As more local companies fall into receivership and the province chases down money it is owed, the tripartite investment in a new Halifax convention centre is beginning to look more sensible by comparison.
It was reported this week that Nova Scotia Business Inc. is seeking $300,000 from the owner of a failed cruise business, Canadian Sailing Expeditions Inc. NSBI provided the company with a $2.5-million loan guarantee in exchange for a personal guarantee from the owner and fellow guarantors.
It was also reported this week that a wood pellet mill in Upper Musquodoboit, subsidized by taxpayers, has been placed in receivership. Enligna Canada Inc. received almost $2.8 million in two loans from NSBI in 2009 and 2010.
As of last month, the province was also owed money by Maritime Steel and Foundries Ltd., and it was unclear how much of its $2-million investment would be recovered through a new plan to revive the bankrupt company under new ownership.