Canadian seafood firm declared bankrupt

North Lake Seafoods is officially bankrupt after a P.E.I. Supreme Court judge’s ruling Thursday.

Justice Ben Taylor issued the order after an application from Ocean Pride Fisheries Ltd., which is one of the company’s creditors and leased its fish processing plant to North Lake Seafoods.

Taylor also appointed Grant Thornton as the trustee of North Lake Seafoods’ estate.

Ocean Pride claimed it hadn’t received any lease payments from North Lake Seafoods since a lease on its Elmira fish plant began in April and the company owed almost CAD 490,000 to numerous creditors as part of its rental agreement.

Of that amount CAD 445,611.40 was owed to Ocean Pride in outstanding rent.

The court records also claimed North Lake Seafoods owed the Canada Revenue Agency more than CAD 127,000.

Click here to read the full story from The Guardian >

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