After the Bank of Canada requested a court order to demand repayment of its loan, the Fraser Mills Brewery in Port Moody abruptly shut down.

Not just the bank has been pestering the brewery for money. Since it first opened its doors in 2020, Fraser Mills has been the target of four legal lawsuits from other companies.

After learning of the closure through a bankruptcy and receivership notice displayed on the well-liked business located on the 3000 block of St. Johns Street, neighbourhood residents expressed shock and grief on social media on Wednesday.

According to court records, the Business Development Bank of Canada is owed more than $750,000 by The Fraser Mills Fermentation Company Ltd. and its parent firm Beyond the Grape on Premises Wine Ltd.

“The company defaulted on its obligations to the plaintiff in that it failed to make the required payments under the terms of its loan agreement with the plaintiff. No payments have been received since 2022,” court documents stated.

On September 18, a judge of the B.C. Supreme Court issued a bankruptcy order against the business, placing its assets under receivership in an effort to recover the bank’s funds, including the cost of the legal proceedings.

On June 1, 2023, The Bank of Canada filed a civil lawsuit against the business, Ian MacKerricher, its director, as well as four other partners: Michael Druce, Daniel Parent, Stephen Sheldon, and Warren Boyer.

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SOURCE: Penticton Herald
PHOTO CREDIT: Google Maps