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. Academie Linguistique Internationale Inc. British Columbia Discovery Fund Inc. (the “Fund”). Our summaries of recent Canadian insolvency filings. — “He won”: It wasn’t quite a concession, but Trump tweeted yesterday that Biden “won” the U.S. election. KPMG was appointed receiver. 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. 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. During May 2020, the market saw considerable gains, but Air Canada … Noah's Event Venue, a chain offering spaces for various gatherings, technically filed for bankruptcy … 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. 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. Image source: Getty Images. BrandAlliance Canada, a division of former Top 40 distributorship A Brand Company, has gone into bankruptcy, multiple sources have told Counselor. Recent. Over the past few months, the company has completely ignored numerous demand notices and requests for information made by New Skies. Learn more. 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.). 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. 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. That owes much to President Moon Jae-in’s $35 billion corporate support scheme for key industries from aviation to shipbuilding. Bankruptcies went up fast, though there were periods where filings dropped for a few years. 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. 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. However, due to significant claims advanced by certain unpaid farmers, the insurer of such policies has delivered notices of cancellation to the companies. 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. (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. With businesses deeply wounded by the COVID-19 pandemic, Canada needs a recovery strategy that fosters a more sustainable and resilient economy. Among other things, the former president said that if he took a cabinet role in Biden’s administration, “Michelle would leave me.”. The total number of insolvencies (bankruptcies and proposals) in Canada increased by 4.7% in June 2020 compared to the previous month. — Elsewhere: Boris Johnson, who battled COVID-19 earlier this year, is again self-isolating after coming into contact with a positive case. SpaceX launched four astronauts to the International Space Station. 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. 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. 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. 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. — 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. The previous year saw a number of well-known national and regional retailers file for both Chapter 7 and Chapter 11 bankruptcy. 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. Bankruptcies increased by 8.0% and proposals increased by 2.9%. The company’s sole remaining asset was cash of approximately $9.9 million (USD). Canada has also seen an uptick in energy bankruptcies, especially after facing years of stiff competition from U.S. shale producers. Here is a look at some of the major retail closures announced in Canada in 2020, both before and during the pandemic. 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. People shopping online even more as they're stuck home. Counsel is Aird & Berlis for the applicant, MLT Aikins for the receiver, and Simmons da Silva for the companies. Counsel is MLT Aikins for the applicant, Burnet, Duckworth & Palmer for the receiver, and Caron & Partners for the company. Across Canada there were 137,178 consumer insolvency filings in 2019; 60 per cent were consumer proposals and the rest were bankruptcies. Updated on November 10, 2020 . Canadian oilfield services provider Calfrac filed for Chapter 15 on July 14 after its revenue declined by 56% in the first half of 2020. Counsel is Miller Thomson for the Group, Cassels Brock for the Monitor, and Harrison Pensa for BNS. 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. (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. Without adequate insurance and security to satisfy the statutory requirements, the companies cannot continue operations. The total number of insolvencies (bankruptcies and proposals) in Canada increased by 8.7% in January 2020 compared to the previous month. — China finds coronavirus on imported meat: Chinese authorities in Jinan and two other cities said they found coronavirus on imported beef, tripe, and pork. The post Bankruptcy Alert: When Will Air Canada (TSX:AC) Go Under? 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. Subscribe to the RSS feed to ensure you always have access to the latest information. 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. 7,556 1 minute read. In the first half of 2020, more than 3,600 companies filed for bankruptcy, according to Epiq. The 30 retailers and restaurant chains that filed for bankruptcy in 2020. 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. In the 25 years from 1980 to 2005, personal bankruptcy filings rose significantly. 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