Alberta · Receivership (court-appointed)
Trustee's Report on its Preliminary Administration dated December 7, 2020
Court officer report · 7 December 2020
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What we verified from this filing5 verified
- cash on handnote: Figure reflects the Company's cash asset per the SOA dated December 2, 2020, not necessarily cash physically held by the Trustee. · as at: 2020-12-02 · amount: 1711765 · currency: CAD · qualifier: per Statement of Affairs, same as book value
- financial positionnote: Total liabilities not stated as a single figure; components given separately: secured claim of HSBC Bank Canada $14,238,163 and unsecured creditors totalling approximately $19,137,757 per the SOA, subject to change as claims are proven. Book value of assets shown as $2,437,933 versus SOA value of $2,036,765 (Accounts Receivable revalued from $726,168 to $325,000). · as at: 2020-12-02 · basis: Statement of Affairs (SOA) values, compared to book value; not audited or reviewed by the Trustee · scope: entity-level – Concept Electric Ltd. (the bankrupt) · currency: CAD · total assets: 2036765
- operational summaryConcept Electric Ltd. was placed into receivership in 2018 and its assets liquidated by the Receiver; the company was subsequently adjudged bankrupt in November 2020, and the Trustee's preliminary report addresses the estate's assets, secured/unsecured creditor claims, and the ongoing bankruptcy administration rather than continuing business operations.
- recovery outcomeentries: basis: estimated · quote: As of the date of this Report, given the secured interest in favour of HSBC, it is unlikely that distributions will be made available to Concept's ordinary unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: Concept's ordinary unsecured creditors · interim final: unstated · conditional on: given the secured interest in favour of HSBC · claims qualifier: unstated · stated on: 2020-12-07 · table missing:
- report date7 December 2020