Previously, the company announced that Odyssey Trust Company commenced legal action against the company alleging a breach of the terms of the debentures as a result of a missed interest payment. Applicant: 1951584 Ontario Inc. and CWB Maxium Financial Inc. ("CWB"). 7,556 1 minute read. For details about a particular record, click on the company name. 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. The total number of insolvencies (bankruptcies and proposals) in Canada increased by 4.7% in June 2020 compared to the previous month. Number of stores: 492. However, following the closing of the sale, the companies remained in default of their covenants with TD. Air Canada stock is nearing a breaking point. haynes and boone, llp oil patch bankruptcy monitor. Ethiopia’s Tigray leader fired missiles at Eritrea, and is threatening to fire more. Counsel is Osler for the applicant and Norton Rose Fulbright for the Receiver, Trustee Counsel: Burnet, Duckworth & Palmer. The Montreal-based company says it will continue … Ellis Fabrication Inc. et al., an Innisfail, Alberta-based company that manufactures heavy machinery attachments and trench safety systems, was placed into receivership on December 3 on application by TD, owed approximately $5.7M. CWB's efforts to work with the Debtors with a view to consensually resolving the defaults have ultimately been unsuccessful and CWB has lost confidence in the Debtors' management. Bankruptcies went up fast, though there were periods where filings dropped for a few years. In 2020, Air Canada has been a loser for several months amid the market turbulence. Pursuant to this support agreement, the holders have agreed to support a recapitalization plan for the company which will be implemented pursuant to a BIA proposal. Dec 10, 2020. Counsel is Miller Thomson for the applicants, Weisz Fell Kour for certain of the Debtors, DLA Piper for certain of the other Debtors, and GSNH for the receiver. © Copyright 2020 iPolitics. It had been operating in Canada since 2015. Bankruptcies decreased by 1.7% and proposals increased by 15.5%. Le Château:After 60 years … At the end of November 2019, home improvement chain Lowe’s Canada announced that it would be shuttering stores across Canada in order to improve overall performance. This list will be updated as more join the group: MORE … British Columbia Discovery Fund Inc. (the "Fund"), which was formed in 2002 as a vehicle to invest in eligible small businesses as part of the venture capital program started by the government of British Columbia, was placed in liquidation and ceased trading on December 1. Just over 600 filed in June, up 43 percent from June of last year. The biggest victim in the first half of 2020 was Chesapeake Energy, a shale giant that declared bankruptcy on June 28 with more than $9 billion in debt. I also take the opportunity to thank all those that wrote to me with tips and suggestions from all over the world. It sounds like they’ve tried… This will result in substantially more store closures for the remainder of 2020 and into January of 2021 and beyond. Furla joins a long list of well-known retailers that have buckled during the health crisis. 16 Top TSX Stocks to Buy in November 2020. John Gerges, who is either a director, officer, or sole/significant shareholder of 19 of the 21 Debtors, is also a guarantor of a majority of the Debtors' promissory notes with CWB. Sign up for the newsletter and get the latest insolvency news. Sears Holdings has undergone trouble for a decade, with their sales continuing to decline. According to his official itinerary, Trudeau won’t be in his assigned seat for question period this afternoon, but will instead spend the day in ‘private meetings. News reports indicated that the York Regional Police had recovered more than $500.0 thousand in opioid pills and an illegal handgun during their investigation of an alleged opioid trafficking ring. Canada’s outlier trucking bankruptcy reveals millions owed to U.S. lender (with video) Nate Tabak, Border and North America Correspondent Follow on Twitter Wednesday, October 16, 2019. You won't believe how many arlines are going into bankruptcy. “The restrictions, I think for a lot of Calgarians, feel a bit random,” he said in an interview with Global News. — Elsewhere: Boris Johnson, who battled COVID-19 earlier this year, is again self-isolating after coming into contact with a positive case. There will be many late packages though, arriving after December 25 as delivery capacity will be no match for online demand, he added. In the 25 years from 1980 to 2005, personal bankruptcy filings rose significantly. (iStock) Summary. Though bankruptcy proceedings slowed throughout most of the pandemic because of government support packages, 7,658 people filed for insolvencies in September. Counsel is Fogler for Grovum and Bouchelev Law for Kouznetsov. Belgium’s health minister wrote a letter to St. Nick assuring him he was exempt from quarantine rules. Canadian oilfield services provider Calfrac filed for Chapter 15 on July 14 after its revenue declined by 56% in the first half of 2020. For the 12 months ending February 1, 2020, Aldo lost $74.8 million in Canada and $52.8 million in the United States. 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. CRA: Did You Claim the $400 GST Emergency Payment in 2020? — Nenshi calls for “smart” restrictions: Calgary mayor Naheed Nenshi outlined which COVID-19 measures he deemed “smart” and necessary, and which ones could be scrapped. All Rights Reserved. The biggest victim in the first half of 2020 was Chesapeake Energy, a shale giant that declared bankruptcy on June 28 with more than $9 billion in debt. The number of Alberta business bankruptcies in September 2020 increased by 20.0% from the same period a year ago, from 10 to 12. … The breakneck pace of retail bankruptcies slowed in August, with at least three well-known companies filing for Chapter 11. Winder said Amazon will be Canada’s new holiday store and that it will give Canadian Tire, Walmart, and Costco a run for their money. The total number of insolvencies in June 2020 was 41.1% lower than the total number of insolvencies in June 2019. Biden’s new chief of staff, for his part, told NBC their team was less concerned about Trump’s Twitter rants and more focused on getting the General Service Administration nod of approval so they can move forward and receive national security briefings. BrandAlliance Canada, a division of former Top 40 distributorship A Brand Company, has gone into bankruptcy, multiple sources have told Counselor. BrandAlliance Canada, a division of former Top 40 distributorship A Brand Company, has gone into bankruptcy, multiple sources have told Counselor. Bestseller’s 5 multi-brand stores including Noisy May, Y.A.S., Only, Selected and other brands were closed in February 2020. Reitmans has filed for bankruptcy protection under the Companies' Creditors Arrangement Act. Dec 10, 2020. 2020 has been a hectic year for retail bankruptcies. Last year sent 17 major retailers into bankruptcy… KPMG was appointed receiver. Getty Airline Casualties Due to Coronavirus. Across Canada there were 137,178 consumer insolvency filings in 2019; 60 per cent were consumer proposals and the rest were bankruptcies. September 27, 2020 by Questions Licensed Insolvency Trustees (LITs) are federally regulated debt professionals who are highly qualified and well-trained. Temporary store closures. There’s a rational Trump voter too, The urban Atlantic advantage: Work-from-home era offers Halifax more people and more wealth, but at a price, More public bathrooms, less sprawl, better bylaws: 13 prescriptions for our ailing cities from urban innovators, Did he know it was wrong? About 3,600 companies filed for Chapter 11 in the first half of 2020, more than any year since 2012, according to the American Bankruptcy Institute. Premier Kenney, meanwhile, warned that stronger measures could be coming for Alberta as cases rose by 991 yesterday. 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. records list. Canada has also seen an uptick in energy bankruptcies, especially after facing years of stiff competition from U.S. shale producers. Updated 1427 GMT (2227 HKT) December 12, 2020 Airlines that operated as subsidiaries of major groups have been among the most affected by closures during this 2020 unprecedented crisis. Annual revenue: $2.5 billion in 2019. The total number of insolvencies (bankruptcies and proposals) in Canada increased by 8.7% in January 2020 compared to the previous month. The closures will affect 34 underperforming Lowe’s and Rona stores, with all … You just need to scroll up this list of 2020 airline bankruptcies to find a few examples (Avianca Perú, Germanwings, South African Express, Air Asia Japan, etc.). Meanwhile, there were violent clashes over the weekend during pro-Trump protests in D.C. and elsewhere. appeared first on The Motley Fool Canada. complete elimination of community spread via longer and stricter restrictions, recent opening up of casinos while team sports, including for children, were closed, Doctors push aggressive strategy to get COVID-19 cases down to zero, Fines issued in Manitoba as more than 100 protesters gather in Steinbach to protest COVID restrictions, COVID-19 cases surge among First Nations in Manitoba during second wave. iPolitics publishes content everyday, throughout the day. KSV is the proposal trustee. The following post will continue to be updated to reflect the current major retailers that have filed for bankruptcy protection in 2020. The retailer, founded in 1927, plans to emerge from bankruptcy with a greater focus on e-commerce. Founded: 1947. However, due to significant claims advanced by certain unpaid farmers, the insurer of such policies has delivered notices of cancellation to the companies. (collectively, the "Debtors"), each of which owns or operates a pharmacy or owns the real estate on which a pharmacy is located, were placed in receivership on November 25 on application by 1951584 Ontario Inc. and CWB Maxium Financial Inc. ("CWB"), owed approximately $25.9 million on 19 promissory notes issued between 2015 and 2019. Investors in AMC worried about the risk of bankruptcy. Academie Linguistique Internationale Inc. British Columbia Discovery Fund Inc. (the “Fund”). Image source: Getty Images . And so far in 2020, the pace of corporate bankruptcy filings in the U.S. has already surpassed every year since 2009, the aftermath of the global financial crisis, Bloomberg data show. While some have called for “circuit breaker” two-week economic lockdowns, others are using the hashtag #COVIDzero to demand a complete elimination of community spread via longer and stricter restrictions in the immediate term, with the aim of avoiding future short-term shut downs. The assets of Akinvest were sold shortly after the amalgamation and virtually no business activity was carried on thereafter. More reading. 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 company’s sole remaining asset was cash of approximately $9.9 million (USD). Earlier in the year, AMC warned that it could run out of cash by the end of 2020 or early 2021. However, people with investment income from the Toronto Dominion Bank … It is the first trade agreement to include China, Japan, and South Korea together. PQ New York had an estimated $100 million to $500 million in liabilities when it filed for bankruptcy. 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. That owes much to President Moon Jae-in’s $35 billion corporate support scheme for key industries from aviation to shipbuilding. Counsel is Miller Thomson for the Group, Cassels Brock for the Monitor, and Harrison Pensa for BNS. He said all actions need to be logical and clearly communicable to the public, highlighting the recent opening up of casinos while team sports, including for children, were closed. … Packaging for the meat came from Brazil, Bolivia, Argentina, and New Zealand according to authorities. PwC is the Bankruptcy Trustee. … According to the WHO, the risk of infection from contaminated food is low. Here is a look at some of the major retail closures announced in Canada in 2020, both before and during the pandemic. The number of Canadian bankruptcies decreased by 1.1% over the same time period. 2020 Insolvency Statistics for 2020 Insolvency Statistics in Canada—Monthly Reports. South Korea has managed to keep bankruptcies in 2020 near year-earlier levels. The Tories also want the government to address reports that Chinese operatives are intimidating Chinese people in Canada, Erin O’Toole said in an interview yesterday. Nabis Holdings Inc. (CSE:NAB), a Canadian investment issuer that invests in high quality cash flowing assets across multiple industries, including real property and all aspects of the U.S. and international cannabis sector, filed a proposal on November 23 after entering into a support agreement with certain holders of the company's outstanding unsecured convertible debentures in the amount of $35.0 million. The previous year saw a number of well-known national and regional retailers file for both Chapter 7 and Chapter 11 bankruptcy. — Canadian doctors demand new COVID strategy: A group of doctors and infectious disease experts is urging Canada to adopt a new and more aggressive strategy to get COVID-19 cases way down, as communities across the country continue to surpass infection records. BDO was appointed receiver. About 3,600 companies filed for Chapter 11 in the first half of 2020, more than any year since 2012, according to the American Bankruptcy Institute. Maple Medi Pharma Inc. et al. The post Bankruptcy Alert: When Will Air Canada (TSX:AC) Go Under? Applicant: Dwight Grovum and Grovum Equities. After attempting to regain sales numbers without success, more retailers in Canada are expected to file for bankruptcy protection in the fall, according to Mr. Louis. For the period from March to August, the Group's revenues were approximately 83% below projected revenues for that period. McMillan is counsel to the applicant. The 30 retailers and restaurant chains that filed for bankruptcy in 2020. Thus far, BOK Governor Lee Ju-yeol has avoided quantitative easing. Twitter via @SkullyLowe. The insanity defence is having a moment in Canada’s courts, Belgium’s reckoning with a brutal history in Congo, Still more help needed for veterans: Lt.-Gen. Roméo Dallaire, Federal resources ‘not infinite’ in COVID fight, Trudeau warns premier, Ford tightens colour-coded COVID restrictions after backlash, Court challenge of Liberal firearm ban schedules first hearing, Stopping habitat loss is the key to saving Canada’s endangered species, Sajjan backs Defence spending while federal deficit mounts, Feds need to provide more money for a zero carbon public transport system: CUTRIC, The Paris Agreement five years on: renewing calls for climate action, Canada’s Northern and Indigenous communities could get vaccines in days, The Drilldown: Government to spend $3 billion to plant two billion trees, The Sprout: Loosened land-use restrictions expected in new Clean Fuel Standard, Sanofi/GSK vaccine delay doesn’t affect plan to inoculate all Canadians in 2021: minister. Subscribe to the RSS feed to ensure you always have access to the latest information. Over the past few months, the company has completely ignored numerous demand notices and requests for information made by New Skies. AMC ended its … Though bankruptcy proceedings slowed throughout most of the pandemic because of government support packages, 7,658 people filed for insolvencies in September. In the last couple weeks, shares are up nearly 30%. — Obama speaks (more): Obama has also been on the TV circuit, giving interviews ahead of the release of his latest book. Today’s Morning Brief is brought to you by Chartered Professional Accountants of Canada. Since March, the three clubs have remained temporarily closed. 2015-2020 e&p secured and unsecured debt by filing location. Here are the major companies with at least 500 employees that have filed for bankruptcy in 2020. PUBLISHED - Nov 5, 2020. Bankruptcies increased by 8.0% and proposals increased by 2.9%. And the Bank of Korea has been plenty generous with the monetary stimulus. The Oil Industry Bankruptcy Wave Has Only Just Begun The industry, which has already seen a few notable bankruptcies, will probably witness many more in the coming months. Retail bankruptcies hit an all-time high in the first quarter of 2018, even more than last year according to Business Insider. The company has defaulted on various obligations to New Skies, including failing to pay outstanding service fees and engaging in a pattern of improper conduct, such as unauthorized use of New Skies' satellites. In addition, New Skies has discovered that the company appears to have moved assets that are subject to the General Security Agreement to a property owned by a related company, possibly to frustrate efforts by New Skies to enforce its security interest. Bankruptcies in Canada decreased to 178 Companies in October from 188 Companies in September of 2020. Canada’s top doctor’s COVID-19 report zeroes in on inequality and policy cures. J. With assets of roughly $16.2 billion and liabilities of $11.8 billion, the filing represents the fourth-largest bankruptcy by assets so far in 2020, above that of Intelsat. According to the most recent Canadian Federation of Independent Business survey, one in seven Canadian small businesses (158,000) are at risk of closing. — “He won”: It wasn’t quite a concession, but Trump tweeted yesterday that Biden “won” the U.S. election. In January 2020, CWB learned that Gerges had been charged with possession of a Schedule I substance. In filing for bankruptcy, the company will have to address the more than $4 billion in debt left over from it was sold to private equity firm Ares Management and the Canada … Canada has also seen an uptick in energy bankruptcies, especially after facing years of stiff competition from U.S. shale producers. Will we act? These companies are closing locations in 2020. In accordance with the steps for the voluntary liquidation as approved by shareholders in the Information Circular, the Liquidator will liquidate the portfolio assets of the Fund upon the occurrence of liquidity events or secondary trading opportunities in the underlying portfolio. (collectively, the "Debtors"), each of which owns or operates a pharmacy or owns the real estate on which a pharmacy is located, were placed in receivership on November 25 on application by 1951584 Ontario Inc. and CWB Maxium Financial Inc. ("CWB"), owed approximately $25.9 million on 19 promissory notes issued between 2015 and 2019. Among other things, the former president said that if he took a cabinet role in Biden’s administration, “Michelle would leave me.”. Near-zero travel demand. Luby’s charts path for dissolving public company . deemed bankruptcy – when a debtor, who has started the insolvency process, has failed to meet the requirements for filing a Division I proposal in bankruptcy under the Bankruptcy and Insolvency Act or has failed to adhere to the provisions provided within the proposal after it has been filed and accepted by the creditors/court msi Spergel (GRIP) was appointed receiver. Noah's Event Venue, a chain offering spaces for various gatherings, technically filed for bankruptcy … KSV was appointed Receiver. The crisis like no other in 2020 leaves little room for Canadians to avert bankruptcies. On May 4, J. A portion of the company's indebtedness is secured by a General Security Agreement. Bankruptcies in Canada averaged 363.20 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. The Denmark-based parent company of 60 Jack & Jones (a young men’s apparel line) and Vero Moda (affordable women’s clothing) stores filed for bankruptcy on June 2, 2020. By September 2019, Globeways was in default of a number of covenants in its banking arrangements with TD, including substantial defaults in financial reporting and borrowings that exceeded the authorized amount. The full sentence was not particularly conciliatory: “He won because the Election was Rigged,” the current president wrote, before going on to make more baseless claims about voter fraud. Furthermore, since the companies' operations are regulated and subject to licenses issued by the Canadian Grain Commission, they must post security and maintain adequate claims insurance for their obligation to farmers. Maple Medi Pharma Inc. et al. Updated on November 10, 2020 . Our summaries of recent Canadian insolvency filings. Canada Revenue Agency: How to Use the TFSA to Turn $10,000 Into $313,000. The breakneck pace of retail bankruptcies slowed in August, with at least three well-known companies filing for Chapter 11. Despite these intentions, it is alleged that Kouznetsov has refused over several years to distribute the assets, leading Grovum to seek the appointment of a receiver to effect the wind down. Image source: Getty Images. UPDATED (21/10/20) - The 2020 airline bankruptcy list is open Given the raging popularity of the 2019 list of airline bankruptcies , I have resolved to continue the work into 2020. In filing for bankruptcy, the company will have to address the more than $4 billion in debt left over from it was sold to private equity firm Ares Management and the Canada … Grant Thornton was appointed Monitor. — Bankruptcies spike: Economists are warning the Canadian economy could soon face a wave of insolvencies, which jumped by nearly 20 per cent in September and could continue their upward trajectory. Learn more. The Bowra Group, which was appointed Liquidator, assumed control of the Fund and will settle its obligations, dispose of its remaining assets, and make final distributions to shareholders. ... on the brink according to a recent National Restaurant ... of more than 250 stores across the US and Canada. Zeifmans was appointed Receiver and Liquidator. — Tories call for Huawei ban: The Conservative Party is preparing a motion calling on the government to ban Huawei in Canada. In a later tweet, he added that he conceded nothing by asserting that Biden had only won in the eyes of the media. — Bankruptcies spike: Economists are warning the Canadian economy could soon face a wave of insolvencies, which jumped by nearly 20 per cent in September and could continue their upward trajectory. However, the recent reporting by CBC news on the total COVID-19 related spending by the federal government — which has totalled $240 billion between March 13 and Nov. 20 — suggests one reason why so many Canadians have avoided bankruptcy despite the current economic conditions: the Canadian government made total transfers of over $105 billion in relief payments to individuals … In light of the company's liquidity constraints, the company believes that the recapitalization, including the proposal and support agreement, are in the best interest of the company and its stakeholders. By Carla DeMaio. The crisis like no other in 2020 leaves little room for Canadians to avert bankruptcies. During May 2020, the market saw considerable gains, but Air Canada … Most Recent 'Bankruptcy Trustee' Posts. TORONTO -- Home decor chain Pier 1, Carlton Cards and Forever 21 are simply the latest in a growing list of retailers closing their doors in Canada or filing for bankruptcy. The charity Prosper Canada… Academie Linguistique Internationale Inc., a Montreal, Quebec-based company that operated a language school for learning French and English, filed for bankruptcy on December 1, listing approximately $1.0 million in liabilities and $130.0 thousand in assets. More defaults and bankruptcies are expected to come, says a report from S&P Global Ratings, with retail liquidations speeding up. SpaceX launched four astronauts to the International Space Station. Akinvest — XPT Inc. ("Akinvest"), a Toronto, Ontario-based company, was placed in receivership and liquidation on November 24 on application by Dwight Grovum and Grovum Equities. In addition to financial difficulties resulting from the COVID-19 pandemic, the Group is currently facing litigation and threats of litigation. 10 new cases of COVID-19 found in Nunavut, 7 residents have died at Scarborough long-term care home battling COVID-19 outbreak, Canada’s ‘generous’ COVID-19 income supports vastly outpaced other developed nations: OECD, Transport Canada suspends six employees without pay over racist email, Fiscal update will sketch out spending plans for post-pandemic recovery phase, How federal parties might prepare for a no-contact pandemic election, ‘It’s time for the hammer’ to get second wave under control: Dr. Sharkawy, Pandemic disruptions create difficult challenges for people with cognitive issues, Bob Rae calls on UN to investigate evidence of genocide against China’s Uighur minority, Mexico’s Andres Manuel Lopez Obrador commiserates with Trump over election strife, U.S. election: What the end of the Trump era could mean for Conservatives in Canada, Not every Trump voter is racist or misled. A Japanese shop has enlisted a robot to politely ensure customers wear masks. Luby’s charts path for dissolving public company . The news comes shortly after New York City-based print and promo firm The Sourcing Group (TSG; asi/330100) purchased certain U.S. assets of Charlotte, NC-based A Brand Company in a foreclosure sale . Despite sweeping cost cutting measures, the elimination of a substantial portion of the Group's revenue for almost nine months has resulted in a financial strain that cannot continue on the current path. Akinvest was formed in 2009 through the amalgamation of Akinvest and XPT Forwarding, two companies that operated in an international auto brokerage that facilitated online purchases, sales and deliveries of used and salvage vehicles from North American automobile auctions to dealers located outside of North America. On the pandemic front, the top U.S. infectious disease doctor, Anothony Fauci, told CNN yesterday that it has been “months” since Trump last attended a COVID-19 task force meeting. Across Canada there were 137,178 consumer insolvency filings in 2019; 60 per cent were consumer proposals and the rest were bankruptcies. The total number of insolvencies in January 2020 was 10.4% higher than the total number of insolvencies in January 2019. Akinvest’s shareholders (Andrei Kouznetsov 70% and Dwight Grovum 30%) agreed to wind up the company and distribute the cash to its shareholders on a pro-rata basis. And so far in 2020, the pace of corporate bankruptcy filings in the U.S. has already surpassed every year since 2009, the aftermath of the global financial crisis, Bloomberg data show. With businesses deeply wounded by the COVID-19 pandemic, Canada needs a recovery strategy that fosters a more sustainable and resilient economy. “Every other approach leads us to repeated waves,” one infectious diseases specialist told The Globe and Mail. '”, Plus, What We’re Watching: Training for judges in sex-assault cases; privacy-regime revamp. — China finds coronavirus on imported meat: Chinese authorities in Jinan and two other cities said they found coronavirus on imported beef, tripe, and pork. Threatening to fire more pro-Trump protests in D.C. and elsewhere it signed deal! Well-Known retailers that have buckled during the health crisis the risk of bankruptcy, New Zealand according to.... A look at some of the major companies with at least three well-known companies filing for Chapter 11 business.. The largest airline to … J at some of the pandemic because of government support packages, 7,658 filed! 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Clubs have remained temporarily closed motion calling on the government to ban Huawei in....