Insights
The archive, newest first — posts 651–675 of 719. The 8 most recent are on the front. ← The newest analysis
Filing brief
ANS 1993: the receiver may not run the daycares
Royal Bank of Canada asked the Court of King's Bench to appoint a receiver and manager over six Alberta companies operating five child-care centres in Edmonton and Spruce Grove, on $5.8 million of defaulted debt and a forbearance whose very first $50,000 payment was never made. On July 2 Justice Lema appointed an interim receiver instead — one expressly forbidden from operating the daycares, but holding the keys to every bank account.
Case update
Crystallex: eighty-eight per cent, and what the unsealed record shows
Fourteen years into a CCAA, Crystallex is running a claims process that invites its own shareholders to file — because a US$1.2 billion arbitration award against Venezuela and a US$5.89 billion Delaware sale have made the estate potentially solvent. To run it, the court ordered the sealed record opened. On July 1 thirty-two confidential monitor's reports were released unredacted, and the disclosure compendium filed in May sets out the waterfall: the litigation funder's contingent share is 88.242% of the net proceeds.
Case update
Sonder: the last asset was the name
The leases went in December, the furniture with them, and by January the bankrupt Canadian Sonder entities had nothing material left but domain names and trademarks. Selling them meant running a solicitation process the estates' own inspectors were disqualified from touching — because the party they represent was one of the bidders the trustee intended to approach.
Case update
Baffinland: what the noteholders got for standing down
Ottawa offered Baffinland's iron mine a $400 million DIP. Its existing secured lenders — Oaktree, Hartree and an ad hoc committee of 8.750% noteholders — cross-moved with a rival facility of their own, and the court gave the government a four-week bridge and a litigation timetable instead of an answer. Cross-examinations had begun when the parties settled. On June 30 Madam Justice Steele approved the deal, and what the lenders took in exchange for dropping their opposition is not money.
Case update
1680 Brimley: the receiver wants the $24 million back
A $70 million land loan on 4.42 acres in Scarborough, approved for four towers and 1,591 units. When the receiver was appointed it found an open excavation with no insurance on it, books and records it still has not been given, and $24 million that had left the debtor's bank accounts for a related company before the proceedings began.
Case update
Mirror Trading International: thirty-one names, and then all of them
Mirror Trading International took at least 39,193 Bitcoin from some 304,040 people in 234 countries before South Africa wound it up. Its liquidators have chased the money through thirteen jurisdictions. In Alberta, a national receiver was appointed in April over the Bitcoin held by thirty-one Canadians — the largest recipients. On June 29 the receiver asked the court to widen that to every Canadian who took a payout, roughly 1,550 people holding 951.9 Bitcoin, and to be allowed to serve them all by email.
Case update
New Century Greenhouses: twelve vehicles, by serial number
Six commercial greenhouses around Redcliff, Alberta went into receivership on May 5. Seven weeks later the receiver still did not have the bank statements, the payroll records, or the keys — so on June 29 it obtained an order compelling the companies and their three guarantors to produce all of it within ten days, down to the location of twelve vehicles listed by VIN.
Case update
Jefferson Side Road: the receiver moves against the principal
Two and a half years into a receivership over a 96-unit Richmond Hill townhome project, the receiver asked the court to declare the debtors' principal a vexatious litigant — and to enjoin him from circulating the confidential list of minimum prices below which units cannot be sold without a hearing.
2011836 Ontario Corp. and Jefferson Properties Limited Partnership
Case update
Long Run: the facility leaked, and then was given up
The Orphan Well Association applied for this receivership. In March a loading line at a shut-in facility in northern Alberta froze and broke, and hydrocarbons spread downhill off lease onto a neighbour's land — a clean-up now costing about $2.75 million. Three weeks later the receiver issued a limited discharge certificate covering that facility along with every other unsold licensed asset.
Filing brief
Entourage Health: the lender is also the owner
A union pension fund put equity into a cannabis company in 2019, kept lending, bought out the bank, and took all the shares in 2025. By June 2026 it was owed about $240.1 million by a company it owns — and it applied to put that company into CCAA. The process now being built exists largely to prove it is not being run for the applicant's benefit.
Case update
Teal Jones: what is left is British Columbia
Teal-Jones filed in April 2024 with fifteen entities and mills on both sides of the border. Two years and twenty-seven monitor's reports later, the American mills are sold, the monitor has been replaced once and had its powers expanded, and it now files the applications itself. On June 26 Justice Weatherill extended the stay to July 31 and approved another amendment to the facility keeping the lights on — the eighth such extension. What remains to sell is the business the company started as.
Case update
Canacol: hardship was inevitable, so the court allocated it
A Calgary judge has held that long-term Colombian gas supply contracts are not eligible financial contracts, and may be disclaimed under s. 32 of the CCAA. Along the way he found that the hardship the counterparties complained of belonged to their customers rather than to them, that a shortfall was coming either way, and that a pipeline company facing an empty pipe was not credible in claiming hardship.
Filing brief
Flato: they agreed to consent, and then opposed
Seven companies holding land in and around Dundalk, Ontario owed more than $29 million to a single lender, were in default on every loan, and had signed a forbearance agreement promising to consent to a receiver if they defaulted under it. They defaulted, and then opposed the receivership — asking for until September 30 to keep fundraising. Justice Dietrich appointed on June 23.
Precedent note
What stay extensions are actually granted
Seven CCAA files, three provinces, and no two extensions alike — four days because the court could not sit, twenty days more than the debtor asked for, a full year when all that is left of the company is a lawsuit. The boundary is the case's own calendar.
Ssense, 11272420 Canada Inc. (Stornoway Diamonds Canada Inc.), KMC Mining Corporation +4 more
Outcome brief
Ashcroft Homes: the Abbey, the City of Ottawa and a $750,000 price cut
MNP sold the Abbey and the vacant lands at 114 Richmond Road for $8,750,000 in April 2026, after a $750,000 price cut that the receiver and the buyer tied to steps taken by the City of Ottawa, which disputes the receiver's account. RBC, paid $6,000,000, was still owed $2,486,883.70 on June 8.
Outcome brief
Sunridge Landing: everything to the bank, and still short
Two retail buildings in northeast Calgary — one with a dental clinic as its only tenant, the other entirely empty. The lender tried a judicial listing with a one-day redemption period, then a receiver of rents, and finally a full receivership because it could not get information or access from the owner. The estate now holds $3.32 million against a debt of $5.32 million.
Case update
1451 Wellington: getting the deposits back
An Ottawa condominium begun in 2015 and due in 2023 is now finishing in late 2026. Seventy-two of its ninety-three units were pre-sold and $14.8 million of purchaser deposits was released into the building. When the company withdrew its own motion to approve a deposit return protocol, the court directed the warranty provider's counsel to draft the order instead.
Case update
Roman Catholic Episcopal Corporation of St. John's: the last contested item is worth $10,000
Four and a half years after the archdiocese filed, the churches are sold, the settlement with the Province is about to pay, and the corporation is ready to move from CCAA into bankruptcy. What is holding it there is a motion about the statues and vestments left behind — offered at $10,000, valued by one claimant's auctioneer at $34,780.
Outcome brief
Addy: the payroll lender's RVO, approved before the market test
Addy Technology Corp., a fractional real estate investment platform, filed an NOI on April 16, 2026; 13 days later the court approved a sale process and a reverse vesting order for its payroll lender's bid, effective only if that bid won. The deal closed June 11; the ResidualCo listed $587,286.70 of unsecured claims against $60,002 of assets.
Addy Technology Corp., 1591725 B.C. Ltd (Addy Technology Corp. ResidualCo), Addy Dealer Corp.
Outcome brief
Exro: nothing left, and the class action is stayed
A TSX-listed clean technology company was delisted in October, put into receivership in November, sold to its secured creditor by credit bid in February, and adjudged bankrupt in May. As at the date of bankruptcy it had no assets remaining to be realized. A shareholder class action, a derivative petition and an oppression claim are all still live somewhere behind that.
Exro Technologies Inc. (TSX:EXRO), DPM Technologies Inc., and Cellex Energy Inc.
Filing brief
Big Country: appointed and sold on the same day
A construction business started near Hanna, Alberta in 1977 and sold to the founders' son in 2019 lost its only director when he died in April 2025, and ran on without one until the last employees were let go. His mother, who holds the security, did not want to run it. A former employee did. The receivership exists to give him title.
Filing brief
Cheema Carriers: the contempt motion that became a compliance order
A receiver appointed in February said it still had no books, no access to the debtors' systems, and no complete picture of the assets, and moved to hold the principal in contempt. At the hearing the judge sent counsel out of the room. They came back with an agreed order carrying the same compliance provisions and no finding of contempt — and, separately, a production order against the accountant, the dispatch software vendor and two other trucking companies.
Filing brief
Clearview: the land bank investors are owners, not creditors
On June 15 a judge expanded an Ontario receivership for the second time, over three more properties whose transactions had not been disclosed to the people who owned them. On June 16 a different judge refused to set aside the swap of a $7.8 million first mortgage for an unsecured note — not because the deal looked sound, but because a fraudulent conveyance protects creditors, and these investors were never creditors.
Filing brief
CFFI Ventures: a carve-out that would have left the court blind and deaf
A Nova Scotia holding company that owns artwork and equity positions is buckling under a debt that started at US$250 million and is now put somewhere between US$790 million and US$1.118 billion. Its first-ranking creditor over one asset wanted that asset pulled out of the sale process and handled separately. The judge approved the process as proposed — and the reason turns on what a monitor is for.
Filing brief
Morgrove Holsteins: a company that could not appear at its own receivership
Two brothers each own half of a cattle farm outside Brantford and each guaranteed its $1.5 million of bank debt. One negotiated a refinancing with another bank. The other refused to sign, not wanting to increase his exposure to a failing business. The motion to compel him was abandoned the day before the hearing, and nobody appeared for the company at all.