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Grant Thornton Limited may be appointed as Receiver or Receiver-Manager by a secured creditor to protect secured assets.

Alternatively, we can be appointed by the Court to act as a Receiver or as a Receiver-Manager. A Court Appointment can be useful when the sale of real estate is involved or significant amounts are owed to the Crown or utility corporations. When appointed by the Court, the Receiver/Receiver-Manager acts as an officer of the Court for all interested parties.

Whether appointed privately or by the Court, actions taken by the Receiver or Receiver-Manager may

include the following:

  • Protect and preserve the assets.
  • Take over management of the entity.
  • Attend to P.P.S.A. and Bankruptcy and Insolvency Act filing requirements.
  • Act in the best interests of the entity.
  • Sell the business as a going concern or liquidate the assets if not operating.

The Bankruptcy and Insolvency Act requires a Receiver or a Receiver-Manager to be a Licensed Insolvency Trustee. In addition, a Licensed Insolvency Trustee is knowledgeable about:

  • Formalized procedures required to render the appointment valid.
  • Procedures required to ensure the assets are protected.
  • Statutory duties, claims and filing requirements.
  • Options or alternative procedures to maximize returns to the creditors.


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