Watershed Solutions Inc.
- Proceeding
- Receivership (court-appointed)Section 39 of the Law and Equity Act and Section 243(1) of the Bankruptcy and Insolvency Act
- File
- S211505
Watershed Solutions Inc. was placed into receivership on February 19, 2021, when the Supreme Court of British Columbia appointed Grant Thornton Limited receiver under section 39 of the Law and Equity Act and section 243(1) of the Bankruptcy and Insolvency Act, on the application of Street Quality Entertainment Ltd. Street Quality had advanced the company a $4.0 million loan in 2015 that matured on November 1, 2018; after forbearance ended, it demanded repayment in January 2021. Exhibit A to the receiver's report listed creditor claims totalling $45,915,620.49, including $29,000,000.00 owed to Menkes Union Tower and $9,869,781.21 owed to 2605796 Ontario Ltd., against total assets of $2,246,286.54.
The Supreme Court of British Columbia granted Street Quality Entertainment Ltd.'s application for a receivership order, appointing Grant Thornton Limited receiver, on February 19, 2021.
Source: Order Made After Application - Receivership Order (filed) - February 19, 2021.PDF
Notice of Application re Receivership (filed) - February 16, 2021.pdf — Application / notice of application
Debtor
Watershed Solutions Inc.
Receiver
Doane Grant Thornton
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Street Quality Entertainment Ltd.PPSA registration against WSI (all-property registrant); Receiver makes no acknowledgement of amount owing or security claimed — Loan Agreement dated November 1, 2015; $4.0 million CDN advanced Nov 2015-Jan 2017 (original advance, distinct from listed balance); loan matured Nov 1, 2018, forbearance ended and repayment demanded January 2021; amount shown here is from Exhibit A creditor listing, not independently verified by Receiver — debtor: Watershed Solutions Inc. | $5.89M | Notice and Statement of Receiver dated February 24, 2021 |
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured |
58 more claims in 1 class The stack holds Secured and Unsecured claims.
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The total the debtor stated at filing
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See all plans| Date | Document | File |
|---|---|---|
Preliminary Report to Court - March 11, 2021.PDF
| PDF · Subscribers | |
Notice and Statement of Receiver dated February 24, 2021
| PDF · Subscribers | |
Order Made After Application - Receivership Order (filed) - February 19, 2021.PDF
| PDF · Subscribers | |
| Affidavit of Duncan MacRae (filed) - February 16, 2021.pdf | PDF · Subscribers | |
Notice of Application re Receivership (filed) - February 16, 2021.pdf
| 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., “Watershed Solutions Inc.” (Receivership (court-appointed)), Supreme Court of British Columbia. Retrieved 4 November 2026, https://proceedings.ca/case/watershed-solutions-inc