For the 12 months ending February 1, 2020, Aldo lost $74.8 million in Canada and $52.8 million in the United States. The charity Prosper Canada’s CEO told the CBC the situation was “a slow motion train wreck.”, — Kady O’Malley looks ahead to the rest of the day in politics with iPolitics AM: “It looks like opposition members will have to wait at least one more day to cross-examine Prime Minister Justin Trudeau from across the aisle. 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. Just over 600 filed in June, up 43 percent from June of last year. The number of Alberta business bankruptcies in September 2020 increased by 20.0% from the same period a year ago, from 10 to 12. In a later tweet, he added that he conceded nothing by asserting that Biden had only won in the eyes of the media. The closures will affect 34 underperforming Lowe’s and Rona stores, with all … The charity Prosper Canada… 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. Crew. With businesses deeply wounded by the COVID-19 pandemic, Canada needs a recovery strategy that fosters a more sustainable and resilient economy. 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. 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. 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. Partly in order to address liquidity concerns, the companies sold three of their formerly-owned processing pants in Saskatchewan to an unrelated party. The breakneck pace of retail bankruptcies slowed in August, with at least three well-known companies filing for Chapter 11. More defaults and bankruptcies are expected to come, says a report from S&P Global Ratings, with retail liquidations speeding up. msi Spergel (GRIP) was appointed receiver. J. Will we act? Our summaries of recent Canadian insolvency filings. It signed the deal yesterday together with Japan, South Korea, Australia, New Zealand, and ten Southeast Asian countries. I also take the opportunity to thank all those that wrote to me with tips and suggestions from all over the world. However, following the closing of the sale, the companies remained in default of their covenants with TD. This list will be updated as more join the group: MORE … Recent. (iStock) Summary. 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. ... on the brink according to a recent National Restaurant ... of more than 250 stores across the US and Canada. 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. Canada has also seen an uptick in energy bankruptcies, especially after facing years of stiff competition from U.S. shale producers. 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. 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. Today’s Morning Brief is brought to you by Chartered Professional Accountants of Canada. © Copyright 2020 iPolitics. 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. The U.S. has reached 11 million COVID-19 cases, with Black and Latino people disproportionately affected. 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. Founded: 1947. And the Bank of Korea has been plenty generous with the monetary stimulus. — China finds coronavirus on imported meat: Chinese authorities in Jinan and two other cities said they found coronavirus on imported beef, tripe, and pork. … … “Every other approach leads us to repeated waves,” one infectious diseases specialist told The Globe and Mail. 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. Academie Linguistique Internationale Inc. British Columbia Discovery Fund Inc. (the “Fund”). Once a giant in the Canadian retail landscape, Zellers said its last two remaining locations in Toronto and Ottawa are slated to close early in 2020, CTV News Ottawa reported in September. 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. For example, GenCanna, a Kentucky-based hemp processor now known as OGGUSA, Inc., filed Chapter 11 bankruptcy in June 2020 in the United States Bankruptcy Court for … Here are the major companies with at least 500 employees that have filed for bankruptcy in 2020. — “He won”: It wasn’t quite a concession, but Trump tweeted yesterday that Biden “won” the U.S. election. The crisis like no other in 2020 leaves little room for Canadians to avert bankruptcies. This will result in substantially more store closures for the remainder of 2020 and into January of 2021 and beyond. iPolitics publishes content everyday, throughout the day. 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. Applicant: 1951584 Ontario Inc. and CWB Maxium Financial Inc. ("CWB"). 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. The number of Canadian bankruptcies decreased by 1.1% over the same time period. 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. The total number of insolvencies (bankruptcies and proposals) in Canada increased by 4.7% in June 2020 compared to the previous month. Among other things, the former president said that if he took a cabinet role in Biden’s administration, “Michelle would leave me.”. 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 … It had been operating in Canada since 2015. Learn more. The retailer, founded in 1927, plans to emerge from bankruptcy with a greater focus on e-commerce. Halifax, Nova Scotia, Canada - July 7, 2011: Reitmans store signage in Bayers Lake Industrial Park. What is a Licensed Insolvency Trustee? In the last couple weeks, shares are up nearly 30%. However, people with investment income from the Toronto Dominion Bank … Counsel is Osler for the applicant and Norton Rose Fulbright for the Receiver, Trustee Counsel: Burnet, Duckworth & Palmer. 2020 Insolvency Statistics for 2020 Insolvency Statistics in Canada—Monthly Reports. Last year sent 17 major retailers into bankruptcy… Since March, the three clubs have remained temporarily closed. BrandAlliance Canada, a division of former Top 40 distributorship A Brand Company, has gone into bankruptcy, multiple sources have told Counselor. Premier Kenney, meanwhile, warned that stronger measures could be coming for Alberta as cases rose by 991 yesterday. 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. 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. — World’s largest trade bloc is born: Fifteen countries in the Asia-Pacific region agreed to form a new trading bloc in what’s being seen as a win for China. Counsel is Aird & Berlis for the applicant, MLT Aikins for the receiver, and Simmons da Silva for the companies. The Montreal-based company says it will continue … Air Canada stock is nearing a breaking point. Bestseller’s 5 multi-brand stores including Noisy May, Y.A.S., Only, Selected and other brands were closed in February 2020. Bankruptcies increased by 8.0% and proposals increased by 2.9%. 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. 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. The total number of insolvencies (bankruptcies and proposals) in Canada increased by 8.7% in January 2020 compared to the previous month. Applicant: Dwight Grovum and Grovum Equities. Belgium’s health minister wrote a letter to St. Nick assuring him he was exempt from quarantine rules. In January 2020, CWB learned that Gerges had been charged with possession of a Schedule I substance. 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. People shopping online even more as they're stuck home. The assets of Akinvest were sold shortly after the amalgamation and virtually no business activity was carried on thereafter. Earlier in the year, AMC warned that it could run out of cash by the end of 2020 or early 2021. The total number of insolvencies in June 2020 was 41.1% lower than the total number of insolvencies in June 2019. 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. Though bankruptcy proceedings slowed throughout most of the pandemic because of government support packages, 7,658 people filed for insolvencies in September. 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. 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. Over the past few months, the company has completely ignored numerous demand notices and requests for information made by New Skies. Canada’s top doctor’s COVID-19 report zeroes in on inequality and policy cures. 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. 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. Recent. Sign up for the newsletter and get the latest insolvency news. CRA: Did You Claim the $400 GST Emergency Payment in 2020? 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.). Canada has also seen an uptick in energy bankruptcies, especially after facing years of stiff competition from U.S. shale producers. 16 Top TSX Stocks to Buy in November 2020. On May 4, J. Though bankruptcy proceedings slowed throughout most of the pandemic because of government support packages, 7,658 people filed for insolvencies in September. But you wouldn’t be able to tell based on its recent trajectory. Without adequate insurance and security to satisfy the statutory requirements, the companies cannot continue operations. Investors in AMC worried about the risk of bankruptcy. (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. Retail bankruptcies hit an all-time high in the first quarter of 2018, even more than last year according to Business Insider. 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. According to the most recent Canadian Federation of Independent Business survey, one in seven Canadian small businesses (158,000) are at risk of closing. (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. Globeways Canada Inc. ("Globeways"), a Mississauga, Ontario-based company that carries on business as a processor and wholesaler of pulse crops, was placed in receivership, along with its subsidiaries, on November 19 on application by TD, owed approximately $13.0 million (CAD) and $84.1 thousand (USD). Grant Thornton was appointed Monitor. Consumer bankruptcies in Alberta decreased by 41.9%, from 461 in September 2019 to 268 in September 2020. 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. PwC is the Bankruptcy Trustee. 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. 6. alabama $212,726 alaska $217,158,133 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. While the December holiday shopping season is typically a robust time for retailers, lower sales could see … The crisis like no other in 2020 leaves little room for Canadians to avert bankruptcies. Maple Medi Pharma Inc. et al. Updated 1427 GMT (2227 HKT) December 12, 2020 Counsel is Miller Thomson for the Group, Cassels Brock for the Monitor, and Harrison Pensa for BNS. — Tories call for Huawei ban: The Conservative Party is preparing a motion calling on the government to ban Huawei in Canada. Airlines that operated as subsidiaries of major groups have been among the most affected by closures during this 2020 unprecedented crisis. Maple Medi Pharma Inc. et al. Ethiopia’s Tigray leader fired missiles at Eritrea, and is threatening to fire more. As part of the foreclosure sale, TSG … Bankruptcies decreased by 1.7% and proposals increased by 15.5%. 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. Reitmans specializes in women's apparel and was founded in 1926 by Herman and Sarah Reitman, in Montreal, Quebec, Canada. However, due to significant claims advanced by certain unpaid farmers, the insurer of such policies has delivered notices of cancellation to the companies. 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 … The post Bankruptcy Alert: When Will Air Canada (TSX:AC) Go Under? 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. Since the company's clientele was comprised of mainly students from abroad, the closure of borders in the spring of 2020 forced the company to cease operations. Learn more. — Elsewhere: Boris Johnson, who battled COVID-19 earlier this year, is again self-isolating after coming into contact with a positive case. 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. Here is a look at some of the major retail closures announced in Canada in 2020, both before and during the pandemic. The company’s sole remaining asset was cash of approximately $9.9 million (USD). According to the WHO, the risk of infection from contaminated food is low. Austria announces one of Europe’s toughest lockdowns. 2015-2020 e&p secured and unsecured debt by filing location. Luby’s charts path for dissolving public company . PQ New York had an estimated $100 million to $500 million in liabilities when it filed for bankruptcy. Counsel is MLT Aikins for the applicant, Burnet, Duckworth & Palmer for the receiver, and Caron & Partners for the company. The breakneck pace of retail bankruptcies slowed in August, with at least three well-known companies filing for Chapter 11. The following post will continue to be updated to reflect the current major retailers that have filed for bankruptcy protection in 2020. appeared first on The Motley Fool Canada. There will be many late packages though, arriving after December 25 as delivery capacity will be no match for online demand, he added. 2020 has been a hectic year for retail bankruptcies. 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. SpaceX launched four astronauts to the International Space Station. All Rights Reserved. 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. Trudeau on Friday acknowledged China had been taking on more “coercive diplomacy” and acting “more forcefully” recently. McMillan is counsel to the applicant. Across Canada there were 137,178 consumer insolvency filings in 2019; 60 per cent were consumer proposals and the rest were bankruptcies. Near-zero travel demand. By Carla DeMaio. 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. Updated on November 10, 2020 . 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. Subscribe to the RSS feed to ensure you always have access to the latest information. For details about a particular record, click on the company name. Counsel is Fogler for Grovum and Bouchelev Law for Kouznetsov. 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. 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. 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. records list. The company’s debt stands at $287 million and that’s not including rents owed for April and May of this year — the company failed … By Jordan Valinsky, CNN Business. Counsel is McMillan for the company, Bennett Jones for the debenture holders and Chaitons for the proposal trustee. In the 25 years from 1980 to 2005, personal bankruptcy filings rose significantly. South Korea has managed to keep bankruptcies in 2020 near year-earlier levels. 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 . Image source: Getty Images . BDO was appointed receiver. 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 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. ( LITs ) are federally regulated debt professionals who are highly qualified and.! 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