 Omega Lift's Bolton headquarters
PHOTO: Google |
A receiver has been appointed as Omega Lift has slipped into insolvency.
As flagged
last week, the Bolton, Ontario manufacturer is being wound up by the Toronto-Dominion Bank which,
Forkliftaction News has been told, last month called in its loan, leaving the company unable to meet its payroll.
The application was filed in the Ontario Superior Court of Justice on August 2nd, and KSV Kofman has been appointed receiver for Omega Lift Manufacturing Inc., Omega Lift Distributors Inc. and Pan-Bro Investments Incorporated.
These is no word yet on the receiver's plans for the business, nor when creditors will be summoned to a meeting.
The extent of Omega Lift's debts is still to be determined.
The Canadian manufacturer, once singled out for recognition by the local business community, has had a chequered existence, with claims of fraud, non-payment of suppliers and non-delivery of goods aired in the courts and on the Forkliftaction Discussion Forums.
Forkliftaction News will closely monitor the receivership process.