This is the second of a two-part story examining how the Companies’ Creditors Arrangement Act is being employed in a lawsuit seeking $450 million from the province of Nova Scotia. Read Part 1 here. Three months before Mountain Equipment Co-op went to the British Columbia Supreme Court for creditor protection in 2020, Northern Pulp – […]
The demise of Mountain Equipment Co-op could spell expensive trouble for Nova Scotia
In 2020, a federal law and a BC judge dismantled Mountain Equipment Co-op. Now, the same federal law that was used to destroy MEC is being cited by Paper Excellence in its $450 million lawsuit against the province of Nova Scotia related to the creditor protection of Northern Pulp. And the case is being heard by the same judge.
Mountain Equipment Co-operative is no more. In September 2020, Mountain Equipment Co-operative filed for creditor protection. A month later, a judge ordered that the co-ops’ assets be sold to a Los Angeles-based private equity firm, and Mountain Equipment Co-operative became Mountain Equipment Company. Now, the same federal law that was used to dismantle Mountain Equipment […]