Labbate Climate Controls Systems placed under receivership

Labbate Climate Controls Systems Inc., a Leamington, Ontario-based manufacturer of agricultural and farming equipment, has been placed under receivership along with seven related companies. GlassRatner Restructuring Inc. was appointed receiver and manager by the Court of King's Bench for Manitoba on October 21, 2026.

Labbate, which was incorporated in 1986 and operates under the name Climate Controls Systems, is based at 408 Mersea Road 3 in Leamington. The receivership covers all assets, undertakings and properties of eight legal entities: Labbate Climate Controls Systems Inc., 1000955571 Ontario Inc., 2479918 Alberta Ltd., Titanium Mechanical Inc., Nebula Controls Ltd., 1000955662 Ontario Inc., Pols Enterprises Ltd. and Pols Real Estate Holdings Inc.

According to the receiver's notice dated November 2, Labbate's assets have a reported net book value of approximately CAD 500,000. This includes CAD 434,000 in property, plant and equipment and CAD 66,000 in cash. The company's inventory, finished goods, accounts receivable, intangible assets, investments and loans are each listed at CAD 1, indicating that their values are uncertain. These figures were provided by Labbate's management and have not been audited or independently verified.

Receiver to assess business viability

GlassRatner's initial plan is to evaluate the viability of each business within the group of companies and stabilize operations where necessary. It will then determine whether to market and sell the businesses and/or their assets, subject to court approval where required, or cease operations. The receiver says it will seek the best possible outcome for creditors.

Further information about the proceedings will be made available through GlassRatner's receivership website.