Latest news with #BankruptcyandInsolvencyAct
Cision Canada
26-06-2025
- Business
- Cision Canada
4Front Ventures Provides Update on Receivership Proceedings and Board Resignations
PHOENIX, /CNW/ - 4Front Ventures Corp. (" 4Front" or the " Company") (CSE: FFNT) (OTC: FFNTF), a vertically integrated cannabis operator, provides an update on the voluntary receivership proceedings involving its U.S. subsidiaries and changes to its Board of Directors. As previously announced, on May 22, 2025, all U.S. subsidiaries of 4Front (the "Subsidiaries") filed for voluntary receivership in aid of liquidation under the laws of the Commonwealth of Massachusetts. These filings were made in the Business Litigation Session of the Superior Court for Suffolk County (the "Court") in case no. 2584CV01405 (the "Receivership"). On June 20, 2025, the Court entered an order appointing Opus Consulting Partners, LLC, through its principal Mr. Jacques Santucci, as Receiver for the Subsidiaries and their associated assets. The Receiver has been granted broad authority to operate, manage, and pursue the orderly sale of the Subsidiaries to maximize value for creditors and stakeholders. The Receiver is also authorized to engage Stone Blossom Capital LLC, whose principal is Richard Ormond, as a senior strategic consultant and advisor in connection with the process. With the appointment of the Receiver and 4Front's previously announced assignment pursuant to Canada's Bankruptcy and Insolvency Act (the "Bankruptcy"), Kris Krane, Chairman of the Board, and David Daily, Director, have today tendered their resignations from the Company's Board of Directors effective immediately. Additional information regarding the Receivership may be obtained from the Receiver; additional information regarding the Bankruptcy may be obtained from B. Riley Farber, Inc., the trustee. Legal counsel to the Company is Foley Hoag LLP. About 4Front Ventures Corp. 4Front is a national, vertically integrated multi-state cannabis operator with operations in Illinois and Massachusetts and facilities in Washington. Since its founding in 2011, 4Front has built a strong reputation for its high standards and low-cost cultivation and production methodologies earned through a track record of success in facility design, cultivation, genetics, growing processes, manufacturing, purchasing, distribution, and retail. To date, 4Front has successfully brought to market more than 20 different cannabis brands and over 1,800 products, which are strategically distributed through its fully owned and operated Mission dispensaries and retail outlets in its core markets. For more information, visit For inquiries related to the Bankruptcy: The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release. SOURCE 4Front Ventures Corp.
Time Out
23-06-2025
- Business
- Time Out
Iconic Peel Pub in Downtown Montreal shuts down suddenly after over 60 years of service
It's official: one of Montreal's favourite bars has permanently closed. A bankruptcy notice recently posted on the Peel Pub's front entrance referenced Article 203 of the Bankruptcy and Insolvency Act, warning that anyone who removes items from the premises without the trustee's authorization could face fines or imprisonment. Located in the heart of Montreal, just a few blocks from some of the best shopping in the city at the Montreal Eaton Centre and Time Out Market Montréal, the Peel Pub was known for their specials, gigantic pitchers of beer, pub grub and comedy and sports nights. Beloved by regulars, and catering primarily to the local university crowd, the Pub's prime downtown location also placed in the centre of the action when it came to Grand Prix weekend. Founded in 1962, Peel Pub was also a well-known spot for pre-gaming before hockey games at the Bell Centre.
Montreal Gazette
21-06-2025
- Business
- Montreal Gazette
It's Taps for Montreal's iconic Peel Pub after more than 60 years
Peel Pub has shut its doors after more than six decades as a downtown Montreal hot spot. A bankruptcy notice was taped to the front entrance citing Article 203 of the Bankruptcy and Insolvency Act, warning anyone who removes property from the premises without the trustee's permission could face fines or jail time. The notice was issued on Friday, The Gazette has learned. According to Quebec's business registry, the bar is owned by Sami Jmaiel. He could not be reached for comment. The trustee overseeing the file has also been contacted. Opened in 1962, the pub's location on Peel St. made it a favourite for students and downtown regulars. News of its closing prompted hundreds of reactions online. 'Good old Peel Pub. Was my go-to spot in the very early 2000s,' one Facebook user wrote. 'The fun I used to have there I can't even put into words.' 'Damn, spent my uni years there,' another added. Peel Pub's sudden shuttering also brought an end to its weekly Wednesday comedy night. In a statement on Facebook, Peel Pub Comedy, which hosts a weekly open mic night, said it was 'with the heaviest of hearts' it will have to stop its events at the pub. 'The Peel Pub was unfortunately shut down completely [Friday] due to insolvency,' the post read. 'Even though the open mic was bringing in some business, the Peel Pub as a whole has suffered numerous setbacks in recent years and was no longer sustainable.' It described the night as a space where many local comedians got their start, adding equipment stored in the venue is now inaccessible because of insolvency proceedings and efforts are underway to relocate the event.
Cision Canada
19-06-2025
- Business
- Cision Canada
B.C. court says fraudster's financial sanction will not be erased by bankruptcy
VANCOUVER, BC, June 19, 2025 /CNW/ - A $6.8 million financial sanction against a fraudster will not be extinguished if he is discharged from bankruptcy, a B.C. Supreme Court judge has ruled. The BC Securities Commission (BCSC), which ordered Thomas Arthur Williams to pay the sanction in 2016, had asked that the sanction remain enforceable even if all or most of his other debts are erased by discharge from bankruptcy. The judge granted the BCSC's application based on last year's ruling by the Supreme Court of Canada in another BCSC case. The Supreme Court of Canada said that a type of financial sanction known as disgorgement – an order to pay money representing the amount obtained or loss avoided by the wrongdoing – should survive bankruptcy if it was imposed for misconduct involving "false pretences or fraudulent misrepresentation." "There is a direct link between the disgorgement order debt and [Williams's] deceitful misconduct," the court said. A BCSC panel found in 2016 that Williams, who had been a registered mutual fund representative, was the mastermind of a Ponzi scheme that raised approximately $11.7 million from 123 investors between February 2007 and April 2010. The panel found that he committed fraud and violated securities laws concerning prospectus and registration requirements. Williams, who applied for bankruptcy in 2021, has not paid any portion of the $6.8 million disgorgement order. He opposed the BCSC's application to have the disgorgement survive discharge from bankruptcy, but according to the court, he "was unable to provide a reason for why the declaration should not be granted when given an opportunity to do so during the course of the hearing." Any funds collected for disgorgement can be returned to victims of the misconduct. This month's B.C. Supreme Court ruling was the first to use the Supreme Court of Canada's legal test for determining whether a financial sanction should survive discharge from bankruptcy. The Supreme Court of Canada, in that same 2024 ruling, said that administrative penalties – which are separate from disgorgement orders, and are aimed at deterring misconduct – are not enforceable after a discharge from bankruptcy. The court's 5-2 ruling was based on its interpretation of the federal Bankruptcy and Insolvency Act (BIA), which says that certain types of debts will not be erased after discharge. The court noted that Parliament could have drafted the BIA to expressly say that financial sanctions of regulatory bodies or administrative tribunals are exempt from bankruptcy discharge, but the BIA does not say that. In response to that ruling, the BCSC has been engaging with elected and appointed federal officials about adding securities regulators' financial sanctions to the BIA's list of debts that survive bankruptcy. In addition to the $6.8 million disgorgement order against Williams, the BCSC also imposed a $15 million administrative penalty. He has not paid any portion of that, either. Williams sought to be discharged from bankruptcy in 2023. The BCSC and the court-appointed trustee opposed that application, which was adjourned indefinitely. About the BC Securities Commission ( The BC Securities Commission, an independent provincial government agency, strives to make the investment market benefit the public. We set rules, monitor compliance by industry, take action against misconduct, and provide guidance to investors and industry. As guardians of B.C.'s investment market, we're committed to maintaining a market that is honest, fair, competitive and dynamic, enabling British Columbians to thrive. Learn how to protect yourself and become a more informed investor at
Yahoo
11-06-2025
- Business
- Yahoo
Prime Drink Group Provides an Update on Its Bottling Subsidiary Receivership
MONTREAL, June 10, 2025 (GLOBE NEWSWIRE) -- Prime Drink Group Corp. (CSE: PRME) ('Prime' or the 'Company') announces that its bottling subsidiary, formerly known as Triani Canada Inc. ('Triani'), has been placed into receivership and has ceased operations. Triani's receivership was ordered on June 10, 2025, by the Superior Court, District of Montreal, at the request of Triani's principal creditors pursuant to Section 243 of the Bankruptcy and Insolvency Act (Canada), as disclosed in the Company's press release dated April 7, 2025. The Company wishes to clarify that the parent company, Prime Drink Group Corp., and all of its other subsidiaries are not subject to this receivership. Ownership of the freshwater rights is segregated from Triani, and operations are continuing. Consistent with its objective of resuming growth of its business and brands, Prime is currently evaluating several options, including its intention to submit an offer to the principal creditors to acquire certain strategic assets of Triani. In addition, the Company is considering other avenues of recourse with respect to Triani and the various stakeholders. 'The receivership of Triani a few months after its acquisition puts us in a challenging situation but our resolve and vision remain unwavering. It is our intention to fight to recover what is owed to Prime and to continue developing our valuable strategic water and beverage assets. We are fortunate to have an experienced team in innovation, brand strategy and marketing that will be able to leverage Prime's assets for the benefit of our shareholders and come out stronger,' said Olivier Primeau, VP Marketing, Strategic Vision and Acquisitions at Prime. The Company reaffirms its commitment to the responsible development of its water resources in Québec. Discussions with government authorities are progressing well. Prime also wishes to announce the appointment of Jean Gosselin as Chief Financial Officer of the Company. Jean has over 40 years of experience in finance and operations and previously served as Vice President of Finance and Corporate Secretary of Prime. About Prime Drink Group Prime Drink Group Corp (CSE: PRME) is a Québec-based corporation focused on becoming a leading diversified holding company in the beverage, influencer media and hospitality sectors. For further information, please contact: Jean Gosselin, CFOPhone: (514) 394-7717 Email: info@ This press release contains 'forward-looking information' within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as 'plans', 'expects' or 'does not expect', 'is expected', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates' or 'does not anticipate', or 'believes', or variations (including negative and grammatical variations) of such words and phrases or statements that certain acts, events or results 'may', 'could', 'would', 'might' or 'will be taken', 'occur' or 'be achieved'. Forward-looking information in this press release may include, without limitation, statements relating to the receivership and the Company's intentions with respect to recovering Triani from receivership. These statements are based upon assumptions that are subject to significant risks and uncertainties, including risks regarding the beverage industry, market conditions, availability of financing to the Company on acceptable terms, general economic factors, and the equity markets generally. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance of Prime may differ materially from those anticipated and indicated by these forward-looking statements. Any number of factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although Prime believes that the expectations reflected in forward-looking statements are reasonable, they can give no assurances that the expectations of any forward-looking statements will prove to be correct. Except as required by law, Prime disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
