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. — 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. Among other things, the former president said that if he took a cabinet role in Biden’s administration, “Michelle would leave me.”. 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. Counsel is Miller Thomson for the Group, Cassels Brock for the Monitor, and Harrison Pensa for BNS. In January 2020, CWB learned that Gerges had been charged with possession of a Schedule I substance. 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. In a later tweet, he added that he conceded nothing by asserting that Biden had only won in the eyes of the media. '”, Plus, What We’re Watching: Training for judges in sex-assault cases; privacy-regime revamp. — Tories call for Huawei ban: The Conservative Party is preparing a motion calling on the government to ban Huawei in Canada. During May 2020, the market saw considerable gains, but Air Canada … 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. The 30 retailers and restaurant chains that filed for bankruptcy in 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. Grant Thornton is the bankruptcy trustee. Le Château:After 60 years … 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. KSV is the proposal trustee. Image source: Getty Images . Over the past few months, the company has completely ignored numerous demand notices and requests for information made by New Skies. 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. 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. “Every other approach leads us to repeated waves,” one infectious diseases specialist told The Globe and Mail. 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. BDO was appointed receiver. 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 “The restrictions, I think for a lot of Calgarians, feel a bit random,” he said in an interview with Global News. Investors in AMC worried about the risk of bankruptcy. The breakneck pace of retail bankruptcies slowed in August, with at least three well-known companies filing for Chapter 11. Subscribe to the RSS feed to ensure you always have access to the latest information. Counsel is McMillan for the company, Bennett Jones for the debenture holders and Chaitons for the proposal trustee. The U.S. has reached 11 million COVID-19 cases, with Black and Latino people disproportionately affected. Canada has also seen an uptick in energy bankruptcies, especially after facing years of stiff competition from U.S. shale producers. 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. Consumer bankruptcies in Alberta decreased by 41.9%, from 461 in September 2019 to 268 in September 2020. — 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. Recent. 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. SpaceX launched four astronauts to the International Space Station. 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. 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. — 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. AMC ended its … 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. 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. But you wouldn’t be able to tell based on its recent trajectory. 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. 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. Retail bankruptcies hit an all-time high in the first quarter of 2018, even more than last year according to Business Insider. 16 Top TSX Stocks to Buy in November 2020. Applicant: Dwight Grovum and Grovum Equities. For the period from March to August, the Group's revenues were approximately 83% below projected revenues for that period. What is a Licensed Insolvency Trustee? In addition to financial difficulties resulting from the COVID-19 pandemic, the Group is currently facing litigation and threats of litigation. Maple Medi Pharma Inc. et al. Meanwhile, there were violent clashes over the weekend during pro-Trump protests in D.C. and elsewhere. With businesses deeply wounded by the COVID-19 pandemic, Canada needs a recovery strategy that fosters a more sustainable and resilient economy. 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. 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. Counsel is MLT Aikins for the applicant, Burnet, Duckworth & Palmer for the receiver, and Caron & Partners for the company. Without adequate insurance and security to satisfy the statutory requirements, the companies cannot continue operations. 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 crisis like no other in 2020 leaves little room for Canadians to avert bankruptcies. 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. Counsel is Aird & Berlis for the applicant, MLT Aikins for the receiver, and Simmons da Silva for the companies. 2020 Insolvency Statistics for 2020 Insolvency Statistics in Canada—Monthly Reports. 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. Maple Medi Pharma Inc. et al. Austria announces one of Europe’s toughest lockdowns. It is the first trade agreement to include China, Japan, and South Korea together. 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