British Columbia · Receivership (court-appointed)
Preliminary Report of the Trustee
Court officer report · 26 April 2018
AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
What we verified from this filing6 verified
- closing confirmedscope: substantially all of its assets · outcome: completed · effective: 2018-03-01 · purchaser: Mercury Plastics of Canada Inc. · date basis: stated · approval order date: 2018-02-21
- financial positionnote: As-at date given as an event phrase, 'the date of bankruptcy' (April 9, 2018 per para 19); not a stated calendar date in the statement. Only asset listed is Net Proceeds of $15,058,000.00 (sale proceeds held by the Receiver). Liabilities: Secured Creditors $47,039,570.63 + Unsecured Creditors $2,748,919.61 = Total $49,824,490.24. Report states the Net Proceeds are subject to customary working capital adjustments and that the Secured Creditors will likely suffer a material shortfall (estimated ~$32 million). · basis: As stated in the Statement of Affairs, the assets and liabilities of Western Concord as at the date of bankruptcy · scope: Western Concord entities in bankruptcy (Western Concord Supply Ltd., Western Concord Manufacturing Limited, and related entities); the US Entity is not subject to these proceedings · currency: CAD · total assets: 15058000 · total liabilities: 49824490.24
- purchaserMercury Plastics of Canada Inc.
- recovery outcomeentries: basis: estimated · quote: Given the significant shortfall to the Secured Creditors, estimated at approximately $32 million, the Trustee does not expect that there will be any distribution from the Western Concord estates for unsecured creditors. · pct of: unstated · outcome: shortfall · class key: secured · stated by: trustee · class label: Secured Creditors · interim final: unstated · claims qualifier: unstated · shortfall amount: 32000000; basis: estimated · quote: Given the significant shortfall to the Secured Creditors, estimated at approximately $32 million, the Trustee does not expect that there will be any distribution from the Western Concord estates for unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2018-04-26 · table missing:
- sale advisorErnst & Young Orenda Corporate Finance (Canada) Inc.
- sale outcometext: Sale of substantially all of Western Concord's assets to Mercury Plastics of Canada Inc. closed March 1, 2018 · scope: whole_business · status: closed