The company ceased operations in February 2020 as a result of the foreclosure action and sale of the companyâs real and personal property. These agreements allow and provide for the appointment of a receiver or a receiver and manager upon default in respect of obligations owed to BMO. Bankruptcies can be volatile from month to month, so this could turn around. Gary Cerrato, David Lewis and Matthew Marchand have been promoted to partners at BDO. EY was appointed monitor. Counsel is Keyser Mason Ball for the applicant and Brown Law for the companies. For details about a particular record, click on the company name. The Bowra Group is the bankruptcy trustee. liquidity. Alberta Personal Bankruptcy on the Rise. Schwartz Levitsky Feldman is the bankruptcy trustee. There were 14,696 consumer insolvencies filed in the province over the 12 months ending in January, a figure that includes both bankruptcies and consumer proposals. 2020 Insolvency Statistics for 2020 Insolvency Statistics in CanadaâMonthly Reports. On the 28th day of May, 2020, the undersigned, KPMG Inc., became the receiv er and manager (the It does, however, deviate. Glenogle previously commenced NOI proceedings on May 14. The Receiver gives notice and declares that: 1. The Bowra Group Inc. was appointed trustee in bankruptcy. Albert Gelman Inc. is the bankruptcy trustee. 1075397 Alberta Ltd., which owns certain real property in Alberta, had its property placed under receivership on October 27 on application by Panterra Mortgage & Financial Corporation ("Panterra"), owed approximately $3.6 million. retailers have filed for bankruptcy in 2020 so far: Select a retailer to learn more about their bankruptcy. Here is a closer look at the major retail bankruptcies of 2020 so far. Unlike a consumer proposal, this type of procedure can actually free you from all your unsecured debts. The company lists approximately $2.1 million in liabilities. Bankruptcies in Canada averaged 362.22 Companies from 2004 until 2020, reaching an all time high of 872 Companies in March of 2004 and a record low of 108 Companies in April of 2020. Contact one now. Remember, you should only consider declaring personal bankruptcy when youâre totally out of less drastic options. Grant Thornton was appointed receiver. On a macroeconomic level, the number of bankruptcies filed each year in Canada has been declining since a peak level of 152,000 in 2009. November 2020 Bankruptcy Statistics- State and District. Kalco Farms Ltd. ("Farms"), a Gibbons, Alberta-based farm which produces and markets cereal grains such as wheat, barley, and rye, along with Kalco Investments Ltd. ("Investments"), were placed in receivership on January 14 on application by BMO, owed approximately $5.0 million from Farms and $11.2 million from Investments. Home Trust has lost trust in the ability of the company's management to develop and implement a plan to repay its indebtedness, especially given the alleged illegal wrongdoings of the company's principal, Moninder Khundal, and his associates. Rob has extensive experience advising both debtors and creditors experiencing operational or financial distress in a variety of different proceedings including informal proceedings, proposals, CCAAs, bankruptcies and receiverships. The number of Canadian bankruptcies decreased by 18.3% over the same time period. Geoffrey Hiscock has joined FrontWell Capital Partners in Toronto as Senior Vice President, Deal Originations. Dundas Retirement Place Inc., Maple Retirement Homes Inc., and 1059244 Ontario Inc., which each own and operate a retirement residence in Hamilton, Ontario, were placed in receivership on December 23 on application by Buduchnist Credit Union Limited ("BCU"), owed approximately $10.1 million in total. Many Albertans face insolvency in the coming months. Grant Thornton was appointed Monitor. November 2020 Bankruptcy Statistics- Commercial Filings. However, due to the COVID-19 pandemic, the company was unable to secure a firm offer before BMO's receivership application was scheduled. Fortunately, there are â¦ Since March, the three clubs have remained temporarily closed. Alvarez & Marsal is the proposal trustee. Panterra alleges that a sale of the property will generate insufficient value to repay the indebtedness and it will suffer a shortfall from the enforcement of the company's mortgage. Our summaries of recent Canadian insolvency filings. Bankruptcies in Canada decreased to 165 Companies in November from 178 Companies in October of 2020. Improving worldwide economic conditions are probably the most significant reasons for the shift. Each of the companies defaulted on its obligations to BCU and the defaults continue. In November, there were 15 bankruptcies, an increase of 50% versus this time last year. Each year the Office of the Superintendent of Bankruptcy increases these limits to account for inflation. A list of all bankruptcies and proposals filed in Canada. If you file for bankruptcy in Canada, you are allowed to keep a portion of your income each month. Dundas Retirement Place Inc., Maple Retirement Homes Inc., and 1059244 Ontario Inc. November 19, 2020 853405 Alberta Ltd. 853405 Alberta Ltd., which operated a fitness centre under the name âPeak Physique Gym and Fitness Centreâ in the Town of St. Paul, Alberta, was adjudged bankrupt on November 18, 2020, on joint application by ATB Financial (âATBâ) and Servus Credit Union Ltd. The companies had granted security in favour of BMO, including, among other things, general security agreements securing all of the companies' real and personal property and mortgages in relation to lands owned by the companies. That is a 13.5% increase from the previous year. Destiny Organics Inc., a Nisku, Alberta-based organic fertilizer and living soil company, filed for bankruptcy on January 4, listing approximately $647.6 thousand in liabilities and $112.4 thousand in assets. Starting in the first quarter of 2020, the sole marketer of the bitumen produced at the companies' facility failed to make payment on over 300,000 barrels of bitumen that the companies had produced. These agreements allow and provide for the appointment of a receiver or a receiver and manager upon default in respect of obligations owed to BMO. Cambridge Group Inc. (the "Group"), which is comprised of three boutique health clubs in downtown Toronto — the Cambridge Club, the Adelaide Club and the Toronto Athletic Club — obtained protection under the CCAA on December 11, listing approximately $7.0 million in liabilities, including $2.0 million to BNS. Companies under creditor protection A list of companies that have been granted protection under the Companies' Creditors Arrangement Act . Coulee Craft Brewing Corp., a Lethbridge, Alberta-based craft brewery company with a 16,000 sq. The Bowra Group was appointed receiver. By failing to keep up with their loan obligations, the companies defaulted under these agreements. To our fellow Albertans: Cawston and Associates Inc. is a family company. During these proceedings, HSBC will be providing up to $2.6 million in DIP financing. The company is a wholly-owned subsidiary of Destiny Bioscience Global Corp., a cannabis genetics and tissue culture research and development company, which (along with various other subsidiaries) was placed in receivership on May 22 on application by Synergy Projects (Destiny) Ltd. and Synergy Projects Ltd. 2335779 Ontario Inc., a Mississauga, Ontario-based company which owns and oversees the development of residential real estate, had its interest in real property located at 78 Trafalgar Road, Oakville, Ontario, placed under receivership on December 17 on application by Home Trust Company ("Home Trust"), owed approximately $2.3 million. The property exempt from seizure applies to the equity in the asset. 853405 Alberta Ltd., which operated a fitness centre under the name âPeak Physique Gym and Fitness Centreâ in the Town of St. Paul, Alberta, was adjudged bankrupt on November 18, 2020, on joint application by ATB Financial (âATBâ) and Servus Credit Union Ltd. On March 29, 2019, ATB commenced foreclosure proceedings in the Court of Queenâs Bench of Alberta against the company for failure to pay the indebtedness owed to ATB. "At some point, theyâll run out and personal bankruptcies will surge.â In the meantime, Altman believes corporate bankruptcy filings will continue to â¦ Declaring Bankruptcy To find out what your options are if you are facing financial difficulties, visit CPLEAâs Help with Debt for Albertans. Counsel is MLT Aikins for the applicant, Burnet, Duckworth & Palmer for the receiver, and Caron & Partners for the company. Albert Gelman is the proposal trustee. Below is a list of all companies that have been granted protection under the Companies' Creditors Arrangement Act (CCAA) since September 18, 2009.The CCAA is a federal law allowing insolvent corporations that owe their creditors in excess of $5 million to restructure their business and financial affairs. 1. The company has ceased to meet its liabilities as they become due as the indebtedness to RBC remains entirely unpaid and there appear to be multiple outstanding judgments registered against the company. The Swimco Group lists approximately $8.8 million in liabilities, including $1.2 million to Steve Forseth Enterprises. Alberta Bankruptcy Exempt Assets. Yoga Centre Toronto, a Toronto, Ontario-based not-for-profit yoga centre, filed for bankruptcy on December 23 after its revenue decreased significantly due to the COVID-19 pandemic and, consequently, the centre could not sustain payment of debts related to the financing of leasehold improvements at its studio and other debts. Sign up for the newsletter and get the latest insolvency news. More recently, global oil and natural gas markets and pricing have suffered precipitous declines as a result of extreme oversupply and an unprecedented drop in demand as a result of COVID-19. Most Alberta bankruptcy exemptions that are permitted by law are set out by the Civil Enforcement Act of Alberta. Counsel is Burnet, Duckworth & Palmer for the applicant, DLA Piper for the company and MLT Aikins for the receiver. As such, the appointment of a receiver and manager over the property is required in order to protect Panterra's interests. Litwin Boyadjian is the proposal trustee. Currently, Glenogle requires the stability of the CCAA proceedings to carry out its SISP in a manner that will maximize value as part of its proposal. Debt Control What is a creditor? Main Menu. During the past 40 years in Alberta we have seen our share of the boom and bust cycle related to the price of oil and other economic factors. Clothing up to a value of $4, 000. In 2015 and 2016, Home Trust extended a mortgage loan in favour of the company and obtained a $5.1 million charge against the Oakville property as security for the loan. 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