group (collectively)$2.71MNotice and Statement of the Receiver
8UnsecuredAtlantic Canada Opportunities Agency · in 20 casesdebtor: Sustainable Group (collectively)$1.44MNotice and Statement of the Receiver
8UnsecuredL&M Enterprisesdebtor: Sustainable Group (collectively)$984KNotice and Statement of the Receiver
8UnsecuredNova Scotia Power · in 15 casesdebtor: Sustainable Group (collectively)$378KNotice and Statement of the Receiver
8UnsecuredDartmouth Concrete Servicesdebtor: Sustainable Group (collectively)$283KNotice and Statement of the Receiver
8UnsecuredGrieg Seafood Nl Nurseries Ltd.debtor: Sustainable Group (collectively)$270KNotice and Statement of the Receiver
8UnsecuredGovernment of Canada · in 8 casesdebtor: Sustainable Group (collectively)$233KNotice and Statement of the Receiver
8UnsecuredBD Stevens Limiteddebtor: Sustainable Group (collectively)$124KNotice and Statement of the Receiver
8UnsecuredEwos Canada Ltd.debtor: Sustainable Group (collectively)$89.4KNotice and Statement of the Receiver
8UnsecuredBlack & Mcdonald Ltd.debtor: Sustainable Group (collectively)$86.1KNotice and Statement of the Receiver
8UnsecuredDartek Transport Ltd.debtor: Sustainable Group (collectively)$83.2KNotice and Statement of the Receiver
8UnsecuredVerus Capital Inc.debtor: Sustainable Group (collectively)$73.4KNotice and Statement of the Receiver
8UnsecuredLinde Canada Inc (Praxair) · in 20 casesListed separately from a second, smaller Linde Canada Inc (Praxair) entry below; document lists both as-is. — debtor: Sustainable Group (collectively)$70.2KNotice and Statement of the Receiver
8UnsecuredSkretting North America (St Andrews)debtor: Sustainable Group (collectively)$64.7KNotice and Statement of the Receiver
8UnsecuredGFL Environmental Inc. · in 52 casesdebtor: Sustainable Group (collectively)$60.9KNotice and Statement of the Receiver
8UnsecuredErnie's Septic Service Ltd.debtor: Sustainable Group (collectively)$46.3KNotice and Statement of the Receiver
8UnsecuredIEK Logistics ltddebtor: Sustainable Group (collectively)$41.8KNotice and Statement of the Receiver
8UnsecuredBrunswick Lift Rentals · in 3 casesdebtor: Sustainable Group (collectively)$36.9KNotice and Statement of the Receiver
8UnsecuredFlottwegdebtor: Sustainable Group (collectively)$27.8KNotice and Statement of the Receiver
8UnsecuredCarbon Activated (Corp Canada)debtor: Sustainable Group (collectively)$27.8KNotice and Statement of the Receiver
8UnsecuredBenchmark Geneticsdebtor: Sustainable Group (collectively)$26.2KNotice and Statement of the Receiver
8UnsecuredSpar Marine Limited · in 2 casesdebtor: Sustainable Group (collectively)$26KNotice and Statement of the Receiver
8UnsecuredErnst & Young LLP · in 28 casesdebtor: Sustainable Group (collectively)$25.6KNotice and Statement of the Receiver
8UnsecuredNortheast Equipment Ltddebtor: Sustainable Group (collectively)$25.1KNotice and Statement of the Receiver
8UnsecuredQuoted Prdebtor: Sustainable Group (collectively)$18.9KNotice and Statement of the Receiver
8UnsecuredAtlantic Compressed Airdebtor: Sustainable Group (collectively)$13.9KNotice and Statement of the Receiver
8UnsecuredBrenntag Canada Inc. · in 9 casesdebtor: Sustainable Group (collectively)$13.2KNotice and Statement of the Receiver
8UnsecuredVeolia Water Technologies Usa Inc.debtor: Sustainable Group (collectively)$13.2KNotice and Statement of the Receiver
8UnsecuredMcinnes Cooper · in 7 casesdebtor: Sustainable Group (collectively)$13KNotice and Statement of the Receiver
8UnsecuredStewart Mckelvey · in 15 casesdebtor: Sustainable Group (collectively)$10.8KNotice and Statement of the Receiver
8UnsecuredGrant Thornton LLP · in 30 casesdebtor: Sustainable Group (collectively)$10.4KNotice and Statement of the Receiver
8UnsecuredPlanner Internationaldebtor: Sustainable Group (collectively)$10.3KNotice and Statement of the Receiver
8UnsecuredFisher Transport Limiteddebtor: Sustainable Group (collectively)$9.6KNotice and Statement of the Receiver
8UnsecuredK2 Corrosion Fasteners (Ns) Inc.debtor: Sustainable Group (collectively)$8.44KNotice and Statement of the Receiver
8UnsecuredHse Integrated Ltd. · in 4 casesdebtor: Sustainable Group (collectively)$8.3KNotice and Statement of the Receiver
8UnsecuredRockwell Automationdebtor: Sustainable Group (collectively)$8.22KNotice and Statement of the Receiver
8UnsecuredCorey Bartlettdebtor: Sustainable Group (collectively)$7.39KNotice and Statement of the Receiver
8UnsecuredApex Industries Inc. · in 3 casesdebtor: Sustainable Group (collectively)$7.28KNotice and Statement of the Receiver
8UnsecuredSalus Technologies Inc. · in 2 casesdebtor: Sustainable Group (collectively)$6.47KNotice and Statement of the Receiver
8UnsecuredGreg Morashdebtor: Sustainable Group (collectively)$6.13KNotice and Statement of the Receiver
8UnsecuredSource Atlantic Limited · in 3 casesdebtor: Sustainable Group (collectively)$5.72KNotice and Statement of the Receiver
8UnsecuredRentokil Pest Control Canada · in 2 casesdebtor: Sustainable Group (collectively)$5.2KNotice and Statement of the Receiver
8UnsecuredMari-Tech Scales & Food Equipment · in 2 casesdebtor: Sustainable Group (collectively)$4.83KNotice and Statement of the Receiver
8UnsecuredMcadoo's Lawn Care & Excavating Ltddebtor: Sustainable Group (collectively)$4.7KNotice and Statement of the Receiver
8UnsecuredBurkert Fluid Control Systemsdebtor: Sustainable Group (collectively)$4.52KNotice and Statement of the Receiver
8UnsecuredWhite Cap Supply Canada Inc. · in 12 casesdebtor: Sustainable Group (collectively)$4.33KNotice and Statement of the Receiver
8UnsecuredSunbelt Rentals Of Canada Inc. · in 15 casesdebtor: Sustainable Group (collectively)$4.26KNotice and Statement of the Receiver
8UnsecuredBureau Veritas Canada ( 2019 ) Inc. · in 12 casesdebtor: Sustainable Group (collectively)$3.87KNotice and Statement of the Receiver
8UnsecuredTrue Cut Concrete Sawing, Drillingdebtor: Sustainable Group (collectively)$3.84KNotice and Statement of the Receiver
8UnsecuredGreen Line Hose & Fittings Ltd. · in 7 casesdebtor: Sustainable Group (collectively)$3.78KNotice and Statement of the Receiver
8UnsecuredUline Canada Corporation · in 71 casesdebtor: Sustainable Group (collectively)$3.22KNotice and Statement of the Receiver
8UnsecuredShaw Resourcesdebtor: Sustainable Group (collectively)$3.15KNotice and Statement of the Receiver
8UnsecuredSyscom Uk Ltd.debtor: Sustainable Group (collectively)$3KNotice and Statement of the Receiver
8UnsecuredRainbow Net & Rigging Limiteddebtor: Sustainable Group (collectively)$2.61KNotice and Statement of the Receiver
8UnsecuredDynamic Aqua - Supply Ltd.debtor: Sustainable Group (collectively)$2.48KNotice and Statement of the Receiver
8UnsecuredPentair Aquatic Eco-Systems Incdebtor: Sustainable Group (collectively)$2.31KNotice and Statement of the Receiver
8UnsecuredAfishionado Fishmongers Inc.debtor: Sustainable Group (collectively)$2.16KNotice and Statement of the Receiver
8UnsecuredCochrane's Electrical Contractingdebtor: Sustainable Group (collectively)$2.14KNotice and Statement of the Receiver
8UnsecuredOcean Wisedebtor: Sustainable Group (collectively)$2.07KNotice and Statement of the Receiver
8UnsecuredFathom Fish & Seafood Inc.debtor: Sustainable Group (collectively)$1.68KNotice and Statement of the Receiver
8UnsecuredJohn Brooks Company Limited · in 10 casesdebtor: Sustainable Group (collectively)$1.55KNotice and Statement of the Receiver
8UnsecuredCabco Communications Groupdebtor: Sustainable Group (collectively)$1.54KNotice and Statement of the Receiver
8UnsecuredLinde Canada Inc (Praxair) · in 20 casesSecond, separate listed amount for same creditor name (document lists two distinct line items). — debtor: Sustainable Group (collectively)$1.37KNotice and Statement of the Receiver
8UnsecuredJ. Hinz Consulting Inc.debtor: Sustainable Group (collectively)$1.22KNotice and Statement of the Receiver
8UnsecuredSansom Equipment Limited · in 3 casesdebtor: Sustainable Group (collectively)$1.15KNotice and Statement of the Receiver
8UnsecuredPro-Oceanus Systems Inc.debtor: Sustainable Group (collectively)$1.1KNotice and Statement of the Receiver
8UnsecuredMcmaster - Carr · in 3 casesdebtor: Sustainable Group (collectively)$1.04KNotice and Statement of the Receiver
8UnsecuredCleanearth Industrial Servicedebtor: Sustainable Group (collectively)$966Notice and Statement of the Receiver
8UnsecuredMaritime Labels & Packagingdebtor: Sustainable Group (collectively)$910Notice and Statement of the Receiver
8UnsecuredCoastline Technician Ltddebtor: Sustainable Group (collectively)$755Notice and Statement of the Receiver
8UnsecuredAquatic Life Ltd.debtor: Sustainable Group (collectively)$735Notice and Statement of the Receiver
8UnsecuredCody Ross Satety Consulting Ldebtor: Sustainable Group (collectively)$690Notice and Statement of the Receiver
8UnsecuredDavid Robertsdebtor: Sustainable Group (collectively)$681Notice and Statement of the Receiver
8UnsecuredA Good Hauldebtor: Sustainable Group (collectively)$575Notice and Statement of the Receiver
8UnsecuredKim Crossleydebtor: Sustainable Group (collectively)$525Notice and Statement of the Receiver
8UnsecuredAtlantic Purification Systems · in 2 casesdebtor: Sustainable Group (collectively)$480Notice and Statement of the Receiver
8UnsecuredBell Aliant · in 37 casesdebtor: Sustainable Group (collectively)$471Notice and Statement of the Receiver
8UnsecuredNova Industrial Supplies Ltd.debtor: Sustainable Group (collectively)$419Notice and Statement of the Receiver
8UnsecuredMatt's Towing Incdebtor: Sustainable Group (collectively)$374Notice and Statement of the Receiver
8UnsecuredT.T.L. Supply Limiteddebtor: Sustainable Group (collectively)$358Notice and Statement of the Receiver
8UnsecuredDatasite Ontario Inc. · in 3 casesdebtor: Sustainable Group (collectively)$357Notice and Statement of the Receiver
8UnsecuredSyndel Laboratories Ltd.debtor: Sustainable Group (collectively)$298Notice and Statement of the Receiver
8UnsecuredPurolator Inc. · in 99 casesdebtor: Sustainable Group (collectively)$284Notice and Statement of the Receiver
8UnsecuredBell Conferencing Inc. · in 10 casesdebtor: Sustainable Group (collectively)$115Notice and Statement of the Receiver
8UnsecuredHants Shore Health Associationdebtor: Sustainable Group (collectively)$100Notice and Statement of the Receiver
8UnsecuredEmployees · in 185 casesListed as 'Priority Creditors' — preferred class (BIA priority, e.g. wages) ranking ahead of ordinary unsecured creditors. — debtor: Sustainable Group (collectively)$1Notice and Statement of the Receiver

This proceeding was commenced by a secured creditor. The record does not include the debtor’s own statement of assets and liabilities — that ceiling is the record’s, not this page’s.

Sale processAs stated in the filings

Sale approved — Sale Transaction approved through the SISP but not yet closed; procedural amendments requested to substitute applicant entitiesFifth Report of Deloitte Restructuring Inc. in its Capacity as Receiver… · 5 Mar 2025

Bid deadline (round closed)

23 August 2024

Sale and Investment Solicitation Process

Phase 1 deadline

12 July 2024

Sale and Investment Solicitation Process

PurchaserPriceStatusSource
4595756 Nova Scotia LimitedCredit bidthe Debtors' assets · asset sale · nominee/assignee: 464NSL (4644903 Nova Scotia Limited), or its assignee, nominee or designee · agreement 27 May 2024not statedNot completeddate not statedFifth Report of Deloitte Restructuring Inc. in…
AdvisorsDeloitte Restructuring Inc. (sale agent)Teaser
Closing termsDelivery of Receiver's Deed and Receiver's Certificate triggers vestingSale Approval and Vesting Order
Fees and ratesAs stated in the filings

1 engagement · 1 firm — Cox & Palmer, Initial Period, $42,231.50 in feesAffidavit of Gavin MacDonald · 13 Sep 2024

FirmPeriodHoursFeesRatesSource
Cox & Palmercapacity not statedfirm not named in the headingInitial Period101.2$42,231.50ex. tax$110 – $4608 peopleAffidavit of Gavin MacDonald · 13 Sep 2024
8 people — Cox & Palmer, Initial Period
NameYear of callHoursRateFees
Josh McElman200413.6$460$6,256.00
Gavin MacDonald200272.4$450$32,580.00
Nicholas Poirier202212.3$240$2,952.00
Linda M. Matte—0.5$200$100.00
Kendra MacKenzie-Granger—0.3$175$52.50
David Biddle—0.4$160$64.00
Natalie Ament—1$150$150.00
Kenneth Farrell—0.7$110$77.00
Total———$42,231.50
Documents
43 filings
DateDocumentFile
Draft Order re Change of Style of CausePDF
Letter to Prothonotary re Change of Style of CausePDF
Brief re Change of Style of CausePDF
Fifth Report of Deloitte Restructuring Inc. in its Capacity as Receiver and Manager
  • Closing confirmed Did not complete · date not stated · 4595756 Nova Scotia Limited
  • Operational summary The report does not describe current operations in detail but focuses on finalizing the previously court-approved sale of the Sustainable Group's aquaculture facility, including transferring the aquaculture license and accommodating the purchaser's corporate restructuring before closing.
  • Purchaser 4595756 Nova Scotia Limited · nominee/assignee 464NSL (4644903 Nova Scotia Limited), or its assignee, nominee or designee · the Debtors' assets · asset sale · approved
  • Report date 5 March 2025
  • + 2 more extracted facts
PDF
Notice of Motion re Change of Style of Cause
  • Counsel Conlon
PDF
Draft order re Borrowing Charge - October 2024PDF
Fourth Report of Deloitte Restructuring Inc. in its Capacity as Receiver and Manager
  • Purchaser 4595756 Nova Scotia Limited (credit bid) · the Debtors' assets · asset sale · approved
  • Sale outcome Sale approved — Court approved sale of the Debtors' assets to 459NSL following the SISP; closing pending permit transfer
PDF
Letter to Prothonotary re Notice of Motion and MaterialsPDF
S igned BriefPDF
Book of AuthoritiesPDF
Sale Approval and Vesting Order
  • Closing terms Delivery of Receiver's Deed and Receiver's Certificate triggers vesting
  • Order date 20 September 2024
PDF
Affidavit of Gavin MacDonald
  • Fee schedule Engagements: Form: time_summary · Rows: Josh McElman; Gavin MacDonald; Nicholas Poirier; Linda M. Matte; Kendra MacKenzie-Granger; David Biddle; Natalie Ament; Kenneth Farrell; Fees: 42231.5 · Quote: Total | $42,231.50 · Row kind: subtotal · Rate kind: standard · Name as stated: Total · Money: Tax: $6.47K · Label: HST · Quote: Subtotal | $6,471.28 · Fees: $42.2K · Quote: Fees | $42,231.50 · Total: $50K · Quote: TOTAL INVOICE | $49,965.40 · includes tax · includes disbursements · Approximate: false · Disbursements: $1.26K · Quote: Disbursements | $1,262.62 · Period: Kind: invoice · Label: Initial Period · Quote: Calculation of Average Hourly Billing Rates of CP for the Initial Period · Approval: State: unstated · Averages: Initial Period · Currency: · Invoices: Tax: 6471.28 · Fees: 42231.5 · Quote: 500138673 | $42,231.50 | $1,262.62 | $6,471.28 | 101.2] | $417.31] | $49,965.40 · Total: 49965.4 · Average rate: 417.31 · Disbursements: 1262.62 · Firm text: Cox & Palmer · Firm quote: I am a Partner with the law firm Cox & Palmer ('CP') · Hours total: Quote: 101.2] · Value: 101.2 · Context quote: The average hourly rate during the Initial Period was $417.31. · Firm unverified: true
PDF
Brief re Sale Approval and Vesting Order and Fee ApprovalPDF
Draft Order Approving the Receiver' Activities, fees and seeking the power to make an assignment into bankruptcy, should the Receiver deem it necessary or desirablePDF
Third Report of Deloitte Restructuring Inc. in its Capacity as Receiver and ManagerPDF
Order for ConfidentialityPDF
Brief re Sealing OrderPDF
Draft Interim Order for ConfidentialityPDF
Draft Order for ConfidentialityPDF
Letter to Prothonotary re Supplemental Report and OrderPDF
OrderPDF
Teaser
  • Bid deadline 12 July 2024
  • Sale advisor Deloitte Restructuring Inc. (sale agent)
PDF
Book of Authorities & IndexPDF
Brief - SISP ApprovalPDF
Draft Sale Approval and Vesting OrderPDF
Letter to CourtPDF
Second Report of Deloitte Restructuring Inc. in its Capacity as Receiver and ManagerPDF
Order Amending Receiver's BorrowingsPDF
Increase in Borrowing BriefPDF
Letter to the Court, Notice of MotionPDF
Notice of MotionPDF
First Report of Deloitte Restructuring Inc. in its Capacity as Receiver and Manager
  • Sale outcome Approval pending — in anticipation of a proposed sale and investment solicitation process which will be discussed in detail at the May 21 Application
  • Secured creditors Note: Security opinion obtained by Receiver's counsel confirms security valid and enforceable, subject to usual qualifications; no pre-filing balance/amount owed disclosed in these pages - 459NSL was the applicant that obtained the receivership order · Page: 4 · Debtor: TCAS Holdings Limited, Sustainable Fish Farming (Canada) Limited, Sustainable Blue Inc., and TCAS IP Inc. (Sustainable Group) · Creditor: 4595756 Nova Scotia Limited (459NSL) · Currency: CAD · Security: Registered security over the Sustainable Group's present and after-acquired personal property (blanket all-property registrant)
PDF
Draft Order - Borrowing ChargePDF
Notice and Statement of the Receiver
  • Financial position as at 4 Apr 2024 · per Net book values based on the last internal financial information available of the Sustainable Group as at April 4, 2024; not audited, reviewed or otherwise verified by the Receiver, which expresses no opinion or assurance on the information. · Entity-level (not consolidated): Sustainable Fish Farming (Canada) Limited (Total Assets $59,772,595), Sustainable Blue Inc. ($318,329), TCAS Holdings Limited ($4,990), and TCAS IP Inc. ($422); document reports figures separately by legal entity and does not state a consolidated total. — Only asset-side figures are stated for each of the four Sustainable Group entities; no total-liabilities figure is stated on these pages. Per-entity totals are not summed here as the document itself does not present a consolidated total.
  • Secured creditors $1 · Note: Listed under Secured Creditors in the Listing of Creditors; likely reflects a deemed-trust class claim (statutory Crown priority) rather than a conventional registered security; amount as stated is nominal ($1.00). · Page: 5 · Debtor: Sustainable Group (collectively) · Creditor: Canada Revenue Agency
  • Unsecured creditors $73.4K · Page: 5 · Basis: Listing of Creditors prepared without audit · Debtor: Sustainable Group (collectively) · Creditor: Verus Capital Inc.
PDF
Service ListPDF
Draft Order - SISPPDF
Receivership Order
  • Applicant 4595756 Nova Scotia Limited
  • Appointee Deloitte Restructuring Inc.
  • Appointee role receiver and manager
  • Commencement date 4 April 2024
  • + 3 more extracted facts
PDF
Sale and Investment Solicitation Process
  • Bid deadline 23 August 2024
  • Phase1 deadline 12 July 2024
PDF
Affidavit of Thane StevensPDF
Applicant's BriefPDF
Book of Authorities of the ApplicantPDF
Notice of Application in Chambers
  • Appointee Deloitte Restructuring Inc.
  • Appointee role receiver and manager
  • Statutory basis s. 243 of the BIA and s. 43(9) of the Judicature Act
PDF
Solicitor's Affidavit
  • Secured creditors Note: No balances stated · Page: 6 · Debtor: TCAS IP Inc. · Creditor: 4595756 Nova Scotia Limited (459NSL) · Currency: CAD · Security: PPSA blanket registration Reg. No. 34091314 entered February 26, 2021, amended March 12, 2024 (Reg. No. 39225321), all present and after-acquired personal property
PDF

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

CiteProceedings., “TCAS Holdings Limited, Sustainable Fish Farming (Canada) Limited, Sustainable Blue Inc., and TCAS IP Inc. (collectively, the “Sustainable Blue”)” (Receivership (court-appointed)), Supreme Court of Nova Scotia. Retrieved 20 September 2026, https://proceedings.ca/case/sustainable-blue

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Sources last checked · summary updated 9 August 2026 · Report a correction · Printed from proceedings.ca/case/sustainable-blue

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.