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British-born businessman Peter Allen is fond of a quote often attributed to Britain’s wartime prime minister, Winston Churchill: “If you’re going through hell, keep going.”

There is no doubt the chief executive of DragonWave has seen his fair share of hell during the past two years. But this week might well be the beginning of the end for the company he has run since 2004.

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DragonWave’s two main creditors, Comerica Bank and Export Development Canada, made a successful application with the Ontario Superior Court of Justice on Monday to appoint a receiver to take over the business.

Their goal is to initiate a “short, court-supervised sale” of DragonWave’s assets. Whether DragonWave will survive in its present form will depend entirely on the buyers of the assets.

Trading in DragonWave stock has been suspended on New York-based Nasdaq and on the TSX exchange. Nasdaq said it would delist DragonWave shares Wednesday; TSX is expected to follow suit.