Insights
The archive, newest first — posts 626–650 of 719. The 8 most recent are on the front. ← The newest analysis
Filing brief
Sirona Pharma: the licence could not be sold, so the company was
Health Canada suspended Sirona Pharma's cannabis licence in September 2025 and the business stopped. The licence came back in May. The Monitor's sale process sent 113 teasers, admitted nine parties to a data room and produced no viable third-party offer — and the reverse vesting order it filed on July 6 asks the court to sell the company itself, because the licence cannot be moved.
Precedent note
Synaptive: the employer nobody worked for
Synaptive's reverse vesting order moved 48 terminated employees' contracts into a company that had never employed anyone, and that company then went bankrupt. The Attorney General argued this meant no Wage Earner Protection benefits, because nobody had ever worked there. On July 7 Justice Dietrich held that a court order is itself enough to form the employment relationship.
Outcome brief
King David (Cathedraltown lands): the stalking horse, after the winner walked
On July 10, Justice Myers approved the sale of King David Inc.'s four Cathedraltown parcels in Markham to Home Trust Company, the stalking horse, for $30 million: cash for taxes, fees and a commission, the rest a credit bid. The bidder whose $35.28 million offer the receiver had signed walked away in due diligence.
Filing brief
Lions Village: the entrance fee that did not come back
Seniors paid entrance fees to a registered charity for life leases in three Edmonton retirement communities. When they died or moved out, the applicants say, the money was not returned — and since 2024 Alberta law has required 9% interest on it, paid monthly. On July 6 they asked the Court of King's Bench to hand the society to BDO.
Outcome brief
Dosanjh Care: what a secured creditor is not required to wait for
A care facility closed by government order two years before the receiver arrived. Its owner produced a 2022 appraisal valuing the business at $3.28 million and argued the sale was not value-maximising. On July 9 Justice Myers set out what a creditor holding secured collateral need not do first — and found the lawsuit she wanted continued had been started without authority.
Outcome brief
Ignite Technology: sold to MNP inside an NOI, then deemed bankrupt
A term sheet signed a week before filing bound the Calgary IT firm to an NOI and to seek approval of a sale to MNP Digital. Justice Jones approved it April 23, 2026, at a sealed price; no proposal followed, and on June 20 Ignite was deemed bankrupt, listing liabilities over $9.80 million.
Case update
Rocky Mountain Plaza: bids must now take the U.S. consulate's lease
The buyer who meant to convert the 15-storey Calgary office tower to residential use needed the U.S. consulate's lease gone; the consulate has not given FTI a firm date to leave. On July 9 the court approved the receiver's report on ending that sale, and a new process that requires bids to take the lease.
Outcome brief
Stephenville Airport: bought for $6.90, sold on its lender's credit bid
Acquired under a 2022 agreement for $6.90 and approximately $1,069,093 in assumed liabilities, the airport went dormant after its power was disconnected in June 2025. Its sale to the nominee of a BTG Capital affiliate closed on June 5, 2026 at $4,465,686.87, $3,255,886.83 of it BTG debt credited; the receiver now asks to be discharged.
15132738 Canada Inc., the owner and operator of the Stephenville International Airport
Outcome brief
12870428 Canada: Popeyes franchisees, $357,000 to RBC and the accountant's files
Four companies that ran Popeyes franchises in Whitby, Oshawa and Cobourg owed RBC an estimated $1,579,376.13 when KPMG became receiver. On July 8, 2026, Justice Myers approved a $357,000 interim distribution to the bank and KPMG's discharge, a week after adjourning to hear how the receiver had sought tax records from 12870428 Canada Inc.'s former accountant.
Outcome brief
Boutique le Pentagone: $200,000, from the creditor already owed $2.2 million
Boutique Le Pentagone filed a notice of intention in December, liquidated inventory under court guidelines, disclaimed leases and took three extensions. On July 9 a registrar of the Superior Court approved its proposal — funded entirely by a $200,000 investment from a creditor whose own claim for unpaid rent and advances is estimated at $2,224,000.
Outcome brief
Fallon Energy: garnished, the oil money was still Fallon's
Two Saskatchewan municipalities served tax notices on Fallon's oil buyers; in 2026 ABKB 443, Justice Lema held the money remained Fallon's and the NOI stayed the garnishments. On July 2, 2026, the secured lender won a reverse vesting order sending excluded claims to a creditor trust, with $250,000 reserved for four municipalities.
Outcome brief
Versante Hotel: six-month money, and the loan that carried it into receivership
Richmond's luxury boutique Versante traded through foreclosure, receivership, a $48-million sale that failed twice, and its operating company's bankruptcy. Deloitte's discharge report closes the file on a $35.8-million bridge loan at a shortfall of over $80 million.
International Trade Center Properties Ltd., RCC Holdings Ltd., and Hotel Versante Ltd.
Outcome brief
YRC Freight Canada: vacation pay expected in full, nothing projected for Class 5
Yellow's liquidating plan took effect on July 1, 2026; former employees of its Canadian arm, owed about CAD$2.2 million in vacation pay, are expected to recover in full, and the Canadian arm's general unsecured creditors are projected to receive nothing. On July 8 the Ontario court recognized three U.S. orders approving multiemployer pension settlements.
Outcome brief
Antibe Therapeutics: from a 2 a.m. CCAA filing to 42% for unsecured creditors
A Singapore tribunal held that Nuance Pharma validly rescinded its licence of Antibe's lead drug and ordered the US$20 million upfront payment returned. Justice Osborne ended Antibe's CCAA filing and appointed FTI as receiver; Taro Pharmaceuticals bought the company by reverse vesting order, and unsecured creditors received about 42% of $42.4 million in proven claims.
Outcome brief
Ecoideas: the bought RBC loan that became the only qualified bid
RBC sold its security over the Newmarket health-food company to 1001611870 Ontario Inc., which credit-bid it, about $2.3 million, as stalking horse. Justice Conway voiced concern that the bid left nothing for $5.4 million in unsecured creditors. No other qualified bid came; on July 7 Justice Kimmel granted a reverse vesting order.
Case update
Excalibur Mechanical: the Wheatland job the receiver left unfinished
EY's analysis of finishing Excalibur's one remaining job, for Wheatland County, showed a $340,580.38 deficiency, with $923,207.82 of lienable payables against a $659,265.72 holdback; on April 1 the receiver told the county it would not complete the work. On July 7 the court approved a McDougall Auctioneers net-minimum-guarantee auction, the offers sealed.
Filing brief
XTM: a float of other people's tips
XTM's EveryDay Platform paid gratuities to hospitality workers in real time, funded by merchants' pre-authorized debits into a float XTM held. By September 2025 that float was short approximately $18.75 million, for reasons still not determined. On July 6 Justice Black decided who bears $1.5 million of chargebacks taken after the stay — and largely preferred the banks.
Case update
I-Way Group: EY counts 283 fleet assets unaccounted for, and an auction of 41
National Bank of Canada, owed more than $42 million, won EY's appointment over the I-Way group's objections in December; EY's First Report says 283 of the 518 fleet assets on management's list are unaccounted for. On July 6 the court approved an auction of 41 of the assets EY located and listings for four properties.
Outcome brief
Ritchie Industries: the Kamsack receivership ends, its lawsuits to be dropped
On June 30, 2026, Justice M.J. Morris ordered MNP discharged as receiver of Ritchie Industries and Duck Mountain Environmental of Kamsack, Sask. once it pays a last $30,704.37 to Affinity Credit Union and its counsel's fees, and authorized it to drop suits against the principal's spouse's company and a company Ritchie held shares in.
Ritchie Industries Inc. and Duck Mountain Environmental Ltd.
Filing brief
Auberge du Lac Sacacomie: the offer that would cover every debt
A 106-room log resort on Lac Sacacomie with 137 staff, whose 2020 sales were barely a quarter of pre-pandemic levels — which cost it the renovations that would have brought guests back. It has been under contract repeatedly since 2020 without a deal closing. The letter of intent now before the court would pay its debts in full, and it needs $1 million to reach the closing date.
Filing brief
One Properties Paramount: an empty theatre on Jasper Avenue
The Paramount has been dark. Its owner's receiver took possession last September, fielded the City of Edmonton's correspondence about graffiti and loitering, and marketed four addresses unpriced for six months to 777 online viewers. On June 29 it asked the court to approve an unconditional sale — against $9,086,012 owed to National Bank and $254,651 of unpaid property taxes to the city.
Filing brief
Bold Canine: the whole facility, in ten days
A frozen raw pet food plant was locked out of its own factory on June 12 over unpaid rent. The creditor who is not first in line reinstated the lease, then funded a $350,000 interim receivership — payroll, critical vendors, raw meat, and liquid nitrogen to keep the freezers running. By July 5 the entire facility was drawn. Tomorrow the court decides whether it continues, and the creditor who IS first is having the assets appraised.
Outcome brief
Premier Health: the part Québec did not close
Bill 10 capped the rates. Then the Autorité des marchés publics struck four of Premier Health of America's subsidiaries off the public-contract register for five years, citing integrity breaches, and the company's Québec business was over by December. What survived was the federal work — nurses staffed into Indigenous and remote communities — and on July 3 the Superior Court signed it over to Bayshore's parent by reverse vesting order, eleven days after the company's own bank put it into the CCAA.
Outcome brief
Tier 1 Mortgages: ten years on, the lawsuit money is split by loss
On July 2, 2026, Justice Black approved Grant Thornton's plan to share $17,635,050 in net litigation recoveries among the syndicated mortgage investments that joined the lawsuit, by each one's part of an $83.78 million estimated loss. The trustee had rejected a per-settlement split, saying settlement sizes largely followed each defendant's insurance.
Case update
AlphaBow: the monitor asked the bank
A sale failed to close in June because the company did not post a $9,053,918 security deposit with the regulator. Its counsel withdrew, its only officer resigned, and nobody answered. So the monitor went directly to BMO — and found $4,076.87 in an account that its own reporting had shown holding about $9 million.