Canada-based Lambert Ice Cream has entered bankruptcy proceedings and is being liquidated.

The company's assets, including the Stoney Creek Dairy, its trademark and equipment are being sold to help raise the CA$8.8m owed to some 300 creditors.

Bankruptcy monitor Ernst & Young took out newspaper ads on Friday announcing that bids would be accepted until 26 October.

Ernst & Young will be conducting tours of the facilities this week ahead of the tender closing.

Unsecured creditors are owed around CA$6.9m with more than half owed to the Caisse populaire Desjardins and the Business Development Bank, which also have CA$1.8m secured claims.

A creditors meeting will take place on 27 October.