";s:4:"text";s:17417:"However, due to the COVID-19 pandemic, the company was unable to secure a firm offer before BMO's receivership application was scheduled. "At some point, theyâll run out and personal bankruptcies will surge.â In the meantime, Altman believes corporate bankruptcy filings will continue to ⦠The property exempt from seizure applies to the equity in the asset. 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. This resulted in a severe working capital and liquidity shortage, leading to the termination of all employees in May 2020. Grant Thornton was appointed Monitor. The company was founded in the 1980s and grew into an integrator of Unified Communications and Contact Centre solutions concentrating in Avaya premise-based systems. As such, BMO has significant concerns regarding the stability of its security and has lost confidence in the companies to repay their indebtedness. 2020 is a time of unprecedented financial crisis. Pages in category "Companies that filed for Chapter 11 bankruptcy in 2020" The following 105 pages are in this category, out of 105 total. The company agreed that Home Trust would have the right to seek the appointment of a receiver upon default under the terms and conditions of the mortgage. Many Albertans face insolvency in the coming months. 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. For the period from March to August, the Group's revenues were approximately 83% below projected revenues for that period. bankruptcies in Alberta, despite programs to support. It is forecasted that the Group will not have sufficient funds after January 4, 2020 and, as such, will not be able to make the term loan payment to BNS due in January. In the 25 years from 1980 to 2005, personal bankruptcy filings rose significantly. November 2020 Bankruptcy Statistics- Commercial Filings. 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. Alberta British Columbia ... bankruptcies will continue to rise into 2020 and possibly beyond, said CAIRP chair Chantal Gingras. The Swimco Group lists approximately $8.8 million in liabilities, including $1.2 million to Steve Forseth Enterprises. Bankruptcy filings this year have already surpassed what we ⦠Geoff was previously with Waygard Capital. Counsel is Cassels for the applicant and Miles Davison for the company. Counsel is Miller Thomson for the Group, Cassels Brock for the Monitor, and Harrison Pensa for BNS. That's more than 40 per day. 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. Filing a Personal Bankruptcy in Edmonton. Options Besides Declaring Bankruptcy 3. ft. brewing facility including a full-sized brewpub, was placed in receivership on October 13 on application by BMO, owed approximately $887.9 thousand. In December 2014, the company granted a demand collateral mortgage to Paragon Capital Partners Ltd. which was later assigned to Panterra. Fossil Water Corporation, a Calgary, Alberta-based company that provides water treatment consulting services and supplies custom-built modular water treatment systems primarily for the oil and gas industry, was adjudged bankrupt on November 19 on application by RBC, owed approximately $585.5 thousand. PUBLISHED - Dec 4, 2020 The number of Alberta business bankruptcies in October 2020 decreased by 26.7% from the same period a year ago, from 15 to 11. 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. 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. This problem will persist for a long time and will become the new normal. Swimco Aquatic Supplies Ltd. and Swimco Partnership (collectively, the "Swimco Group"), a Calgary, Alberta-based swimwear and clothing retailer, was deemed bankrupt on October 10 after the companies failed to make a viable proposal to their creditors. The company ceased operations in February 2020 as a result of the foreclosure action and sale of the companyâs real and personal property. Inc. Notice of Intention to Make a Proposal: 10/21/2013: Condominium Plan No. Schwartz Levitsky Feldman is the bankruptcy trustee. Sign up for the newsletter and get the latest insolvency news. 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. October 2020 Bankruptcy Statistics- Commercial Filings. 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. 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. However, one should not underestimate the impact that consumer education has on lowering of the bankruptcy rate. Counsel is Burnet, Duckworth & Palmer for the applicant, DLA Piper for the company and MLT Aikins for the receiver. Applicant: Buduchnist Credit Union Limited ("BCU"). 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. If you file for bankruptcy in Canada, you are allowed to keep a portion of your income each month. On December 6, 2019, real property and certain personal property owned by the company were sold in the foreclosure action and proceeds from the sale of the Lands were applied to ATBâs indebtedness. The biggest oil and gas bankruptcy of the year--indeed, the biggest since 2016--was EP Energy, which filed for bankruptcy in October, unable to pay back some $5 billion in debt. Albert Gelman is the proposal trustee. 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. Counsel is Keyser Mason Ball for the applicant and Brown Law for the companies. retailers have filed for bankruptcy in 2020 so far: Select a retailer to learn more about their bankruptcy. By failing to keep up with their loan obligations, the companies defaulted under these agreements. 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