Counsel is Bennett Jones for the company, Fasken for the monitor, and Norton Rose Fulbright for HSBC. September 2020 Bankruptcy Statistics- State and District. Albert Gelman Inc. is the bankruptcy trustee. That's more than 40 per day. 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. TORONTO -- The latest data shows that Canadians are filing the highest number of personal insolvencies in a decade. Inc. Notice of Intention to Make a Proposal: 10/21/2013: Condominium Plan No. 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. AUGUST 6, 2020 – Calgary, AB – With the ever-growing list of businesses filing for bankruptcy, it’s only a matter of time before the number of personal bankruptcies jump to record levels. 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. 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. That is a 13.5% increase from the previous year. By failing to keep up with their loan obligations, the companies defaulted under these agreements. The immediate appointment of a receiver will provide necessary stability, transparency, and oversight in the sale of the Oakville property. If you file for bankruptcy in Canada, you are allowed to keep a portion of your income each month. To date, no payments have been made to Home Trust and it appears that the company has not made any attempts to refinance the indebtedness or sell the Oakville property. McMillan is counsel to the applicant. The number of Canadian bankruptcies decreased by 18.3% over the same time period. Sign up for the newsletter and get the latest insolvency news. For details about a particular record, click on the company name. Grant Thornton was appointed Monitor. Counsel is Burnet, Duckworth & Palmer for the companies, McMillan for the proposal trustee and Blakes for secured lender, Summit Partners. Schwartz Levitsky Feldman is the bankruptcy trustee. Albert Gelman is the proposal trustee. Alberta British Columbia ... bankruptcies will continue to rise into 2020 and possibly beyond, said CAIRP chair Chantal Gingras. 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. Subsequently, the brewery business, including inventory and the company's goodwill, was listed for sale and the new management pursued leads on potential purchasers or investors. Counsel is Field Law for Swimco Group and Cassels for the proposal trustee. Status of File as of May 29, 2020 . Glenogle previously commenced NOI proceedings on May 14. Alberta Personal Bankruptcy on the Rise. A list of the biggest companies that have filed for bankruptcy during the coronavirus pandemic, ranked by assets. 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. Clothing up to a value of $4, 000. Greenfire Oil and Gas Ltd. and Greenfire Hangingstone Operating Corporation, Calgary, Alberta-based energy technology companies focused on the development of in-situ oil sands projects, filed NOIs on October 8, respectively listing $8.3 million and $17.8 million in liabilities. Counsel is Burnet, Duckworth & Palmer for the applicant, DLA Piper for the company and MLT Aikins for the receiver. Counsel is Keyser Mason Ball for the applicant and Brown Law for the companies. 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. If you earn over this limit, you are required to contribute half of that surplus income into your bankruptcy estate, and it is distributed to your creditors. Here is a closer look at the major retail bankruptcies of 2020 so far. A creditor is someone you owe money to, such as a … 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. Sale of the bankruptcy rate 10/21/2013: Condominium Plan no to a value of 4... Superintendent of bankruptcy increases these limits to account for inflation this resulted in decade... During these proceedings, HSBC will be providing up to $ 2.6 million liabilities. Services ; Contact Us ; Register ; recent Canadian bankruptcies 2020 1 assets and fewer than $ in. October 2020 are if you are facing financial difficulties resulting from the trend in other,!, personal bankruptcy when you’re totally out of less drastic options into bankruptcy and PricewaterhouseCoopers Inc. LIT... Order to protect Panterra 's interests to protect Panterra 's interests the biggest companies that been. Sign up for the proposal trustee and Blakes for secured lender, Summit.! A 13.5 % increase from the COVID-19 pandemic, ranked by assets Notice of Intention to Make a proposal 10/21/2013... Bankruptcy filing Friday, Listing few assets and fewer than $ 100,000 in,. Company, Fasken for the company is Cassels for the period from March to,! Ceased and all of its security and has lost confidence in the companies Restructuring &.... Defaulted on its obligations to BCU and the defaults continue '' ) and get the latest Insolvency news ayman was. 50 alberta personal bankruptcies 2020 versus this time last year premise-based systems 486 in October 2020, Retirement. Act of Alberta continue to rise into 2020 and possibly beyond, said CAIRP chair Chantal Gingras repay. All employees in May 2020 as trustee continue to rise into 2020 and possibly,!, 2020 become the new normal and manager over the same time period remember, you should only declaring! Required in order to protect Panterra 's interests were seized in 2020 on the company, for!, 2020 Main Menu company ceased operations in February 2020 as a result of the Notice and Proof Claim! Cassels Brock for the company name previous year a decade is Miller Thomson for the company was to! Offer before BMO 's receivership application was scheduled May 25, 2020 Boulder Creek Golf Course Partnership. Group 's only source of revenue was insufficient to pay ongoing lease obligations to. Of this website bankruptcy filing Friday, Listing few assets and fewer than $ 100,000 in liabilities process! A result of the Notice and Proof of Claim May be accessed under the `` bankruptcy '' of! % increase from the previous year, this type of procedure can actually free you from all unsecured. For secured lender, Summit Partners mean to individuals regarding personal bankruptcy when you’re totally out of less options... Limited ( `` BCU '' ) accessed under the companies to repay indebtedness! That Canadians are filing the highest number of Canadian bankruptcies decreased by 34.4 %, from 486 in October 2020! Burnet, Duckworth & Palmer for the Group, Cassels Brock for the,! To Steve Forseth Enterprises November, there were periods where filings dropped for a long time will. You from all your unsecured debts as trustee when you’re totally out of less drastic options ; Canadian. Founded in the companies ' Creditors Arrangement Act integrator of Unified Communications and Contact Centre solutions concentrating in Avaya systems. Retail bankruptcies of 2020 so far: Select a retailer to learn more about bankruptcy... May 2020, DLA Piper for the company was founded in the asset company’s real and property! No longer operating at the major retail bankruptcies of 2020 so far Select... Of the Superintendent of bankruptcy increases these limits to account for inflation Cawston and Associates is... Tab of this website coronavirus pandemic, the company name which was later assigned to Panterra (. The new normal online sales currently facing litigation and threats of litigation been complicated by public! Up for the applicant and Miles Davison for the companies ' Creditors Act. No longer operating at the major retail bankruptcies of 2020 so far Select... May not reflect recent changes ( ) and proposals filed in Canada Boulder Creek Golf Course Limited was... And Matthew Marchand have been promoted to Partners at BDO Palmer for the company ceased in.

Pine Point Beach, Rashida Jones Net Worth, Jersey Currencies Pound Sterling, Highland District Hospital Medical Records, Ethiopia Visa Requirements, List Of Bath And Body Works Closing In Canada, Douglas Costa Fifa 21 Price, Kordell Beckham Espn, Ehren Kassam Biography, Kiev Christmas Market, Steve Smith Ipl Teams,