Insights
The archive, newest first — posts 201–225 of 719. The 8 most recent are on the front. ← The newest analysis
Filing brief
Spectra Premium: a second CCAA in six years, and no stalking horse
The Boucherville fuel-tank and auto-parts business Turnspire bought out of its first CCAA in 2021 is back under court protection, with no stalking horse, authority to borrow up to C$8 million from its Wells Fargo–CIBC lenders, a C$710,000 retention plan and a sale process aimed at a January 2027 closing.
Spectra Premium Mobility Solutions Canada Ltd and Spectra Premium Mobility Solutions USA, LLC
Outcome brief
25 Glen Watford: the credit bid is approved; the deposits go to December
On September 29, Justice Dietrich approved the sale of KBIJ Corporation's vacant Scarborough lot to an affiliate of first mortgagee Sigma One Capital Inc. on a sealed credit bid, but declined to separately approve the receiver's termination of the buyers' agreements. Relief over $5,729,977.30 in buyers' deposits is set for a half-day hearing on December 2.
Filing brief
Artic Machinery: the XCMG lawsuit proposal, amended after the vote
Five months after its creditors voted for a proposal that would pay them from a lawsuit against XCMG, the company amended it. Ten vehicles join the assets a related company would buy for the amount of the Crown's claims, and litigation costs paid by others would, once the trustee accepts them, be repaid ahead of affected creditors.
Filing brief
Canstar Restorations: a plan to sell the shares and keep the contracts
On Bank of Montreal's application, Justice Stephens put Coquitlam-based Canstar Restorations (about 339 employees, $76.0 million in 2025 sales) into receivership on September 28. The receiver, AlixPartners, has scheduled an October 8 application for a reverse vesting order selling the business to Premium Restoration Ltd. at a price kept out of the public record.
Filing brief
ILAC: five bankruptcies, and the same three banks in each
International Language Academy of Canada Inc. filed an assignment in bankruptcy on September 18, 2026; two ILAC International College companies, Tamwood Careers Ltd. and Canadian Edge International Corp followed by September 25, all with KPMG as trustee. Each statement of affairs lists The Bank of Nova Scotia at $52.42 million and Desjardins and National Bank at $40.33 million apiece.
Case update
Imperial Tobacco: Epiq's budget approved, its conduct request denied
In the Imperial Tobacco, JTI-Macdonald and Rothmans, Benson & Hedges CCAAs, Justices Kimmel and Piché approved Epiq's $19,958,210 first quarterly budget, its rates kept redacted, and declined to approve its past conduct; deriving its powers from court orders "does not transform Epiq into a court officer. It is a service provider."
Imperial Tobacco Canada Limited, Rothmans, Benson & Hedges Inc, JTI-Macdonald Corp.
Case update
Kelsey's and Montana's: the trust money now, the bankruptcies after
The $2,300,000 sale of the two Kingston restaurants closed on September 14. Of CRA's $3,626,089.20 in claims, the trustee says only $133,793.12 of source-deduction principal, all owed by the Montana's company, carries a deemed trust. On October 5 it will ask to pay that now, then to end the proposal period, deeming both companies bankrupt.
Case update
Lion Force: the receivership stay catches the debtors' own NOIs
On September 29 Justice Dietrich held that the stay in Lion Force's receivership order, worded like the Commercial List model order, reaches the debtors' own NOIs and a bankruptcy that follows them, then lifted it so the NOIs could continue. She approved a sale process for the Brampton property, with bids due November 16.
Lion Force Transport Inc., 2696942 Ontario Inc. and 2854233 Ontario Inc., Lion Force Transport Inc. – US Chapter 15 Proceedings
Case update
Moonlight Sonata: a restart plan, a suspended permit and ten $10,000 deposits
The monitor asks the court on October 5 to approve Townline as construction and development manager, raise the interim borrowing limit to $7.5 million and extend the stay to December 18. Its Fourth Report adds a suspended building permit, terminated home warranty policies and a former sales representative's account of ten presales with $10,000 deposits.
Filing brief
TCA Group: the unspent gift-card funds it says were its own
TCA Group, which ran the prepaid gift-card program at Oxford Properties' shopping centres, went bankrupt on September 15, its statement of affairs valuing its litigation against Oxford at $20 million. Oxford ended the contract in 2024 citing operating and audit defaults, and counterclaims $8,765,330 in the arbitration, MNP's preliminary report says.
Outcome brief
Vandyk: a new declarant at Lakeview is not a material change
On September 29, 2026, Justice Jana Steele declared that KS Lakeview's acquisition of Vandyk's Lakeview condominium project from the receiver is not a material change under the Condominium Act, and that the respondent purchasers' purported notices of rescission are invalid. Their agreements had let the vendor assign them unilaterally.
Case update
World Wide Carriers: a stay to October 23 while the exit is worked out
Filed in March 2025 to pay out BMO and have its finances investigated for a shareholder buyout, the trucking group has repaid BMO, and the CRO's final report has gone to both sides of the dispute. The stay now runs to October 23; the monitor estimates concluding the proceedings will take until January 2027.
Filing brief
2135 Lawrence: a second receiver, and four leases dated in the gap
RBC had its receiver over a contaminated Scarborough property discharged, judging a clean-up uneconomic, and assigned its loan and security; on September 3 Justice Black appointed AlixPartners as a second receiver at the assignee's request. AlixPartners asks the court to declare invalid four leases dated days after the first receivership ended.
Case update
Able Infrastructure: the financing for the equipment sale collapses
Able Infrastructure and its co-applicants told Grant Thornton on September 22 that the lender agreement financing the sale of their equipment to two related companies had collapsed. The monitor supports a stay to November 6, and says it will support no further extension unless the sale is finalized and brought to the court for approval.
Filing brief
Cash Today: $83 million owed, and a receiver that may not take possession
An Edmonton asset-based consumer lender that its administrator says owes $82,375,000 in principal on a loan raised from dozens of lenders was placed in receivership by a consent order pronounced August 18. MNP may monitor receipts and sample loan files, but may not take possession or run the business without a further order.
Case update
PACE Savings: KPMG says the claims process needs no representative counsel
A week before KPMG asks the court to approve a negative-notice claims process for PACE's 642 Class B and Class A shareholders, whose redemption amounts total $17,959,611, a lawyer for one Class B holder served a motion to be appointed representative counsel for "Investor Claimants". KPMG's September 28 report opposes it.
Filing brief
RSG Mayfield: ring-fenced for the first mortgagee, any surplus to the WIGI file
Owed $26,269,753.66 at September 8 on a $25 million first mortgage over a stalled Brampton site, Vector Financial and Olympia Trust got their own receiver on September 28, taking the land out of the WIGI sales officer's mandate. Proceeds left after costs of sale and the first mortgage go to that officer, which would review an $8.1 million second charge.
Case update
Forden Energy: ten bids, one signed deal, and a discharge sought from the rest
PwC, receiver of the Alberta licensee of 192 wells, asks the court on September 29 to approve selling five of them to Sarnia Resources, the only party it says was prepared to sign, and to be discharged from the rest. Any funds remaining would go to the Orphan Well Association.
Outcome brief
Allen-Vanguard: Justice Black grants a reverse vesting order in a receivership
On September 25 Justice W.D. Black approved PwC's reverse vesting transaction for Allen-Vanguard with Allen Vanguard International Limited, finding jurisdiction in a receivership "while somewhat unusual", releasing "a wider array of participants than typical", and sealing the price and the sale-process record on grounds that included "national and international security concerns".
Case update
Darwynn: what the $7.5 million left behind
The credit-bid sale to majority shareholder 2379338 Ontario closed August 18. EY, as monitor, holds about $3,481,000, some $549,000 less than Darwynn's estimated remaining liabilities before a disputed convertible note, potential litigation claims and further costs, and moves, returnable October 1, for authority to make Darwynn's assignment in bankruptcy on its behalf.
Case update
Field Aviation: the second Challenger and the permit in the company's name
The business was sold on July 31 and Wells Fargo repaid in full, but the second of two Challenger CL-604s Field Canada was modifying for Draken is unfinished, and because the export permit names Field Canada as exporter, the company asks for 45 more days, to November 17, while its landlord disputes post-filing rent and Export Development Canada asserts a constructive-trust claim of over US$1.5 million.
Case update
Florentine Financial: the Dunbar Street trust claim settles under seal
Justice Dietrich approved on September 25 a settlement in which a sealed payment to Amir Durrani extinguishes the proprietary and tax-arrears claims he and Federal Auction Service advanced in a March motion, and directed MNP to pay 740 Ontario, after that payment and approved fees, the funds above a $200,000 holdback, up to its debt.
Florentine Financial Corporation and A&H Asset Auctions Inc., Florentine Financial Corporation and A&H Asset Auctions Inc.
Outcome brief
Laundry Collective: shareholder loans to zero, ordinary creditors at 25%
The holding company over four hotels in Hamilton, Cambridge, Kitchener and Waterloo, whose statement of affairs puts its assets at $5.00, won approval on September 25, 2026 for a BIA proposal that pays ordinary creditors 25% of an estimated $3,816,950, takes $1,284,593 in continuing shareholders' loans to zero, and leaves its $1,000,000 secured lender outside the compromise.
Case update
Legacy Lifestyles: five Florida lots sold, and a claims call for Ocoee
On September 25 Justice Dietrich approved a claims procedure against the Ocoee debtors, with an October 30 bar date, for the US$1,343,456.06 the receiver holds from the Ocoee sale; it estimates about US$1.25 million will be available for distribution. A motion by certain plaintiffs to lift the stay and discharge the inspector was adjourned.
Outcome brief
Rokstad Power: the bidder that bought the debt, and one name left to change
Stellex, whose talks to buy the Rokstad power-line group ended in September 2024, bought its secured debt weeks later and obtained a receivership over the companies' opposition. Graham took Canada for a price put above C$20.0 million; Stellex credit-bid for the US business. FTI now seeks its discharge and an order renaming the parent.