Atlantic Sea Cucumber Ltd. (Re), 2025 NSSC 234
2025-07-04
Read full decision. Summary prepared by Alan Macek:
"The internet is a lousy lawyer. The central issue in this case is whether it was so lousy as to render worthless purported security by ASC,” the “Bankrupt,” or “the Company”, in favour of a common-control company. ... The 2018 documentation purported to secure “building, land and equipment,” none of which are more particularly specified. ... In particular, ASC and AGAH were well aware that in addition to tangible assets, a significant portion of ASC’s value was in the form of commercial licenses, accounts receivable, and other such inchoates. ... I believe a reasonable layperson would generally contemplate capital items such as machinery, furniture, and the like; but not consumables, work in progress, inventory, cash or intangibles such as licenses, receivables, rights, or intellectual property."