Insights
The archive, newest first — posts 151–175 of 249. The 8 most recent are on the front. ← The newest analysis
Filing brief
Marina Commodities: thirty-six million short
CIBC advanced about US$50 million on a revolving asset-backed facility to a Mississauga trading house that sells lentils and pulses into more than twenty countries. On August 14 it told the Commercial List it had recently found that the borrowing base certificates included inventory and receivables that did not exist, and that the loan was undercollateralized by at least US$36 million. The debtors consented to a receiver while reserving the right to dispute the facts.
Filing brief
Chinook Farms: the source deductions kept growing
A dairy-equipment supplier to farms across three provinces was insolvent on its own financial statements, had stopped filing the reports its lender needed, and owed the CRA $640,877 in unremitted employee source deductions as at August 2025. By July 2026 that figure had reached $872,393.53 and was rising with every payroll. On August 12 Justice Macklin appointed a receiver.
Case update
Assembly Corp: the liens come off title
Four Toronto affordable and supportive housing projects — owned by the Elizabeth Fry Society, Thunder Woman Healing Lodge, the YMCA and WoodGreen, and between 50% and 95% built — stopped when their builder filed a notice of intention and the trades registered liens. On August 11 Justice Black vacated every registered lien from title and replaced them with charges over project-specific security funds.
Case update
Blue Lobster: which company did the condominium pay for?
Before the CCAA filing, a Nova Scotia group sold a condominium in Charlottetown and $345,000 went to RBC. The borrower says it should have reduced its own term loans; RBC says applying it to an affiliate's operating line was the price of continued forbearance. The bank has been repaid in full and is not a party to the question — but the answer decides which set of unsecured creditors recovers.
Filing brief
Luxor Land: the listing that didn't sell
National Bank extended a $12 million land loan on two Edmonton parking lots six times, then demanded. Rather than appoint a receiver in 2025 it agreed to a consensual judicial listing, cut the asking price in April, and got no offer it would accept. It also paid $1,144,565.72 of the borrower's property taxes to stop a tax sale of its own collateral. On August 10 it came back for the receiver.
Case update
YSL Residences: the trustee said it was not an adversary
A proposal trustee disallowed a $18 million profit-share claim, lost that fight to the Court of Appeal and the Supreme Court, was ordered to value the claim instead, hired two appraisers and valued it at zero. When the claimant asked what the trustee had told its experts, the trustee said the communications were irrelevant. On August 7 Justice Kimmel ordered production — and the reason was the trustee's own position that it had never been adverse to her.
Case update
Imperial Tobacco: who will run the tobacco settlement's foundation
The three tobacco CCAA plans were sanctioned in August 2025 with the Cy-près Foundation left deliberately unfinished. On August 7 Justice Kimmel signed three orders filling that gap — a management team, an independent executive search for the directors and the chair, a process for choosing which proposals get grants, and rules for spending the fund's capital and income.
JTI-Macdonald Corp., Imperial Tobacco Canada Limited, Rothmans, Benson & Hedges Inc
Case update
Pride Group: the hotel operator on Schedule "A"
Sweet Home Hospitality is the one Pride Group entity that never sold a truck. Two years into the wind-down, EY has itemized forty transfers through the upstate New York hotel it half-owns, and asked Justice Cavanagh to hold the sale proceeds six days longer.
Filing brief
Acora Acoustics: a receiver without a lender
No bank applied. The receivership of a high-end loudspeaker manufacturer was sought by its CFO against its CEO, under the Ontario Business Corporations Act and s. 101 of the Courts of Justice Act, and granted on August 6 — with the CEO not opposing the appointment while expressly refusing to admit the oppression allegations behind it.
Case update
Christenson: what happens to a life lease when the building is sold
Nine Alberta seniors' housing communities are being sold to a single purchaser. The residents hold life leases, and the application filed on August 5 asks the court to terminate every one of them at the moment of closing — converting each into a standard residential tenancy with a new landlord, under plans the residents themselves approved in February.
Case update
Steve's Music Store: the related party stood down
Five months after filing a notice of intention, the company has closed every store, auctioned the last of its inventory and disclaimed its final lease. What is left is cash, a receivable from the auctioneer and some life insurance policies — and a proposal offering creditors $750,000, made possible because the family group agreed to give up an estimated $1.4 million of its own claims.
Case update
Elevation Gold: the monitor signs, because nobody else is left
After the Moss Mine was sold out of the CCAA in December 2024, the operating company left the Canadian proceeding and the directors of every remaining debtor resigned. A royalty holder's lawsuit carried on regardless. The settlement filed in Arizona on August 3 asks the US court to recognise the Canadian enhanced powers order and let the monitor execute the settlement documents on behalf of companies that no longer have officers.
Case update
Canada Tire: sixty thousand tires, and a telex nobody has sent
Nine days into Canada Tire's CCAA, the Monitor reports that 19.7% of the winter tire bookings are unsecured and that containers already owned by the company are sitting at the Port of Vancouver. Justice Castonguay doubled the interim facility and ordered a supplier to keep shipping.
Outcome brief
Phillips Square: the permits that could not move
Bank of Montreal put four Brivia entities into CCAA in January. On July 28 Justice Pinsonnault approved two reverse vesting orders and one conventional sale — and the reason the structures differ is a City of Montréal construction permit.
Outcome brief
Winthorp Valentine: once a month, not once every 72 hours
Thieves broke into a vacant Windsor building for its copper and left a fire behind. The insurer refused the claim because the pre-receivership manager had been inspecting monthly, and on July 28 Justice Horvat approved a sale that leaves TD Bank short.
Outcome brief
Field Aviation: the release the machinists read
Two of the sixty-six started at Field Aviation in the 1980s. When the sale of the business came with a release for its directors, the IAM did the arithmetic on a $725,000 charge against $1.7 million of severance — and Justice Steele adjourned the vesting order over a weekend.
Case update
Grafton Connor: service on the Clerk is sufficient service
Halifax Regional Municipality filed one proof of claim in the Grafton Connor CCAA — $16,409.22 for police overtime — and none for the property taxes. The bar date passed, the plan was voted on, and on April 10 it was sanctioned. HRM then moved to have its extinguished tax claims restored, arguing the proceedings should have been served on the municipal Clerk under its own charter. On July 27 the monitor served notice on the Attorney General of Nova Scotia that the charter provision is constitutionally inoperative.
Filing brief
Diamond Luxury: a brokerage, a builder, and one house in London
TD Bank's receivership application against Diamond International Realty and Diamond Luxury Developments lists six defaults, and the smallest of them is the most telling: the builder had started banking somewhere else. Justice Kalajdzic appointed a receiver on July 24.
Case update
1682 Victoria Park: sixty-five unsold, and the lender who did not prime anybody
Findev Lending put its own borrower into CCAA to sell 65 townhouses, took no DIP charge, and let its administration charge rank fourth behind three mortgages. On July 24 Justice Myers extended the stay and told sixteen existing homeowners what they would need to be heard.
Case update
EBF Group: who is owed what, and out of which loan
The EBF Group is a lender, and the fight in its CCAA is not with its borrowers but among its own secured creditors. On July 23 Justice Steele approved a timetable that gives them until 5 p.m. on September 4 to dispute the Monitor's findings — or lose the right to.
Outcome brief
Green Impact Partners: the initial order that would not take effect until 11:59
National Bank obtained CCAA protection over eight Green Impact companies in February and then held the order in abeyance for thirteen days — it would lapse if the debt were repaid by 4 p.m. on February 17. It was not. Five months later the operating company's shares were sold to Firefall.
Precedent note
The lender as applicant
A secured creditor that wants a court-supervised sale has two doors: appoint a receiver, or put its own borrower into CCAA. Four 2026 proceedings show lenders choosing the second — and taking radically different positions on how much priority to ask for once inside.
1682 Victoria Park Avenue Inc., Green Impact Partners Inc. and seven related entities, MTE Logistix Limited Partnership and seven related companies +1 more
Filing brief
Canada Tire: the year is decided in July
Québec requires winter tires by December 1, so a tire distributor orders its whole season by mid-July. Canada Tire — founded in 1928, run by the founder's great-grandson — spent this July fighting its lender over a $1.25 million overadvance instead, and filed for CCAA protection on the 17th.
Case update
RioCan-HBC: numbers where the names used to be
The RioCan–Hudson's Bay joint-venture entities have been renamed as bare Ontario numbers. Three of their four malls have sold, and FTI's seventh report puts the secured lenders' shortfalls at between 48% and 93% before a dollar of the $129.1 million on hand is paid out.
Outcome brief
Action Flooring: $7,500, and a two-year receivership closes
Ernst & Young collected $801,693.94 of Action Flooring's receivables over two years and settled the last disputed one for $7,500 because the books could not support the claim. On July 17 Justice Marion directed $8,856,289.66 to the Bank of Montreal and set the conditions for discharge.