On January 21, 2022, by order of the Honourable Justice K. Horner (the “Initial Interim Receivership Order”) of the Court of Queen’s Bench of Alberta (the “Court”), Alvarez & Marsal Canada Inc. (“A&M”) was appointed interim receiver (the “Interim Receiver”) of each of Big Bear Energy Rentals Ltd., 5556300 Manitoba Ltd., Barricade Environmental Ltd., Direct Environmental Technologies Inc. and 1509571 Alberta Ltd. (collectively, the “Debtors”) and their current and future assets, undertakings and properties of every nature and kind whatsoever, and wherever situate, including all proceeds thereof (the “Property”), pursuant to section 47(1) of the Bankruptcy and Insolvency Act, RSC 1985, c B-3, s.13(2) of the Judicature Act, RSA 2000, c J-2, and s.242(3) of the Business Corporations Act, RSA 2000, c B-9.  

The Initial Interim Receivership Order empowered and authorized, but did not obligate the Interim Receiver to, among other things, take various steps to preserve and protect the Debtors’ Records (as defined in the Order) including accessing, preserving and protecting the Records, accessing the Debtors’ Premises, meeting with affected parties the Interim Receiver deems appropriate, and monitoring the Debtors’ receipts and disbursements and the Debtors’ business and dealings with the Property. In addition, the Interim Receiver was also empowered and authorized, but not obligated to inquire into and report to the Plaintiff and the Court on the financial condition of the Debtors and the Property and any material adverse developments relating to the financial condition of the Debtors, the Property or both. This Initial Interim Receivership Order did not allow the Interim Receiver to take possession or control of the Company.

Effective February 4, 2022, the Court granted an Enhanced Interim Receivership and Receivership order (the “Enhance Powers Order”), whereby the Interim Receiver was granted “enhanced powers” over all the Debtor’s Property. The Enhanced Powers Order builds on the Initial Interim Receivership Order and specifically empowers and authorizes, but does not obligate, the Interim Receiver to, among other things, manage, operate and carry on the business of the Company, to assume control and take possession of the Company’s Property and operations, and assume control and take possession of any and all proceeds, receipts and disbursements arising out of or from the Property. Effective February 9, 2022, the Receiver will be permitted to sell, convey, transfer, lease or assign the Property or any part or parts thereof out of the ordinary course of business subject to Court approval as necessary.

On November 7, 2022, Big Bear Energy Rentals Ltd., 5556300 Manitoba Ltd., Direct Environmental Technologies Inc. and 1509571 Alberta Ltd. (collectively the “Companies”) were assigned into bankruptcy by the Receiver as permitted pursuant to the Discharge Order and pursuant to s.49 of the Bankruptcy and Insolvency Act (“BIA”). Alvarez & Marsal Canada Inc. (A&M) was appointed as the Licensed Insolvency Trustee (the “Trustee”) of the Companies by the Official Receiver, subject to affirmation by the creditors of the trustee’s appointment or substitution of another trustee by the creditors of the Companies. The Companies are now considered bankrupt entities.