Chartrand Equipment in Timmins has gone into receivership, owing more than $15 million to a long list of secured and unsecured creditors.
The application for the receivership order was made by TD Bank on Oct. 18. BDO Canada Ltd. was appointed as the receiver, giving BDO the authority to take possession of the company’s property and assets.
Chartrand started out as an equipment rental company in 1980 and has grown to a heavy civil construction company, specializing in mining, including mine reclamation, tailing ponds, starting open pits, as well as demolition and concrete work.
Among the 248 unsecured creditors on the list are Custom Concrete (Northern), which is owed $2,932,392.40; Detour Gold, which is owed $703,722.56; CreeAski Services, which is owed $634,415.91; TBT Engineering Consulting Group, which is owed $1,103,426.94; and Toromont Industries Ltd., which is owed $1,890,071.53.
In its notice of receivership, BDO said it plans to liquidate the assets.
