TCAS Holdings Limited, Sustainable Fish Farming (Canada) Limited, Sustainable Blue Inc., and TCAS IP Inc. (collectively, the “Sustainable Blue”)
- 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
- File
- Hfx No. 531915
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.
The officer filed report no. Fifth Report. 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.
Source: Fifth Report of Deloitte Restructuring Inc. in its Capacity as Receiver and Manager
The officer filed report no. Fourth Report. The Receiver is continuing to operate the Facility and care for the live salmon biomass while awaiting transfer of aquaculture license 1312 to the court-approved purchaser (459NSL); closing is expected in early November 2024, and the Receiver seeks to raise its borrowing limit from $6,000,000 to $8,000,000 to fund operations until then.
Source: Fourth Report of Deloitte Restructuring Inc. in its Capacity as Receiver and Manager
The court granted an approval and vesting order. Closing terms, as extracted: Delivery of Receiver's Deed and Receiver's Certificate triggers vesting.
Source: Sale Approval and Vesting Order
Brief re Sale Approval and Vesting Order and Fee Approval — Application / notice of application
Third Report of Deloitte Restructuring Inc. in its Capacity as Receiver and Manager — Court officer report
Letter to Prothonotary re Supplemental Report and Order — Application / notice of application
Second Report of Deloitte Restructuring Inc. in its Capacity as Receiver and Manager — Court officer report
First Report of Deloitte Restructuring Inc. in its Capacity as Receiver and Manager — Court officer report
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
Debtor
TCAS Holdings Limited, Sustainable Fish Farming (Canada) Limited, Sustainable Blue Inc., and TCAS IP Inc. (collectively, the “Sustainable Blue”)
Receiver
Deloitte
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverDeloitte | Cox & Palmer | 8 Apr 2024 | Service list · 8 Apr 2024 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 3 | Deemed trusts (CRA and other) | Canada Revenue Agency · in 985 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) | $1 | Notice and Statement of the Receiver |
| 4 | Secured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured |
89 more claims in 2 classes The stack holds Deemed trusts (CRA and other), Secured and Unsecured claims.
Every creditor and every amount, drawn to scale.
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See all plansThis 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 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
| Purchaser | Price | Status | Source |
|---|---|---|---|
| 4595756 Nova Scotia Limitedall of the Sustainable Group's and the Receiver's right, title and interest in and to that certain personal and real property described within the APA (the "Purchased Assets") · asset sale · nominee/assignee: 464NSL (4644903 Nova Scotia Limited), or its assignee, nominee or designee · agreement 27 May 2024 | not stated | Not completeddate not stated | Fifth Report of Deloitte Restructuring Inc. in… |
1 engagement · 1 firm — Cox & Palmer, Initial Period, in feesAffidavit of Gavin MacDonald · 13 Sep 2024
| Firm | Period | Hours | Fees | Rates | Source |
|---|---|---|---|---|---|
| Cox & PalmerCounsel to the receiver | Initial Period | 8 people | Affidavit of Gavin MacDonald · 13 Sep 2024 | ||
28 blurred figures above
What the firm billed, and each person’s hours and rate — each as the filing states it, with its source.
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See all plans| Date | Document | File |
|---|---|---|
| Draft Order re Change of Style of Cause | PDF · Subscribers | |
| Letter to Prothonotary re Change of Style of Cause | PDF · Subscribers | |
| Brief re Change of Style of Cause | PDF · Subscribers | |
Fifth Report of Deloitte Restructuring Inc. in its Capacity as Receiver and Manager
| PDF · Subscribers | |
Notice of Motion re Change of Style of Cause
| PDF · Subscribers | |
| Draft order re Borrowing Charge - October 2024 | PDF · Subscribers | |
Fourth Report of Deloitte Restructuring Inc. in its Capacity as Receiver and Manager
| PDF · Subscribers | |
| Letter to Prothonotary re Notice of Motion and Materials | PDF · Subscribers | |
| S igned Brief | PDF · Subscribers | |
| Book of Authorities | PDF · Subscribers | |
Sale Approval and Vesting Order
| PDF · Subscribers | |
Affidavit of Gavin MacDonald
| PDF · Subscribers | |
| Brief re Sale Approval and Vesting Order and Fee Approval | PDF · Subscribers | |
| Draft Order Approving the Receiver' Activities, fees and seeking the power to make an assignment into bankruptcy, should the Receiver deem it necessary or desirable | PDF · Subscribers | |
| Third Report of Deloitte Restructuring Inc. in its Capacity as Receiver and Manager | PDF · Subscribers | |
| Order for Confidentiality | PDF · Subscribers | |
| Brief re Sealing Order | PDF · Subscribers | |
| Draft Interim Order for Confidentiality | PDF · Subscribers | |
| Draft Order for Confidentiality | PDF · Subscribers | |
| Letter to Prothonotary re Supplemental Report and Order | PDF · Subscribers | |
| Order | PDF · Subscribers | |
Teaser
| PDF · Subscribers | |
| Book of Authorities & Index | PDF · Subscribers | |
| Brief - SISP Approval | PDF · Subscribers | |
| Draft Sale Approval and Vesting Order | PDF · Subscribers | |
| Letter to Court | PDF · Subscribers | |
| Second Report of Deloitte Restructuring Inc. in its Capacity as Receiver and Manager | PDF · Subscribers | |
| Order Amending Receiver's Borrowings | PDF · Subscribers | |
| Increase in Borrowing Brief | PDF · Subscribers | |
| Letter to the Court, Notice of Motion | PDF · Subscribers | |
| Notice of Motion | PDF · Subscribers | |
First Report of Deloitte Restructuring Inc. in its Capacity as Receiver and Manager
| PDF · Subscribers | |
| Draft Order - Borrowing Charge | PDF · Subscribers | |
Notice and Statement of the Receiver
| PDF · Subscribers | |
Service List
| PDF · Subscribers | |
| Draft Order - SISP | PDF · Subscribers | |
Receivership Order
| PDF · Subscribers | |
Sale and Investment Solicitation Process
| PDF · Subscribers | |
| Affidavit of Thane Stevens | PDF · Subscribers | |
| Applicant's Brief | PDF · Subscribers | |
| Book of Authorities of the Applicant | PDF · Subscribers | |
Notice of Application in Chambers
| PDF · Subscribers | |
Solicitor's Affidavit
| PDF · Subscribers | |
Filing titles and dates are public, and so is each filing's own page. The figures read from them are for subscribers.
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 4 November 2026, https://proceedings.ca/case/sustainable-blue