Advantage Products Inc.
Follow- Proceeding
- Receivership (court-appointed)section 243(1) of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3 and sections 13(2) of the Judicature Act, R.S.A. 2000, c.J-2, and 65(7) of the Personal Property Security Act, R.S.A. 2000, c.P-7
- File
- 1801-01297
Advantage Products Inc. has been in court-appointed receivership in Alberta since January 31, 2018, when HSBC Bank Canada obtained the appointment of Alvarez & Marsal Canada Inc. as receiver under s. 243(1) of the Bankruptcy and Insolvency Act, s. 13(2) of the Judicature Act and s. 65(7) of the Personal Property Security Act (file 1801-01297). Estimated book values as at February 7, 2018 show assets of $2,024,501 against liabilities of $1,568,687, unaudited; the receiver believes liabilities are significantly understated. HSBC, first-ranking and owed approximately $700,000, supports a sale. Some 44 unsecured creditors are owed approximately $683,000, CRA asserts GST and source deduction claims of between $90,000 and $100,000, and the receiver held approximately $945,987 in cash at April 16, 2018. A claims procedure with a May 31, 2018 bar date is proposed.
A claims procedure has been established — see the order for deadlines.
Per the Claims Process Order (May 2, 2018) dated 2 May 2018.
Application re: November 20 2018 Hearing (November 20, 2018) — Application / notice of application
The court appointed Alvarez & Marsal Canada Inc. as Receiver, on the application of HSBC BANK CANADA. Court file 1801-01297.
On HSBC Bank Canada's application, the Court of Queen's Bench of Alberta placed Advantage Products Inc. in receivership and appointed Alvarez & Marsal Canada Inc. as receiver, file 1801-01297.
Source: Application for Receivership Order (January 31, 2018)
Undated filings1 — no date appears on the document · show
Debtor
Advantage Products Inc.
Receiver
Alvarez & Marsal
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Horner | Court of King's Bench of Alberta | 3 orders, May 2018 | 74 cases on record |
| Justice Macleod | Court of King's Bench of Alberta | 2 orders, Jan 2018 – Feb 2018 | 30 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| CreditorVia | Bishop & McKenzie LLP · Borden Ladner Gervais LLP · MHR Law LLP · BAKER & McKENZIE LLP | 25 Apr 2018 | Service list · 13 Nov 2018 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | HSBC Bank Canada · in 56 casesas of approximately April 2018 (proposed interim distribution date) — Security reviewed by Receiver's counsel (Fasken): valid and enforceable against API; appears to be a first priority charge against the Property (Alberta PPR search). — Amount is the report's approximation ("approximately $700,000") of all indebtedness owed to HSBC, used for the proposed interim distribution; HSBC operating loan shown at $693,000 estimated book value as at Feb 7, 2018 (Receivership Date). Company entered a Forbearance Agreement with HSBC in October 2016 and defaulted on ratio and reporting covenants. HSBC is | $700K | First Report of the Receiver (dated April 24, 2018) |
| 4 | Secured | |||
| 7 | Preferred (BIA s. 136) | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured |
5 more claims in 3 classes The stack holds Secured, Preferred (BIA s. 136) and Unsecured claims.
Every creditor and every amount, drawn to scale.
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See all plansExport Development Canada: a distribution.FinalDistribution Order (November 20, 2018) · 20 Nov 2018
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Secured | Export Development Canada | — | interim | Finalper the court | Distribution Order (November 20, 2018) · 20 Nov 2018 |
Each row is one filing's statement, copied as it reads and never computed. "Estimated" is the officer's forecast; "Under the plan" is the plan's or proposal's own term; "Final" is a declared or paid distribution; a row with no chip states no footing. A range is the two numbers stated; "of proven claims" is the document's own denominator.
1 blurred figure above
The claims and what each class or creditor recovers — each as the filing states it, with its source.
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See all plansAs at ·
The 2 totals the debtor stated at filing
Each one as the filing states it, with its source.
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See all plans| Date | Document | File |
|---|---|---|
Receiver’s Discharge Order (April 12, 2019)
| PDF · Subscribers | |
| Updated Third Report of the Receiver (dated April 8, 2019) | PDF · Subscribers | |
Application for a Discharge Order (February 8, 2019)
| PDF · Subscribers | |
Service List (February 8, 2019)
| PDF · Subscribers | |
| Third Report of the Receiver (dated February 8, 2019) | PDF · Subscribers | |
Distribution Order (November 20, 2018)
| PDF · Subscribers | |
| Application re: November 20 2018 Hearing (November 20, 2018) | PDF · Subscribers | |
| Second Report of the Receiver (dated November 13, 2018) | PDF · Subscribers | |
Service List (November 13, 2018)
| PDF · Subscribers | |
| Notice to Creditor re: Claims and Claims Bar Date | PDF · Subscribers | |
| Application re: Sale Approving Vesting Order (May 2, 2018) | PDF · Subscribers | |
Auction Approval and Vesting Order (May 2, 2018)
| PDF · Subscribers | |
Claims Process Order (May 2, 2018)
| PDF · Subscribers | |
Sealing Order (May 2, 2018)
| PDF · Subscribers | |
Service List (May 2, 2018)
| PDF · Subscribers | |
Service List (April 25, 2018)
| PDF · Subscribers | |
First Report of the Receiver (dated April 24, 2018)
| PDF · Subscribers | |
| Notice of Statement of Receiver (February 16, 2018) | PDF · Subscribers | |
Receivership Order (dated February 7, 2018)
| PDF · Subscribers | |
Application for Receivership Order (January 31, 2018)
| PDF · Subscribers | |
| Affidavit of Cameron Bailey (affirmed January 30, 2018) | PDF · Subscribers | |
| Proof of Claim Form with instructions | PDF · Subscribers | |
Filing titles and dates are public, and so is each filing's own page. The figures read from them are for subscribers.
CiteProceedings., “Advantage Products Inc.” (Receivership (court-appointed)), Court of King's Bench of Alberta. Retrieved 16 October 2026, https://proceedings.ca/case/advantage-products-inc