British Columbia · Receivership (court-appointed)
First Court Report of Receiver
Court officer report · 13 February 2026
A plain-language read of this filing opens with a subscription.
What we verified from this filing8 verified
- secured creditorsnote: Balance confirmed by Receiver as 'approximately $63,000'; no specific date given · page: 6 · amount: 63000 · debtor: Purcell Golf Incorporated / Purcell International Education Limited · creditor: Royal Bank of Canada · currency: CAD · security: All present and after-acquired personal property (Purcell Golf, incl. inventory and equipment financed by RBC) and all present and after-acquired personal property (PIE)
- secured creditorsnote: Registered secured party, but Receiver treats De Lage Landen as an unsecured creditor for purposes of this Report because neither bid provides payment on the security and no recovery is expected from the collateral · page: 6 · as of: Appointment Date (2025-09-22) · amount: 134000 · debtor: Purcell Golf Incorporated · creditor: De Lage Landen Financial Services Canada Inc. · currency: CAD · security: 2021 Club Car electric golf carts, all parts, accessories, replacements, and all proceeds
- secured creditorsnote: Security discharged/realized - vehicle has been repossessed; any shortfall after realization would be an unsecured claim · page: 6 · debtor: Purcell Golf Incorporated · creditor: Mercedes-Benz Financial Services Canada Corporation · currency: CAD · security: Specific motor vehicle
- secured creditorsnote: Lease obligations fully satisfied via final buyout payment administered by Receiver; no claim expected - security effectively discharged · page: 6 · debtor: Purcell Golf Incorporated · creditor: Bodkin, A Division of Bennington Financial Corp. · currency: CAD · security: Equipment under lease agreement 50021781, incl. radio modems, driver boards, relay kits, control systems, and all proceeds
- secured creditorsnote: Management reports no balance owing; Vault confirmed no debts owing in respect of its security registration · page: 6 · amount: 0 · debtor: Purcell Golf Incorporated / Purcell International Education Limited · creditor: Vault Credit Corporation · currency: CAD · security: All present and after-acquired personal property
- secured creditorsnote: Related party: 1503041 B.C. Ltd. is the Petitioner and also the purchaser/subscriber under the proposed RVO transaction; DLA legal opinion confirms validity/enforceability but security is subordinate to RBC and Vault per BC PPR registrations and is subject to the KGC Option; claim comprised of principal $901,950, interest $114,078, legal fees/enforcement costs $120,100, and advances to Receiver $250,000 · page: 6 · as of: bid date · amount: 1386128 · debtor: Purcell International Education Limited · creditor: 1503041 B.C. Ltd. · currency: CAD · security: All present and after-acquired property, shares of Purcell Golf and land
- secured creditorsnote: GST indebtedness notified to Receiver by CRA; quasi-governmental/deemed-trust class claim; document notes this GST amount may retain trust status and be paid in an APA transaction, whereas it would be vested off (unrecovered) under the proposed RVO transaction · page: 6 · as of: 2025-10-16 · amount: 68019 · debtor: Purcell Golf Incorporated · creditor: Canada Revenue Agency · currency: CAD
- recovery outcomeentries: basis: estimated · quote: The Royal Bank and 150 are expected to receive full recovery of their claims under either bid; · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: receiver · class label: 150 secured claim · creditor name: 150 · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: The Royal Bank and 150 are expected to receive full recovery of their claims under either bid; · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: receiver · class label: Royal Bank of Canada secured claim · creditor name: Royal Bank of Canada · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: Neither the bids discussed in this Report will provide for payment to De Lage Landen. · pct of: unstated · outcome: nil · class key: unsecured · stated by: receiver · class label: De Lage Landen (unsecured after repossession) · creditor name: De Lage Landen · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: Total aggregate recovery to the long-term members, statutory creditors and trade creditors is estimated to be 43%. · pct of: unstated · outcome: distribution · pct low: 43 · pct high: 43 · class key: unsecured · stated by: receiver · class label: long-term members, statutory creditors and trade creditors (150 Bid) · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: The GolfNorth Bid does not provide recovery for the Legacy Players, Shareholder Claimants, unused gift cards or unused golf rounds from purchased passbooks apart from the pool of funds available for unsecured creditors, from which recovery is estimated to be 11%. · pct of: unstated · outcome: distribution · pct low: 11 · pct high: 11 · class key: unsecured · stated by: receiver · class label: unsecured creditors from pool of funds (GolfNorth bid) · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: It is estimated that total recovery to all unsecured creditors under the GolfNorth bid would be 19%. · pct of: unstated · outcome: distribution · pct low: 19 · pct high: 19 · class key: unsecured · stated by: receiver · class label: all unsecured creditors (GolfNorth bid) · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: While the Subscription Agreement and proposed RVO will not generate recoveries for the trade payables, unpaid lease payments for the golf carts, Shareholder Claimants and statutory creditors, an APA or bankruptcy liquidation would also not generate any value for these creditors. · pct of: unstated · outcome: nil · class key: equity · stated by: receiver · class label: trade payables, unpaid golf cart lease payments, Shareholder Claimants and statutory creditors (150 Subscription Agreement / RVO) · interim final: unstated · claims qualifier: unstated · stated on: 2026-02-13 · table missing: Estimated Creditor Recovery; Bid Comparison