Conceptwear

Conceptwear Inc., an operator of retail clothing stores at 5670 Paré Street, Mount-Royal, Québec, filed a notice of intention under BIA s. 50.4 on 27 June 2012 in the Superior Court of Québec, Commercial Division, court file 500-11-042745-121. One month later, on 27 July 2012, KPMG Inc. became receiver under a judgment that authorized it only to preserve, dispose of and sell the property, and on that basis the receiver states it did not take possession or control. Its BIA s. 245(1) notice and statement, dated 30 July 2012, puts the total amount due by the insolvent person to all creditors at $15,650,370, including $3,940,919 owed to Royal Bank of Canada, $462,000 to Roynat and $375,000 to Business Development Bank of Canada on secured claims. Realizable values are stated at $1,200,000 for inventory and receivables, $74,000 for equipment and $1 for intangible and other assets. The proceeding remains active.