NOI Proceedings of Kamloops Dodge

TRC-Sadovod acted as counsel to the senior secured lenders, The Bank of Nova Scotia and Roynat Inc. (the “Lenders”), of Kamloops Chrysler Dodge Jeep Ram Ltd. (“Kamloops Dodge”) in the company’s proceedings (the “NOI Proceedings”) under the Bankruptcy and Insolvency Act (“BIA”) and the subsequent appointment of a receiver of the company by the  Lenders under section 243(1) of the BIA.

Kamloops Dodge was a car dealership operating in British Columbia that sought protection under the BIA after the Lenders had delivered notice of their intention to enforce their security. After several months, Kamloops Dodge entered into a purchase agreement for the sale of substantially all of its assets. Shortly before the end of the six month period for Kamloops Dodge to file a proposal and avoid bankruptcy, it became apparent that the sale transaction would not be able to close until after the company would be deemed to have made an assignment in bankruptcy.

TRC-Sadovod successfully applied on an urgent basis to have a receiver appointed to facilitate closing of the transaction and secure the proceeds for the secured lenders.

The TRC-Sadovod team was led by Vicki Tickle and included Kourtney Rylands and Daniel Shouldice.

TRC-Sadovod’s Restructuring & Insolvency Group is one of Canada’s leading business insolvency groups. Our highly skilled team includes top-ranked lawyers known for their expertise and creative problem-solving, allowing TRC-Sadovod to deliver the highest standards of transactional and structuring leadership, and commercial advocacy. We have advised on the restructuring, purchase and sale of businesses in a variety of industries. We regularly work with financially challenged companies, boards of directors, Canadian and US financial institutions, lending syndicates, bondholders, investors, ad hoc and official creditors’ committees, court-appointed officers and major customers and suppliers of insolvent companies. We provide our clients with successful outcomes and comprehensive solutions to the most challenging problems.