British Columbia · Receivership (court-appointed)
Receiver’s First Report to Court
Court officer report · 17 November 2021
What we verified from this filing9 verified
- secured creditorsnote: Total claims for unpaid wages/vacation/severance/pay-in-lieu/termination were $3,007,454 (see components: USW members and management combined); only $128,119 is the secured portion under s.81.3 BIA · page: 28 · as of: 2019-07-22 · amount: 128119 · debtor: Quinsam Coal Corporation · creditor: Former Employees of Quinsam (USW members and management) · currency: CAD · security: Statutory security under s.81.3(1) BIA over current assets (cash, receivables, inventory) for amounts accrued in six months prior to bankruptcy
- secured creditorsnote: Regulatory/reclamation security deposit; estimated reclamation liabilities could total $11.9 million per Statement of Affairs; did not file a claim as of report date · page: 28 · as of: 2019-07-22 · debtor: Quinsam Coal Corporation · creditor: B.C. Ministry of Energy and Mines and Petroleum Resources (MEMPR) · currency: CAD · security: Deposit of approximately $7.3 million held as security for reclamation obligations; first priority security over real property and immovable assets pursuant to s.14.06(7) BIA
- financial positionnote: Total liabilities of $24,160,226 comprise secured claims $8,842,702 and unsecured claims $15,317,524 as per Statement of Affairs; claims filed to date totalled only $10,619,386 (secured $181,727 + unsecured $10,437,659) · page: 29 · as at: 2019-07-22 · basis: Statement of Affairs (book value); estimated recovery value separately stated as $9,391,343 · scope: Quinsam Coal Corporation (single entity, pre-receivership bankrupt estate) · currency: CAD · total assets: 13081548 · total liabilities: 24160226
- secured creditorsnote: Registered May 30, 2019; expired November 26, 2019 · page: 29 · as of: 2019-05-30 · amount: 26018 · debtor: Quinsam Coal Corporation · creditor: Gord Knight Ventures Ltd. · currency: CAD · security: PPSA registration against two Toyota vehicles (leases)
- secured creditorsnote: Not referenced on Statement of Affairs as unknown at that time · page: 29 · as of: 2019-07-22 · amount: 60388 · debtor: Quinsam Coal Corporation · creditor: United Steelworkers (Vancouver Steelworkers Pension Plan) · currency: CAD · security: Statutory security under s.81.5(1) BIA over all Company assets, subordinate to s.81.3 wage security and s.14.06(7) reclamation security
- secured creditorsnote: Related party (shareholder, 50% owner); approximate figure of $3.76 million reduced to approximately $2.55 million after Javelin Agreement payments anticipated; independent counsel (Gehlen Dabbs LLP) opined security valid and enforceable · page: 29 · as of: 2019-07-22 · amount: 2550000 · debtor: Quinsam Coal Corporation · creditor: ENCECo Inc. · currency: CAD · security: General Security Agreement over all Company assets, subordinate to BIA security of former employees, USW, and MEMPR
- unsecured creditorsnote: Document names no individual unsecured creditors; approximately 180 unsecured creditors exist; claims filed to date total $10,437,659 per 104 claims received (proofs-filed figure) · page: 29 · as of: Statement of Affairs · basis: As per Statement of Affairs · amount: 15317524 · debtor: Quinsam Coal Corporation · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- fee scheduleengagements: form: report_table · rows: Mario Mainella; Gordon Brown; Kevin Koo; Andrew Pappel; Michael Busch; Sofie Parker; rate: 123 · hours: 190.75 · quote: Estate Administration | | 190.75 | 123 · row kind: bucket · rate kind: average · name as stated: Estate Administration · money: tax: label: GST · quote: GST | 60,831 · amount: 60831 · fees: quote: Fees | 1,171,244 · amount: 1171244 · total: quote: Total | 1,277,454 · amount: 1277454 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: Disbursements | 45,379 · amount: 45379 · period: end: 2021-10-31 · kind: cumulative · quote: for the period September 20, 2019 to October 31, 2021 is summarized below: · start: 2019-09-20 · approval: quote: The Receiver requests that the Court approve the Receiver's fees and disbursements incurred to date. · state: sought · averages: rate: 347 · quote: 3,375.35 | 347 * · scope: Average Hourly Rate · currency: · invoices: tax: 5375.38 · fees: 103970.5 · quote: September 20 to October 31, 2019 | 8800 | 103,970.50 | 3,537.00 | 5,375.38 | 112,882.88 · total: 112882.88 · period end: 2019-10-31 · period start: 2019-09-20 · disbursements: 3537; tax: 3205.26 · fees: 61650.25 · quote: November 1 to November 30, 2019 | 8819 | 61,650.25 | 2,454.92 | 3,205.26 | 67,310.43 · total: 67310.43 · period end: 2019-11-30 · period start: 2019-11-01 · disbursements: 2454.92; tax: 3137.13 · fees: 60149.25 · quote: December 1 to December 31, 2019 | 8841 | 60,149.25 | 2,593.44 | 3,137.13 | 65,879.82 · total: 65879.82 · period end: 2019-12-31 · period start: 2019-12-01 · disbursements: 2593.44; tax: 3961.72 · fees: 76083.25 · quote: January 1 to January 31, 2020 | 8862 | 76,083.25 | 3,151.20 | 3,961.72 | 83,196.17 · total: 83196.17 · period end: 2020-01-31 · period start: 2020-01-01 · disbursements: 3151.2; tax: 2578.74 · fees: 49434.25 · quote: February 1 to February 29, 2020 | 8884 | 49,434.25 | 2,140.65 | 2,578.74 | 54,153.64 · total: 54153.64 · period end: 2020-02-29 · period start: 2020-02-01 · disbursements: 2140.65; tax: 2818.17 · fees: 54255.5 · quote: March 1 to March 31, 2020 | 8903 | 54,255.50 | 2,107.80 | 2,818.17 | 59,181.47 · total: 59181.47 · period end: 2020-03-31 · period start: 2020-03-01 · disbursements: 2107.8; tax: 2868.68 · fees: 55469.25 · quote: April 1 to April 30, 2020 | 8920 | 55,469.25 | 1,904.40 | 2,868.68 | 60,242.33 · total: 60242.33 · period end: 2020-04-30 · period start: 2020-04-01 · disbursements: 1904.4; tax: 1914.15 · fees: 36957.5 · quote: May 1 to May 31, 2020 | 8936 | 36,957.50 | 1,325.40 | 1,914.15 | 40,197.05 · total: 40197.05 · period end: 2020-05-31 · period start: 2020-05-01 · disbursements: 1325.4; tax: 2157.65 · fees: 41726.25 · quote: June 1 to June 30, 2020 | 8957 | 41,726.25 | 1,426.80 | 2,157.65 | 45,310.70 · total: 45310.7 · period end: 2020-06-30 · period start: 2020-06-01 · disbursements: 1426.8; tax: 2003.71 · fees: 38696.5 · quote: July 1 to July 31, 2020 | 8967 | 38,696.50 | 1,377.60 | 2,003.71 | 42,077.81 · total: 42077.81 · period end: 2020-07-31 · period start: 2020-07-01 · disbursements: 1377.6; tax: 1828.96 · fees: 35233.75 · quote: August 1 to August 31, 2020 | 8993 | 35,233.75 | 1,345.50 | 1,828.96 | 38,408.21 · total: 38408.21 · period end: 2020-08-31 · period start: 2020-08-01 · disbursements: 1345.5; tax: 1821.7 · fees: 34966.25 · quote: September 1 to September 30, 2020 | 9005 | 34,966.25 | 1,467.75 | 1,821.70 | 38,255.70 · total: 38255.7 · period end: 2020-09-30 · period start: 2020-09-01 · disbursements: 1467.75; tax: 2068.63 · fees: 39799 · quote: October 1 to October 31, 2020 | 9020 | 39,799.00 | 1,573.50 | 2,068.63 | 43,441.13 · total: 43441.13 · period end: 2020-10-31 · period start: 2020-10-01 · disbursements: 1573.5; tax: 2343.28 · fees: 45103.75 · quote: November 1 to November 30, 2020 | 9059 | 45,103.75 | 1,761.75 | 2,343.28 | 49,208.78 · total: 49208.78 · period end: 2020-11-30 · period start: 2020-11-01 · disbursements: 1761.75; tax: 1975.89 · fees: 38020 · quote: December 1 to December 31, 2020 | 9083 | 38,020.00 | 1,497.75 | 1,975.89 | 41,493.64 · total: 41493.64 · period end: 2020-12-31 · period start: 2020-12-01 · disbursements: 1497.75; tax: 2042.36 · fees: 39296.25 · quote: January 1 to January 31, 2021 | 9100 | 39,296.25 | 1,551.00 | 2,042.36 | 42,889.61 · total: 42889.61 · period end: 2021-01-31 · period start: 2021-01-01 · disbursements: 1551; tax: 1987.9 · fees: 38165 · quote: February 1 to February 28, 2021 | 9118 | 38,165.00 | 1,593.00 | 1,987.90 | 41,745.90 · total: 41745.9 · period end: 2021-02-28 · period start: 2021-02-01 · disbursements: 1593; tax: 2505.2 · fees: 48220 · quote: March 1 to March 31, 2021 | 9141 | 48,220.00 | 1,884.00 | 2,505.20 | 52,609.20 · total: 52609.2 · period end: 2021-03-31 · period start: 2021-03-01 · disbursements: 1884; tax: 2284.88 · fees: 44051.25 · quote: April 1 to April 30, 2021 | 9173 | 44,051.25 | 1,646.25 | 2,284.88 | 47,982.38 · total: 47982.38 · period end: 2021-04-30 · period start: 2021-04-01 · disbursements: 1646.25; tax: 1936.43 · fees: 37245 · quote: May 1 to May 31, 2021 | 9197 | 37,245.00 | 1,483.50 | 1,936.43 | 40,664.93 · total: 40664.93 · period end: 2021-05-31 · period start: 2021-05-01 · disbursements: 1483.5; tax: 1902.28 · fees: 36572.5 · quote: June 1 to June 30, 2021 | 9218 | 36,572.50 | 1,473.00 | 1,902.28 | 39,947.78 · total: 39947.78 · period end: 2021-06-30 · period start: 2021-06-01 · disbursements: 1473; tax: 1976.58 · fees: 38033.75 · quote: July 1 to July 31, 2021 | 9229 | 38,033.75 | 1,497.75 | 1,976.58 | 41,508.08 · total: 41508.08 · period end: 2021-07-31 · period start: 2021-07-01 · disbursements: 1497.75; tax: 1833.66 · fees: 35285 · quote: August 1 to August 31, 2021 | 9256 | 35,285.00 | 1,388.25 | 1,833.66 | 38,506.91 · total: 38506.91 · period end: 2021-08-31 · period start: 2021-08-01 · disbursements: 1388.25; tax: 2173.34 · fees: 41841.5 · quote: September 1 to September 30, 2021 | 9276 | 41,841.50 | 1,625.25 | 2,173.34 | 45,640.09 · total: 45640.09 · period end: 2021-09-30 · period start: 2021-09-01 · disbursements: 1625.25; tax: 2129.51 · fees: 41018.25 · quote: October 1 to October 31, 2021 | 9297 | 41,018.25 | 1,572.00 | 2,129.51 | 44,719.76 · total: 44719.76 · period end: 2021-10-31 · period start: 2021-10-01 · disbursements: 1572 · firm text: The Bowra Group Inc. · firm quote: The Bowra Group Inc. as the Receiver and Manager of the Company · hours total: quote: 3,375.35 | 347 * · value: 3375.35 · context quote: Receiver's First Report to Court · comparability quote: consistent with other insolvency firms of comparable size engaged on similar receivership matters to the Receiver's knowledge.; form: invoice_listing · rows: · money: fees: quote: Total | 224,321.50 · amount: 224321.5 · total: quote: Total | 224,321.50 | 1,360.62 | 11,270.56 | 15,727.93 | 252,680.61 · amount: 252680.61 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: Total | 224,321.50 | 1,360.62 · amount: 1360.62 · period: kind: invoice · quote: The Receiver engaged Gowling WLG (Canada) LLP ('Gowling') as its legal counsel for the period September 16, 2019 to July 31, 2020. · approval: state: unstated · averages: · currency: · invoices: · firm text: Gowling WLG (Canada) LLP · firm quote: The Receiver engaged Gowling WLG (Canada) LLP ('Gowling') as its legal counsel · context quote: Summary of Gowling WLG (Canada) LLP's Invoices For the Period September 16, 2019 to July 31, 2020 · firm unverified: true; form: invoice_listing · rows: · money: fees: quote: Total | 148,321.50 · amount: 148321.5 · total: quote: Total | 148,321.50 | 2,122.73 | 7,494.03 | 10,382.54 | 168,320.80 · amount: 168320.8 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: Total | 148,321.50 | 2,122.73 · amount: 2122.73 · period: end: 2021-10-31 · kind: invoice · quote: Summary of DLA Piper (Canada) LLP's Invoices For the Period August 17, 2020 to October 31, 2021 · start: 2020-08-17 · approval: state: unstated · averages: · currency: · invoices: · firm text: DLA Piper (Canada) LLP · firm quote: Summary of DLA Piper (Canada) LLP's Invoices · context quote: Summary of DLA Piper (Canada) LLP's Invoices For the Period August 17, 2020 to October 31, 2021
- recovery outcomeentries: basis: unstated · quote: Both receivable balances are also subject to the statutory secured claims (pursuant to S.81.3 and 81.5 of the BIA) as a result, there is expected to be no recovery from these receivables to unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · table missing: