Insights
The archive, newest first — posts 101–125 of 249. The 8 most recent are on the front. ← The newest analysis
Filing brief
Allumiqs: from 2% a month to 9% a year, and from CRO to interim CEO
A Halifax-headquartered contract research group with its laboratory in Sherbrooke filed notices of intention on July 3 and, on August 28, obtained a repriced $550,000 DIP from two lenders, one of them a company whose sole director is now the group's interim chief executive, together with a $100,000 administration charge, SR&ED credits carved out of both charges and held in trust, a sale process with an October 21 bid deadline, and a handwritten exception for the president's retention bonus.
Case update
Ravi Kitchen: the priority circle on Markham Road
BDO holds $939,866 attributed to two commercial condominium units it sold at 2855 Markham Road and cannot draw a waterfall — the Canada Revenue Agency says it ranks ahead of the condominium corporation's $78,415.38 lien, the corporation says it ranks ahead of RBC's $826,025.70 first mortgage, and CRA accepts that the mortgagees rank ahead of much of its own claim. Justice Conway has told counsel to settle it or book a date to argue it.
Filing brief
TechCity Canada: twelve items the bank asked for, and a receiver
Justice Dunphy appointed msi Spergel inc. receiver of a Scarborough computer retailer and the numbered company that owns its building on August 28, on Royal Bank of Canada's application over more than $2.2 million demanded in February and March, after the debtors' counsel missed two scheduling appointments and with the twelve reporting items the bank asked for in January still outstanding.
Case update
Imperial Tobacco: rewiring the claims machine a year into the payout
Epiq's court-approved framework projects 144,371 claims and $91.9 million in administration costs against the $32.5-billion tobacco settlement. One day short of a year after the plans were implemented, the plan administrators have asked the court to rework the order that governs Epiq — budgets every three months instead of twelve, the 10% cost ceiling gone, and weekly claim tallies locked in for the duration. The Quebec claims window closes August 31.
Rothmans, Benson & Hedges Inc, Imperial Tobacco Canada Limited
Outcome brief
Ayurcann: licences to Emblem, debts to a shell, and one pool for creditors
Emblem Cannabis took the Pickering vape and extract maker through a reverse vesting order at $5,004,200, the sale process's minimum overbid, after stalking horse Auxly declined to bid at auction; on August 26, 2026, Justice Cavanagh consolidated the parent and a 2024 merger shell into one estate, with $2,795,000 held by the Monitor against approximately $19.6 million in filed claims.
Case update
Deckmart: paying RBC, and taking its security over North Bay
Forecast in June to hold $780,829 by mid-August, the Vaughan decking supplier held $2,063,274, and on August 27 Justice Cavanagh extended its proposal deadline to October 13 and let it pay out about $730,500 owed to RBC under its guarantee of a sister company's debt, in exchange for the bank's security against that company.
Filing brief
Evertrust: eight new homes a mortgagee could not sell on its own
Owed about $5.4 million on eight twelve-month lines of credit, Extend Financial had Albert Gelman Inc. appointed receiver of eight vacant semi-detached homes in Bracebridge on August 27, over the builder's opposition, after the court accepted that Ontario's new-home rules kept the lender from selling them by power of sale.
Case update
Mayfield Investments: the 80 acres near Camrose go last
ATB Financial's receivership of the Alberta hotel and casino company sold the Camrose Casino business for $5.5 million, the Camrose hotel for $6.1 million and the Medicine Hat Lodge package for $19.0 million; on August 21, 2026, Justice Dunlop approved the sale of 79.74 acres of excess land to Salt & Pepper Farms Ltd. at a sealed price, with ATB still owed about $19.2 million.
Outcome brief
Patty Slaps: a staff-owned buyer takes the downtown restaurant for $90,000
Thirty days after filing a notice of intention, the company behind the Patty Slaps restaurant on Sainte-Catherine Street West won approval to sell it, brand included, for $90,000 to a buyer owned and directed by its employees, which undertakes to keep all 26; MNP estimates $60,000 net against $3,690,836 of debt and says any residue would likely go to the tax authorities.
Case update
Paystone: the owners buy it back
In June, Justice Myers refused to let a company controlled by Paystone's principals buy the business. On August 27, Justice Dunphy approved a sale to the same numbered company — after a monitor-run process in which fourteen prospects were canvassed, nine signed NDAs, three bid, and the only rival offer for the whole business died on a single fact: it needed Sandton, owed $92.2 million, to stay on as lender to new owners, and Sandton said no.
Paystone Holdings Inc., Paystone Inc., Atom Growth Inc. and Atom Growth (USA), Inc.
Case update
260 High Park: Meridian asks for the church wall lawsuit as EY seeks discharge
Ernst & Young Inc. asks to be discharged as receiver of the partially built church-conversion condominium it sold for $35,430,000, with Meridian Credit Union still owed $11,870,806.80, $7,157,407.40 of lien claims left with nothing to attach to, and the debtors' $15,000,000 subrogated suit against two engineering firms to be assigned to Meridian if the court approves on September 15.
Case update
AdvEn: a priming interim facility, and the rival lender's appeal
On August 19, Justice Dunlop approved a US$650,000 interim facility for AdvEn Inc. and AdvEn Industries Inc. from 2841034 Alberta Ltd., a company incorporated on August 5 whose two directors had been directors of secured creditor 2815793 Alberta Ltd., and ranked its charge ahead of that creditor's security; 2815793 Alberta Ltd., which had offered US$800,000 at 7.5%, has appealed with Secure Property Development & Investment PLC.
Outcome brief
BlackSquare: the stake the receiver was ready to abandon
On July 20 the receiver of a Calgary wine-software company filed a First and Final Report, attached a notice abandoning the estate's primary asset — 356,990 shares of a Delaware company — and asked to be discharged. The estate held $2,131 against $116,779 of unpaid professional fees. Five weeks later the court approved a sale of those shares to the company that had issued them — for USD $32,000 — and discharged the receiver in the same attendance.
Case update
Paramount Equity: bankruptcy applications on a $16.2 million judgment
Grant Thornton, as trustee of five bankrupt borrowers that borrowed about $45 million of Paramount investor money, has applied to bankrupt Enzo and Filippo Mizzi for $16,700,952.50 in unappealed judgment and costs, the product of Justice Myers's April ruling that $16,200,952.50 left those borrowers as transfers at undervalue; their sister, Mary Campisi, has appealed and filed a notice of intention.
Case update
TAM Management: the $1 million sale and the discharge sought with it
A buyer that had agreed to pay $2,350,000 for two 1966 walk-ups in Prince Rupert withdrew after inspection, its realtor writing that the economics did not support "any price above $0"; MNP Ltd. now asks the court on September 3 to approve a $1,000,000 sale against a mortgage debt of about $2.95 million, seal its repair estimates, and discharge it as receiver in the same sitting.
Case update
Urbancorp: the refund cheque the monitor has no record of receiving
Ten years into its CCAA, the Urbancorp estate holds $1.654 million and waits on the Canada Revenue Agency for clearance certificates, an HST ruling, and a copy of a $1.192 million refund cheque that CRA says cleared in January 2023. On August 26, Justice Cavanagh extended the stay to February 26, 2027 and asked CRA and Public Services and Procurement Canada for timely responses.
Outcome brief
632738 Alberta: ten years of stays, $920,358 left for the tax authorities
A Spruce Grove holding company entered the CCAA in February 2016 to hold off collection on $24.7 million in tax reassessments while it appealed. After twelve stay extensions it abandoned the appeal, and on August 24, 2026 Ernst & Young asked to pay $920,358.48 to CRA and Alberta on $30.8 million in claims, and to be discharged.
Case update
B4R Properties Group: the fifth sale approved, and a distribution to Desjardins
Seventeen months after Caisse Desjardins Ontario Credit Union Inc. put two landlords with 13 rental properties in Sault Ste. Marie and Sudbury into receivership over $3,417,933 of debt, Justice McArthur has approved the fifth sale — a duplex listed at $264,900 that waited eight months for its first offer — and authorized BDO's first distribution to the credit union, which the receiver says has taken a shortfall on every property sold.
Outcome brief
Dundarave Beachside: the permits were the asset
A $41.2 million loan assembled six storefronts on Marine Drive into one development lot, and the construction financing never came. On August 25 the Supreme Court of British Columbia approved a reverse vesting order out of the receivership — to avoid about $1.1 million in property transfer tax and, more to the point, the District of West Vancouver's discretionary consent. The buyer named in the receiver's report was not the buyer who got it.
Dundarave Beachside GP Ltd., Dundarave Beachside Limited Partnership and 2490 Marine Drive Ltd.
Case update
Monette Farms: one offer for the farm at Aguila
Monette Farms' Arizona farm at Aguila drew no offers at US$22 million before the CCAA filing and one after the price fell to US$18.5 million, from Byner Cattle Company; Justice Feasby approved the sale on August 19 with the price sealed, and it cannot close until the chapter 15 court in Delaware recognizes the order.
Filing brief
Portwood: Woodbourne's first mortgage, second mortgage and half the equity
Affiliates of Woodbourne Canada, whose group already held the second mortgage and half the equity in Phases 3 to 5 of the Portwood master plan in Port Moody, bought QuadReal's matured first mortgage in March, put the landowning partnerships into a creditor-driven CCAA on August 14 under a PwC monitor with enhanced powers; on August 24 the court approved a 30-day sale process with their $127.1 million credit bid as the stalking horse.
Case update
Smiling Simba: the claims the lenders would not fund
Hudson & Company has sold the Calgary daycare building to Realstream at a sealed price and paid The Bank of Nova Scotia $10,500,000. Its Third Interim Report, dated August 24, 2026, turns to what is left, approximately $796,000 in rent it found was paid directly to the company's director, a $200,000 security deposit and two operating-cost notices to the tenant totalling $147,173.53, and reports that the bank and the second mortgagee will not fund the claims while the third mortgagee may take them by assignment.
Outcome brief
Thentia: Espresso takes the platform with a US$100 credit bid
After a contested receivership, a CCAA conversion and a sale process that sent teasers to 294 parties and drew two unqualified bids, Justice Cavanagh approved a reverse vesting order giving an Espresso vehicle all of Thentia Global Systems for a US$100 credit bid and US$19,276,196 of retained liabilities; the existing shares are cancelled, and US$13,414,994.37 of promissory notes go to 1001709843 Ontario Inc.
Outcome brief
Vista Medical: the patents were the parent's, and the rest sold for $30,000
RBC was owed $1,014,857.51 when MNP Ltd. became receiver of the Winnipeg maker of pressure-mapping bedding; with the patents and the BodiTrak trademark owned by its US parent, the receiver sold what was left for $30,000 without a marketing process, and on August 18, 2026 reported that the payment to the bank, made against its own $50,000 funding certificate, is expected to be nominal.
Outcome brief
Maskeen (Carvolth): one offer, and a redemption with no lender named
A receiver marketed a vacant Langley development site to a database of 1,362 developers and drew a single formal offer — $6,400,000 against a $7,000,000 asking price. The afternoon before the sale hearing the borrowers applied to redeem instead, telling the court the land was worth $20.3 million to $26 million, and naming neither a lender nor a sum. On August 25 Madam Justice Fitzpatrick approved the sale, directed roughly $5,858,000 to National Bank of Canada on a debt of more than $11 million, and discharged the receiver.