On December 14, 2010, Iona Contractors Ltd. ("Iona"), together with the parent company, Envision Engineering & Contracting Inc. ("Envision") and other related entities, Bow Valley Electrical Services Ltd. ("Bow Valley"), Inter Project Systems Inc., Western Construction & Combustion Services Inc. ("Western") and Landex Construction Inc. ("Landex") (collectively referred to as the "Envision Group") obtained an order (the "Initial Order") from the Ontario Superior Court of Justice, Judicial District of Ottawa-Carleton ("Court") pursuant to the Companies' Creditors Arrangement Act ("CCAA") granting the Envision Group protection from its creditors. Ernst & Young Inc. (formerly RSM Richter Inc.) was appointed as Monitor under the Initial Order.On January 14, 2011, the Court terminated the CCAA proceedings for the reasons cited in the decision of the Honourable Justice Beaudoin. Immediately after the termination of the CCAA proceedings, Alberta Treasury Branches ("ATB"), the Envision Group's operating lender, appointed Ernst & Young Inc. (formerly RSM Richter Inc.) as Receiver and Manager ("Receiver") of the Envision Group.On March 18, 2011, Iona, Bow Valley and Western each filed an assignment for the general benefit of creditors ("Assignment") in the Judicial District of Calgary. Envision and Landex also filed Assignments in the Judicial District of Ottawa-Carleton on March 16, 2011. Ernst & Young Inc. (formerly RSM Richter Inc.) has been appointed Trustee of all of the estates. The engagement was subsequently transferred to Deloitte Restructuring Inc. effective August 10, 2016.
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Feb 4, 2021