Beaumen Waste Management Systems Ltd.

Beaumen Waste Management Systems Ltd. filed an assignment in bankruptcy on July 16, 2019. and MNP Ltd. was appointed in the estate.

The price for recycle materials dropped significantly and insurance for the vehicles increased by 100%. The Company asked communities it serviced to increase the fees they paid for blue and black box pick ups however, the Company was unable to negotiate increased rates and determined it could not operate profitably in the current environment. The Business Development Bank is owed approximately $1 million and The Bank of Nova Scotia is owed approximately $500,000 with approximately $2.2 million owing to private investors and other leasing companies. The LIT is looking to sell the assets enbloc via a receivership sales process.