“Every other approach leads us to repeated waves,” one infectious diseases specialist told The Globe and Mail. Across Canada there were 137,178 consumer insolvency filings in 2019; 60 per cent were consumer proposals and the rest were bankruptcies. KSV is the proposal trustee. ... on the brink according to a recent National Restaurant ... of more than 250 stores across the US and Canada. It signed the deal yesterday together with Japan, South Korea, Australia, New Zealand, and ten Southeast Asian countries. 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. — “He won”: It wasn’t quite a concession, but Trump tweeted yesterday that Biden “won” the U.S. election. The total number of insolvencies (bankruptcies and proposals) in Canada increased by 8.7% in January 2020 compared to the previous month. It sounds like they’ve tried… Zeifmans was appointed Receiver and Liquidator. People shopping online even more as they're stuck home. A portion of the company's indebtedness is secured by a General Security Agreement. However, due to significant claims advanced by certain unpaid farmers, the insurer of such policies has delivered notices of cancellation to the companies. Most Recent 'Bankruptcy Trustee' Posts. 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. Though bankruptcy proceedings slowed throughout most of the pandemic because of government support packages, 7,658 people filed for insolvencies in September. 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. Since March, the three clubs have remained temporarily closed. The total number of insolvencies in January 2020 was 10.4% higher than the total number of insolvencies in January 2019. Bankruptcies increased by 8.0% and proposals increased by 2.9%. The charity Prosper Canada… '”, Plus, What We’re Watching: Training for judges in sex-assault cases; privacy-regime revamp. 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. The crisis like no other in 2020 leaves little room for Canadians to avert bankruptcies. The post Bankruptcy Alert: When Will Air Canada (TSX:AC) Go Under? The survey said 62 percent of small businesses are fully open; 37 percent are fully staffed; and only 26 percent are making normal sales. KSV was appointed Receiver. BrandAlliance Canada, a division of former Top 40 distributorship A Brand Company, has gone into bankruptcy, multiple sources have told Counselor. KPMG was appointed receiver. iPolitics publishes content everyday, throughout the day. “The restrictions, I think for a lot of Calgarians, feel a bit random,” he said in an interview with Global News. But you wouldn’t be able to tell based on its recent trajectory. For the 12 months ending February 1, 2020, Aldo lost $74.8 million in Canada and $52.8 million in the United States. (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. 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. — Elsewhere: Boris Johnson, who battled COVID-19 earlier this year, is again self-isolating after coming into contact with a positive case. However, people with investment income from the Toronto Dominion Bank … Applicant: New Skies Satellites B.V. ("New Skies"), Juch-Tech, a Hamilton, Ontario-based company that provides satellite broadcast and internet transmission and uplink services, was placed in receivership on December 9 on application by New Skies Satellites B.V. ("New Skies"), owed approximately $10.4 million (USD) under a Master Services Agreement. 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. 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. All Rights Reserved. These companies are closing locations in 2020. Le Château:After 60 years … 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. Canada and the U.S. were not part of the deal, negotiations for which began in 2012. 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. The total number of insolvencies in June 2020 was 41.1% lower than the total number of insolvencies in June 2019. PQ New York had an estimated $100 million to $500 million in liabilities when it filed for bankruptcy. Halifax, Nova Scotia, Canada - July 7, 2011: Reitmans store signage in Bayers Lake Industrial Park. J. 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. Premier Kenney, meanwhile, warned that stronger measures could be coming for Alberta as cases rose by 991 yesterday. Reitmans specializes in women's apparel and was founded in 1926 by Herman and Sarah Reitman, in Montreal, Quebec, 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. Canada has also seen an uptick in energy bankruptcies, especially after facing years of stiff competition from U.S. shale producers. CRA: Did You Claim the $400 GST Emergency Payment in 2020? There will be many late packages though, arriving after December 25 as delivery capacity will be no match for online demand, he added. On May 4, J. Applicant: Dwight Grovum and Grovum Equities. Number of stores: 492. 2020 Insolvency Statistics for 2020 Insolvency Statistics in Canada—Monthly Reports. 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. 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. Grant Thornton is the bankruptcy trustee. McMillan is counsel to the applicant. With businesses deeply wounded by the COVID-19 pandemic, Canada needs a recovery strategy that fosters a more sustainable and resilient economy. Belgium’s health minister wrote a letter to St. Nick assuring him he was exempt from quarantine rules. 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. 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. Grant Thornton was appointed Monitor. 2015-2020 e&p secured and unsecured debt by filing location. Applicant: 1951584 Ontario Inc. and CWB Maxium Financial Inc. ("CWB"). — 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. In the last couple weeks, shares are up nearly 30%. 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 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. 2020 has been a hectic year for retail bankruptcies. During May 2020, the market saw considerable gains, but Air Canada … The company’s sole remaining asset was cash of approximately $9.9 million (USD). 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 . Among other things, the former president said that if he took a cabinet role in Biden’s administration, “Michelle would leave me.”. 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. 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? Consumer bankruptcies in Alberta decreased by 41.9%, from 461 in September 2019 to 268 in September 2020. The following post will continue to be updated to reflect the current major retailers that have filed for bankruptcy protection in 2020. records list. 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. What is a Licensed Insolvency Trustee? Reitmans has filed for bankruptcy protection under the Companies' Creditors Arrangement Act. Canada’s top doctor’s COVID-19 report zeroes in on inequality and policy cures. 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. By Carla DeMaio. Investors in AMC worried about the risk of bankruptcy. 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. — 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. 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. September 27, 2020 by Questions Licensed Insolvency Trustees (LITs) are federally regulated debt professionals who are highly qualified and well-trained. Crew. The previous year saw a number of well-known national and regional retailers file for both Chapter 7 and Chapter 11 bankruptcy. It is forecasted that the Group will not have sufficient funds after January 4, 2020 and, as such, will not be able to make the term loan payment to BNS due in January. Airlines that operated as subsidiaries of major groups have been among the most affected by closures during this 2020 unprecedented crisis. However, following the closing of the sale, the companies remained in default of their covenants with TD. 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. 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. Packaging for the meat came from Brazil, Bolivia, Argentina, and New Zealand according to authorities. — Obama speaks (more): Obama has also been on the TV circuit, giving interviews ahead of the release of his latest book. 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. With businesses deeply wounded by the COVID-19 pandemic, Canada needs a recovery strategy that fosters a more sustainable and resilient economy. It is the first trade agreement to include China, Japan, and South Korea together. Today’s Morning Brief is brought to you by Chartered Professional Accountants of Canada. It had been operating in Canada since 2015. For details about a particular record, click on the company name. Annual revenue: $2.5 billion in 2019. The 30 retailers and restaurant chains that filed for bankruptcy in 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 … For the period from March to August, the Group's revenues were approximately 83% below projected revenues for that period. This list will be updated as more join the group: MORE … Since the criminal charges were laid against Gerges, CWB also became aware that certain of the Debtors were operating without any liability insurance. In 2020, Air Canada has been a loser for several months amid the market turbulence. 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