The MLT Aikins insolvency and restructuring practice group carried out assignments in 2023 as counsel to debtor companies, lenders and court officers administering insolvency proceedings. Notable highlights are as follows.

Alberta Assignments

J.W. Carr Holdings Ltd. (CCAA)

Jeff Lee, Mandi Deren-Dube, Evan Halbert and Carly Toronchuk acted as counsel to J.W. Carr Holdings Ltd. et al. ("Carr Group"), a group of seven Alberta corporations which owned a portfolio of commercial and residential real estate properties in Grande Prairie, Edmonton, Fort Saskatchewan, Spruce Grove and Wetaskiwin, Alberta. Carr Group obtained an Initial Order under the CCAA on April 19, 2023 and began sale of its real esate portfolio under court supervision shortly thereafter.

Ventures North Financial Group (Receivership)

Jeff Lee, Mandi Deren-Dubé, Evan Halbert and Carly Toronchuk acted as counsel to the court-appointed interim receiver of Ventures North Financial Group Inc. and related Alberta and British Columbia corporations engaged in the business of real estate management and development and equipment sale, repair and leasing. The Interim Receivership Order was granted on March 3, 2023. Subsequently, six of these entities were placed in receivership.

Lovingly Made Ingredients Ltd. (NOI)

Jeff Lee and Chris Nyberg acted as counsel to the purchaser of the assets of Lovingly Made Ingredients Ltd., an Alberta specialty food production enterprise that filed a Notice of Intention to Make a Proposal under section 50.4(1) of the BIA in 2023 in the summer of 2023.

Independent Energy Corp. (CCAA)

Jeff Lee, Marek Coutu and Kaitlin Ward acted as counsel to a supplier to Independent Energy Corp., an Alberta corporation in the business of constructing and operating an oil refinery near Kerrobert, Sasakatchewan, which obtained an Initial Order under the CCAA on June 22, 2023.

Dynamic Attractions Ltd. et al (CCAA)

Ryan Zahara, Catrina Webster, Kaitlin Ward, and Paul Olfert acted as counsel to the debtors in respect of a restructuring under the CCAA and recognition of the CCAA proceedings in the Northern District of Texas pursuant to Chapter 15 of the US Bankruptcy Code. Dynamic Attractions Ltd. completed a sale of its business by way of a credit bid and reverse vesting order to its secured creditor and exited CCAA proceedings in August of 2023.

Lukus Developments Inc. (Receivership Proceedings)

Ryan Zahara and Kaitlin Ward acted as counsel for B. Riley Farber Inc., the court appointed receiver of certain property of Lukus Developments Inc. et al.

Mantle Materials Group Ltd. (NOI and CCAA)

Ryan Zahara and Molly McIntosh acted as legal counsel for Travelers Capital Corp. in the NOI and CCAA proceedings of Mantle Materials Group Ltd.

Repsol Oil & Gas Canada Inc. (Liquidation under the CBCA)

Ryan Zahara and Molly McIntosh acted as legal counsel for Ernst & Young Inc. the court-appointed liquidator of Repsol Oil & Gas Canada Inc. and subsequently the court appointed Trustee of the TLM Residual Asset Trust, who was appointed to carry out the payment of creditors and monetization of the remaining assets of Repsol Oil & Gas Canada Inc.

Everest Canadian Resources Corp. (Receivership Proceedings)

Ryan Zahara acted as legal counsel for the Orphan Well Association who appointed a receiver over the property, assets and undertakings of Everest Canadian Resources Corp.

Westmount Projects Inc. et al (Receivership Proceedings)

Ryan Zahara acted as legal counsel on behalf of Bank of Montreal who appointed a receiver over certain property of Westmount Projects Inc., and all of the property of 1975847 Alberta Ltd. and 2218923 Alberta Ltd.

Nomodic Modular Structures Inc. (Bankruptcy)

Ryan Zahara and Kaitlin Ward acted as legal counsel for FTI Consulting Canada Inc. in it is capacity as the trustee in bankruptcy of Nomodic Modular Structures Inc. et al.

OGEN Holdings Ltd. and OGEN Ltd. (Receivership)

Catrina Webster and Chris Nyberg acted as legal counsel to Alvarez & Marsal Canada Inc. in its capacity as the court appointed receiver of OGEN Holdings Ltd. and OGEN Ltd.

Dynaleo Inc. and Dynaleo Group Services Inc. (Notice of Intention to Make a Proposal and Bankruptcy)

Catrina Webster, Chris Nyberg and Kaitlin Ward acted as legal counsel to Harris & Partners Advisory Inc. in its capacity as the proposal trustee and bankruptcy trustee of Dynaleo Inc. and Dynaleo Group Services Inc.

Viking Projects Ltd. (Notice of Intention to Make a Proposal)

Catrina Webster acted as counsel for Grant Thornton Limited in its capacity as the proposal trustee of Viking Projects Ltd.

Home Solutions Corporation (Receivership)

Catrina Webster acted as counsel for Grant Thornton Limited in its capacity as the court-appointed receiver of Home Solutions Corporation.

MGT Management Inc. and MGT Aggregate Products Inc. (Receivership)

Catrina Webster acted as counsel for BDO Canada Limited in its capacity as the court-appointed receiver of MGT Management Inc. and MGT Aggregate Products Inc.

To view the full article, click here.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.