On September 29, 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 Independent Electric and Controls Ltd., IEC Business Holdings Inc., Summit Controls (2012) Corp. and Black Knights Electric Inc. (“IEC” or the “Company”).  IEC is an electrical contractor corporation, incorporated pursuant to the laws of Alberta.

IEC primarily operates in Alberta and has locations in Drayton Valley, Edmonton, Athabasca and Grande Prairie.  IEC specializes in a multitude of services including:

 - electrical and instrumentation maintenance;

 - mechanical an refrigeration services;

 - automation and controls system maintenance;

 - field operators services;

 - preventative maintenance scheduling;

 - major facility construction;

 - plant expansions and upgrades.

Pursuant to the Consent Receivership Order, the Receiver is appointed, without security, of all of the Company’s current and future assets, undertakings and properties of every nature and kind whatsoever, and wherever situate, including all proceeds thereof.

On July 25, 2019, Independent Electric & Controls Ltd., (“IEC” or the "Company") was assigned into bankruptcy by the Receiver as permitted pursuant to the Receivership 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 Company by the Official Receiver, subject to affirmation by the creditors of the Company.  The Company are now considered bankrupt entities.