Prepared for <<First Name>> <<Last Name>> 
INSOLVENCY INSIDER - Your weekly update on Canadian filings, news and events

Sponsored by MNP LTD
MNP LTD - Helping businesses find the road back to financial health |
NOVEMBER 23, 2015Join our mailing list


  1. YWire Technologies, a Montreal, Quebec-based cleantech startup, filed an NOI on November 5, listing liabilities of $4.8MM, including $4.5MM to VC firm, Cycle Capital, which advanced the funds over 4 rounds beginning in 2013. The company has developed lighting control devices for the commercial market that can be networked without dedicated wiring, allowing for significantly reduced installation costs. PwC was appointed proposal trustee. 
  2. Blubari Gaming Technologies, a Drummondville, Quebec-based developer of casino games, filed for protection under the CCAA on November 11, primarily to resolve an impasse with Callidus, its primary secured lender owed approximately $86.0MM. In its application, the company alleges that Callidus has marginalized founder and sole shareholder Gerald Duhamel and effectively, over the past 7 months, managed and controlled the affairs of the company. Callidus contested the issuance of an initial order, denying the company's allegations and arguing that Duhamel had no authority to sign the affidavit as he had been removed as director when the company defaulted on its loan. Callidus also argued that the company was not cash flow insolvent. Despite these arguments, on November 18, an initial order was granted. Blubari will use the proceedings to evaluate its alternatives to refinance/recapitalise the business, find a strategic partner and/or develop a sales process for the business. EY was appointed monitor. Counsel is Dentons for the company, Gowlings for Callidus and Stikeman Elliott for the monitor.
  3. Titan Equity Group, a Toronto, Ontario-based company primarily involved in real estate investment and development, was placed in receivership on November 16 on application by the OSC. In raising over $30.0MM for its projects, which include the Oxford on Bathurst, Kotton Cachet and Villa Del Sole, the company breached several securities laws, including not being registered to trade, not filing a prospectus and making misleading statements to investors. The OSC alleges that president Lance Kotton appears to have benefited from investors' funds through excessive management fees of over $1.0MM and through the leasing of a fleet of luxury vehicles which included a 2014 Bentley, a 2014 Aston Martin and a 2015 McLaren. With insufficient funds to repay investors and a plan to make preferential payment to certain investors on the pending sale of Oxford on Bathurst, the OSC stepped in. Grant Thornton was appointed receiver. Counsel is Chaitons for the applicant, Garfinkle for the company and Dickinson Wright for the receiver. 

  4. Hyperion Exploration, a Calgary, Alberta-based  junior light oil and gas company was placed in receivership on November 19 on application by National Bank, owed approximately $25.8MM. The company had been negotiating a potential loan extension but was not able to arrange for equity or subordinated debt to cover projected losses as required in National Bank's term sheet. EY was appointed receiver. Norton Rose is counsel for the applicant. 
Sponsored by Accord Financial Inc.
Accord Financial Inc. - Keeping Business Liquid |
  1. Deloitte, in its capacity as proposal trustee, is seeking going-concern bids for Harvest Ontario Partners LP, owner of a biogas facility in London, Ontario that provides organic waste recycling and power generation services. The company's secured lender has submitted a stalking horse bid in the process. The deadline for offers is November 24. 

  2. Grant Thornton, in its capacity as receiver of Matrix Management, is inviting offers for the purchase of a two-building office complex in Saint John, New Brunswick. The deadline for offers is November 26. 

  3. EY, in its capacity as court-appointed receiver, is selling the assets of Flexfab, an Anjou, Quebec-based manufacturer of steel filing cabinets. A bulk acquisition could allow operations to continue. The deadline for offers is December 4.
  4. EY, in its capacity as court-appointed receiver, is soliciting offers for the Oak Bay Beach Hotel, a luxury seaside hotel in Victoria, British Columbia. The deadline for offers is December 15.

  5. Maynards upcoming auctions include: the surplus equipment sale of Clayton Construction Co. Ltd., located in Lloydminster, Alberta. This auction features late model Caterpillar, Hitachi & Volvo mobile construction equipment. For further information on this or the many other upcoming auctions worldwide, visit
Sponsored by Maynards Industries Ltd.
Maynards | Your Partner in Restructuring |


Sponsored by Thornton Grout Finnigan LLP

Thornton Grout Finnigan LLP | Restructuring + Litigation
  1. Sands & Associates is seeking Trustees in Bankruptcy and Estate Administrators, specifically in Victoria, BC and Kelowna, BC.  Candidates interested in other areas of BC are also welcome to apply. Interested parties should contact Mr. Raj Hara at or at (778) 735-0493.

Of the 4,201 corporate filings, 55.7% were in Quebec, 28.0% were in Ontario, 4.6% were in British Columbia, with the remainder spread out across the other provinces.
  1. TMA will be hosting a panel on November 24 in Vancouver, British Columbia covering ethics in restructuring and insolvency. Topics to be discussed include managing conflicts, billings and more. Full details can be found HERE.


Our goal is to keep you current on everything that is happening in our market in one easy-to-read e-mail per week. 
  • Catch up on any emails you missed by visiting our archives!
  • Help us expand our readership from coast to coast by sharing our newsletter with colleagues and associates! 
  • Have a story or event to share? Email us!
  • Feedback and suggestions on how we can improve our format or content are also always welcome!
  • Interested in sponsorship? Request a media kit for further details.
Have a great week!
The Insolvency Insider is proudly sponsored by:
MNP LTD Maynards Industries Ltd.Thornton Grout Finnigan LLPAccord Financial Inc.