Prince Edward Island-based fish hatchery and growout facility, Halibut PEI, filed for bankruptcy last month.
The company owes millions to multiple levels of government, according to the Canadian Broadcasting Corporation.
Halibut PEI has been raising fish since 2009 using geothermal saltwater wells. It has an annual production capacity of 250,000 juveniles.
The five remaining employees are still being paid, and the hope is to sell the company and allow the plant to remain in operation, Paul Pettigrew, partner at corporate recovery firm MNP, told CBC.
"Hopefully we can find a new operator and owners within the next 30 to 60 days. There has been some really good interest to date," Pettigrew said.
The company's assets have been valued at CAD 3.2 million (€2.2 million/$2.2 million).
Among its debtors are the Prince Edward Island government, which provided financing to the company on several occasions.
The company owes CAD 9.5 million (€6.7 million/$6.7 million) in total.
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