A man pours a bottle of Prosecco during a wine tasting at the Case Paolin farm, in Volpago del Montello, Italy on Oct. 15, 2018. A court placed Mike Weir Wine Inc. into receivership as the winery owes more than $6 million. THE CANADIAN PRESS/AP, Luca Bruno

Court places Mike Weir Wine Inc. in receivership, company owes more than $6M

TORONTO — A court has placed Mike Weir Wine Inc. into receivership as the winemaker owes more than $6 million.

Court documents say the corporation that produced, marketed and sold wine from a Beamsville, Ont.-based winery, which closed somewhere around April 2018, owes the Masters champion golfer about $2.2 million and RBC about $4.3 million.

Justice Hainey of the Ontario Superior Court of Justice appointed BDO Canada Ltd. the monitor Jan. 30 after Weir filed an application earlier in January asking the court to do so in order to arrange a sale that permits the buyer to take advantage of the spring growing season.

Court documents say a company related to Robert McCown became the owner of 15 per cent of the corporation’s shares in 2013 and the remainder of its shares in October 2017.

The corporation issued three promissory notes to Weir on Oct. 20, 2017 that it was to pay back a year later, but court documents allege it failed to repay what now amounts to roughly $2.2 million — some of which is secured against the winery and its physical assets.

Some of the debt was to be forgiven if the winery was sold by the time repayment was due on the notes and the secured notes were repaid in full.

After Weir’s application, McCown requested a brief adjournment to allow for the negotiation and closing of a sale to a potential purchaser of the winery who intends to make an offer over $7 million — enough to repay the corporation’s debts.

He says the claim that the winery is in danger and needs a receiver to protect it “is incorrect.”

He says the winery has been listed for sale since late 2017, but this is the first buyer who has indicated they will make an offer.

Just Posted

Red Deer would be the site of potential TV show

A potential TV show aims to bring Red Deer kids across the… Continue reading

Oilsands firms considering diluent recovery units to boost crude-by-rail volumes

CALGARY — Ongoing pipeline project delays and growth in crude-by-rail capacity from… Continue reading

Ex-Eskimos CEO gets new job among flurry of Alberta government appointments

Ex-Eskimos CEO gets job among flurry of appointments EDMONTON — Len Rhodes,… Continue reading

State of mind to be key issue in Alek Minassian trial, judge says

TORONTO — The trial of a man accused of killing ten people… Continue reading

WATCH: ‘Lots to see and do’ at Pioneer Days in Red Deer

Sunnybrook Farm Museum is celebrating its 24th annual Pioneer Days this weekend.… Continue reading

Your community calendar

Thursday The Red Deer and District Garden Club hosts its annual Flower… Continue reading

Red Deer Braves knock off undefeated Saskatoon Cubs at 18U AAA Westerns

Braves lefty Reese DeRuyter throws a complete game, one-hitter in the victory

Two men seriously injured after small plane crashes in Alberta field

BLACK DIAMOND, Alta. — Two people were injured in a plane crash… Continue reading

Two young girls dead after collision in Manitoba, RCMP say

DAUPHIN, Man. — RCMP say two young girls are dead after a… Continue reading

Chrystia Freeland condemns violence in Hong Kong, backs right to peaceful assembly

OTTAWA — Foreign Affairs Minister Chrystia Freeland is condemning violence in Hong… Continue reading

Canadians killed in Afghanistan honoured during emotional dedication ceremony

OTTAWA — Emotions ran free in Ottawa Saturday as the more than… Continue reading

Liberals unveil $3B sole-source deal for armoured vehicles ahead of election

OTTAWA — The federal Liberal government has unveiled plans to award a… Continue reading

85-year-old, lifting since 1950, on track to cinch weightlifting championship

MONTREAL — Olympic-style weightlifting isn’t just about strength or power. It’s about… Continue reading

Most Read