On August 2, 2023, Validus Power Corp., an Ontario-based power generation company, was placed into interim receivership following an application by its creditor, Macquarie Equipment Finance Limited, which is owed approximately $56 million. Validus, which operates four power plants in North Bay, Kapuskasing, Iroquois Falls, and Kingston, and owns a non-operational data center in North Bay, participates in the Independent Energy System Operator's capacity auction market. The interim receivership was triggered by the company's various breaches, including monetary and non-monetary defaults under its financing agreement with Macquarie. Additionally, there were allegations against the company’s principals of misappropriating funds from a bank account and failing to meet obligations such as providing benefits and RRSP contributions to their unionized workforce. KSV Advisory was appointed as the Interim Receiver, and a subsequent court hearing scheduled for August 10 aims to discuss appointing KSV as the permanent Receiver and Manager. Legal advisement for the involved parties includes Norton Rose for the Interim Receiver, Torys representing Macquarie, and Minden Gross acting on behalf of Validus Power Corp.