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INSOLVENCY INSIDER - Your weekly update on Canadian filings, news and events

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AUGUST 24, 2015Join our mailing list


  1. HRH Hotels, a holding company for the Golden Mile Plaza parking complex adjacent to Montreal airport hotel, Quality Hotel Dorval, was placed in receivership on August 7 on application by HSBC, owed $3.9MM. Deloitte was appointed receiver.
  2. Laura, the national clothing retailer which had filed an NOI on July 31, obtained a court order to continue its restructuring proceedings under the CCAA on August 12 in order to stay senior lender, Salus. At the time of filing the NOI, Laura consented to Salus' notice of intention to enforce security on the verbal representations of Salus that it would support the company's restructuring. Salus, however, immediately began pressuring Laura to liquidate all of its stores, refused to fund the $10.0MM purchase of critical merchandise for the fall 2015 season and served a motion for the appointment of a receiver. Laura believes a restructured business is viable; it has disclaimed 46 leases and obtained the commitment of landlord Cadillac Fairview to provide a $10.0MM DIP facility. KPMG was appointed monitor. Financial advisers are Richter for the company, A&M for Salus and PwC for Cadillac Fairview. Counsel is Kugler Kandestin for the company, Fisher Flanz Meland Paquin for the monitor, BCF for Salus and Gowlings for Cadillac Fairview.
  3. Waldron Energy (TSX:WDN), a Calgary, Alberta-based junior oil and gas company, was placed in receivership on August 14 on application by National Bank, owed approximately $7.7MM. FTI was appointed receiver. Counsel is Norton Rose for the applicant. 

  4. Aqua-Pure Ventures (TSX-V:AQE), a Calgary, Alberta-based oilfield water purifying company, was placed in receivership on August 18, on application by Hallmark ResourcesGrant Thornton was appointed receiver. Counsel is BD&P for the applicant and Bennett Jones for the receiver.

  5. First Nickel (TSX: FNI), a Toronto, Ontario-based mining company with interests in a Sudbury mine and four exploration claims in Ontario, was placed in receivership on August 20 on application by private equity fund, Resource Capital Funds, owed approximately $15.7MM.  West Face Capital is also owed $12.7MM. The applicant is of the opinion that the Sudbury mine has reached the end of its economic life, and the receiver intends to abandon the mine if no purchaser comes forward. Responsibility for rehabilitating the mine would revert to the government, who could call on a bond issued by ACE INA Insurance to cover up to $5.9MM of the costs. A comeback hearing has been requested to approve this. KSV has been appointed receiver. Counsel is Blakes for the applicant, Osler for the company, Bennett Jones for the receiver and BLG for West Face Capital.
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  1. Grant Thornton, in its capacity as court-appointed receiver, is soliciting offers for the Toronto Airport West Park Inn by Radisson Hotel and Grand Victorian Convention Centre. The deadline for offers is September 15.

  2. KPMG, in its capacity as court-appointed receiver, is soliciting offers for the assets of G.P. Masonry, a Midhurst, Ontario-based landscape supply company. The deadline for offers is September 15.

  3. Albert Gelman, in its capacity as court-appointed receiver, is soliciting offers for a modern abattoir and processing centre owned by the Abingdon Group, located near Hamilton, Ontario. The deadline for offers is September 17.

  4. Farber, in its capacity as proposal trustee, is soliciting offers for One Kenton, a 44 bed retirement home catering to Alzheimer and Memory Care residents, located in Toronto, Ontario. The deadline for offers is September 17.
  5. Grant Thornton, in its capacity as court-appointed receiver, is offering for sale two motels and two vacant lots in Kitimat, British Columbia. The deadline for offers is September 21.

  6. Maynards is currently conducting 15 auctions throughout North America in the next month including  the sale of Sobey's, Inc. in Winnipeg, Manitoba. It is also administering 32 machinery and equipment liquidations worldwide. For further information, visit
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Of the 4,218 corporate filings, 55.8% were in Quebec, 27.5% were in Ontario, 5.2% were in British Columbia, with the remainder spread out across the other provinces.
  1. TMA is hosting an Evening at the Ballpark in Vancouver on August 25. Full details can be found HERE.
  2. TMA NextGen will be holding a Charity & Social Event in Toronto on September 17. Preliminary details can be found HERE
  3. TMA hosting a luncheon conference in Montreal on September 9 examining the financial and economic outlook for 2016. Full details can be found HERE.
  4. The Canadian Bar Association's 11th Annual Pan-Canadian & Restructuring Law Conference is being held in Winnipeg on September 10 & 11. Conference and registration details can be found HERE


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