Alberta · Receivership (court-appointed)
Affidavit of Marlene Starenky, sworn June 24, 2024
Affidavit · 24 June 2024
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 filing4 verified
- secured creditorsnote: Demand letter dated March 7, 2024 stated CAD $1,811,276.87 as of March 1, 2024, plus accruing interest, costs and legal fees (also cited in 244 Notice of same date). Excludes CEBA loan of $60,237.71 (as of March 7, 2024), stated to be dealt with separately. · page: 3 · as of: 2024-05-28 · amount: 1900464.15 · debtor: Foothills Truck Sales & Services Ltd. · creditor: Royal Bank of Canada · currency: CAD · security: General Security Agreement (GSA) dated March 5, 2021; GSA – Floating Charge on Land dated November 16, 2021
- secured creditorsnote: Blanket all-property PPSA registrant; amount not stated on the pages reviewed (registration ceiling/collateral description only). · page: 95 · debtor: Foothills Truck Sales & Services Ltd. · creditor: NextGear Capital Corporation · currency: CAD · security: Blanket general security interest (per PPSA registration definitions - Demand Promissory Note and Loan and Security Agreement) over all present and after-acquired inventory (including lender-financed inventory), goods, chattel paper, accounts, instruments and other property
- secured creditorsnote: Priority/subordination arrangement with RBC referenced in RBC's demand letter; likely inventory/floorplan financier, but underlying security document not included in the pages reviewed. · page: 158 · debtor: Foothills Truck Sales & Services Ltd. · creditor: Automotive Finance Canada Inc. · currency: CAD · security: Referenced as party to a Priority Agreement dated August 25, 2021 between RBC, the Borrower and Automotive Finance Canada Inc.; specific security instrument and amount not detailed in reviewed pages
- secured creditorsnote: Personal guarantor; mortgage granted by Todd Bailey personally secures the same underlying Borrower Indebtedness. Guarantor demand letter (Mar 7, 2024) separately recites the Borrower's total indebtedness as CAD $1,868,692.95 as of March 1, 2024, but demands payment of CAD $1,811,276.87 from the guarantor as the 'Indebtedness'. · page: 164 · as of: 2024-03-01 · amount: 1811276.87 · debtor: Todd Bailey (Guarantor) · creditor: Royal Bank of Canada · currency: CAD · security: Collateral Mortgage dated November 16, 2021 (registered principal amount $2,300,000; Land Titles Instrument No. 221 039 142) over the Mortgaged Lands; Guarantee and Postponement of Claim dated November 16, 2021; Postponements and Assignments of Claim dated November 10, 2021 and November 16, 2021