On May 14, 2025, Giftcraft Holdings, Inc., Ripskirt Hawaii, LLC, and affiliated Ontario and U.S. entities were placed into receivership upon application by the Royal Bank of Canada (RBC). RBC is owed approximately C$15 million and US$27 million (C$37.3 million), bringing the total to roughly C$52.3 million. Giftcraft, headquartered in Brampton, Ontario, is a supplier of giftware and novelty items distributed across North America through specialty and national retailers. Ripskirt, based in the U.S., designs and sells women’s quick-drying skirts and leisurewear targeting the vacation market, distributed via ecommerce and retail channels. The companies defaulted on their loan obligations, including breaches of financial covenants. After failing to satisfy RBC’s demand for repayment, RBC initiated receivership proceedings, citing a loss of confidence in the borrowers' ability to service the debt. KPMG Inc. was appointed as the receiver.

Legal representation is provided by Borden Ladner Gervais LLP (BLG) for RBC and Blake, Cassels & Graydon LLP (Blakes) for the companies. Recognition of the Canadian receivership is being pursued under Chapter 15 of the U.S. Bankruptcy Code.