Contac Services In Receivership

Open Jaw

After receiving an anonymous tip that Contac Services, the entity behind the MyWurld Travel Platform, did not meet payroll recently, Open Jaw has learned that the company is in receivership.

On its website, Farber Financial Group states that it “became the Court appointed receiver and manager over the assets, property and undertaking of Contac Services Inc., Onewurld Supply Chain Solutions Inc. and Mywurld Solutions Inc. on December 2, 2014 pursuant to an Order of the Honourable Mr. Justice Pattillo of the Ontario Superior Court of Justice.”

The receivership appointment document from Norrep Credit Opportunities Fund claims it is owed $32,500,000 by Contac Services.

On the employer review website GlassDoor.com, a number of reviewers identified as Contac employees report growing financial problems at the company, including missed payroll and complaints from contractors who say they have not been paid for their work.

On 03DEC Open Jaw reported that Riaz Pisani had resigned as Chief Executive Officer of Contac Services, Mywurld and Onewurld.

A management statement said that until a successor to Pisani is named, current Executive Vice President of Client Engagement, Mark Lorne, will oversee Onewurld, while Jack Fraser will be interim CEO for Mywurld on behalf of Farber.

Fraser has previously been associated with Travelzest and itravel2000 as an international executive, corporate director and investor. He specializes in leading businesses through periods of transition.

The announcement said that the management change came “as part of a restructuring plan being implemented to position the company for growth and development.”

It has also been learned that V.P. Sales Nino Montagnese had resigned his position effective 31DEC14.



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