Aird & Berlis Represents BMO in TRS Companies Receivership

On July 31, 2026, the Ontario Superior Court of Justice appointed AlixPartners as receiver over the assets, undertakings and properties of TRS Components Ltd, 1001281812 Ontario Inc., operating as TNP Panel Company, Plant 22 Ltd. and 976711 Ontario Inc., operating as Terra Nova Truss (collectively, the “TRS Companies”). The receivership proceedings were brought by Celina Capital Corporation in respect of TNP Panel Company and by Bank of Montreal in respect of the TRS Companies.

The court also authorized an immediate credit-bid sale of substantially all of TNP Panel Company’s assets to Celina Capital and approved a sale process for the TRS Companies, including a $19.2-million stalking horse bid from Terra Nova Components Inc. and Celina Thorndale Inc.

The TRS Companies operate construction-component manufacturing businesses across Ontario, while TNP Panel Company produces structural components from its Smiths Falls facility. The proceedings arose following financial challenges, including operational losses and defaults on lending obligations to Celina Capital in the case of TNP and with Bank of Montreal in respect of the TRS Companies with the bank being owed approximately $23.5 million as of April 2026.

Aird & Berlis is representing Bank of Montreal in connection with the receivership proceedings with a team including Steven Graff, Shaun Parsons and Samantha Hans (Restructuring & Insolvency).