Alberta · Receivership (court-appointed)

First Report of the Receiver, filed March 5, 2025

Court officer report · 5 March 2025

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What we verified from this filing1 verified

secured creditorsnote: Stated as 'approximately $1,900,464, plus interest, costs and legal fees' (the 'Indebtedness') owed by Foothills to RBC; Mr. Bailey provided a limited personal guarantee of all Foothills obligations to RBC up to a maximum of $2,300,000, secured by the Mortgage in that principal amount (a registration/guarantee ceiling, not a balance). Receiver's legal counsel confirmed RBC's security constitutes a fixed and specific mortgage/charge on the Lands and a general assignment of rents from the Surface Leases; Mortgage registered first in time against the Lands. RBC is described as the sole and senior secured creditor of the Property. · page: 5 · as of: 2024-05-28 · amount: 1900464 · debtor: Foothills Truck Sales & Services Ltd. (borrower); Todd Bailey (guarantor) · creditor: Royal Bank of Canada (RBC) · currency: CAD · security: General Security Agreement over all assets of Foothills and floating charge on land; first collateral mortgage on the Lands registered 2022-02-24 (registration no. 221 039 142) with original/registered principal amount of $2,300,000 securing Mr. Bailey's limited guarantee