Crelogix Acceptance Corporation, Crelogix Credit Group Inc. and Crelogix Portfolio Services Corporation
On July 6, 2017, the Court of Queen’s Bench of Alberta (the “Court”) granted an Order (the “Consent Receivership Order”) whereby Alvarez & Marsal Canada Inc. (“A&M”) was appointed receiver (the “Receiver”) of Crelogix Acceptance Corporation, Crelogix Credit Group Inc. and Crelogix Portfolio Services Corporation (“Crelogix” or the “Company”). Crelogix is a non-bank consumer financial services corporation, incorporated pursuant to the laws of British Columbia and registered extra provincially in the Province of Alberta.
The Company provides credit, insurance, and product protection solutions through customer programs it has established with a diverse group of merchants, retailers, wholesalers, manufacturers, franchisors, and industry associations (collectively referred to as the “Merchants”). It acquires from the Merchants consumer debt obligations (“Obligations”), and then resells these Obligations to third party financial institutions (“Funders”). Crelogix also administers the collection of the indebtedness due on the Obligations on behalf of the Funders in consideration a of monthly administration fee.
Pursuant to the Consent Receivership Order, the Receiver is appointed, without security, of all of Crelogix’s current and future assets, undertakings and properties of every nature and kind whatsoever, and wherever situate, including all proceeds thereof.