Associated tags: KPMG, OTE, CCAA, First Nations, CTV News, KMPG, Indigenous, Fuel, Gasoline, Security (finance), Bank of Montreal, Lawyer, News, Creditor, Bennett Jones, BMO, Letter, Asset, Justice
Locations: ONTARIO, MCLEOD
BURLINGTON, ON, May 8, 2024 /CNW/ - The bank accounts of Gen7 Fuel LP (Gen7) and its network of wholly owned Indigenous retail gas and convenience stores have now been officially unfrozen.
Key Points:
- BURLINGTON, ON, May 8, 2024 /CNW/ - The bank accounts of Gen7 Fuel LP (Gen7) and its network of wholly owned Indigenous retail gas and convenience stores have now been officially unfrozen.
- KPMG's request is outlined in its April 16th submission to the Ontario Superior Court of Justice (the court).
- According to KPMG's submission, BMO had refused to release the funds from Gen7's bank accounts until it received specific direction from the court.
- The bank account freezes resulted in Gen7 being unable to pay for fuel deliveries, the lifeblood of the gas retailer's operations.
CTV News,
First Nations,
KPMG,
Asset,
Letter,
BMO,
Bennett Jones,
Risk,
Creditor,
CCAA,
Bank of Montreal,
News,
Lawyer,
KMPG,
OTE,
Security (finance) TORONTO, March 22, 2024 /CNW/ - The Gen7 Fuel bank account at BMO's North Bay branch has been frozen after KMPG's lawyers at Bennett Jones LLP presented a letter demanding the action.
Key Points:
- TORONTO, March 22, 2024 /CNW/ - The Gen7 Fuel bank account at BMO's North Bay branch has been frozen after KMPG's lawyers at Bennett Jones LLP presented a letter demanding the action.
- Gen7 Fuel is not part of these CCAA proceedings and we have not had the alleged discussions with Gen7's banking partners."
- Gen7 relies on the bank account to pay for the fuel it provides to its stations.
- By combining their resources, they are able to purchase quality fuel at reasonable prices and compete with large oil brands.
Retrieved on:
Wednesday, March 13, 2024
Indigenous owned Gen 7 Fuel Retail Chain Harassed by KPMG over unrelated insolvency file.
Key Points:
- Indigenous owned Gen 7 Fuel Retail Chain Harassed by KPMG over unrelated insolvency file.
- "Each time KPMG has told one of our banking partners to refuse our business, the banks have followed the court-monitor's advice, said Mat Mcleod, President, Gen7 Fuel.
- In the summer of 2022, OTE had canceled all contracts with Gen7, without notice, leaving the retail chain to find alternative fuel supply.
- KPMG is not only harming us, it is also threatening the financial welfare of our employees, suppliers, and the Indigenous communities we serve.
