British Columbia · Receivership (court-appointed)
Receiver's 2nd Report to Court
Court officer report · 13 May 2021
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 filing10 verified
- cash on handnote: Stated as $4.7 million; report says this cash is fully committed by outstanding accounts payable and commitments to work projects in process. Statement of receipts and disbursements shows cash in bank of $4,682,692.99. · as at: 2021-03-31 · amount: 4700000 · currency: CAD · qualifier: approximately; held in the Receiver's trust account
- disbursementsnote: Stated as $12.29 million. Main items include chemical disposal $3.304 million, Receiver's fees $3.111 million, effluent management $1.642 million, engineering assessments $866K, security $840K, environmental monitoring $739K, taxes $646K, legal fees $168K. · since: 2020-04-14 (start of receivership), to 2021-03-31 · amount: 12290000 · currency: CAD
- operational summaryThe mill is not operating; the Receiver is maintaining and securing the site, treating and removing effluent and spent sulfite liquor, disposing of hazardous chemicals, and preparing for demolition. It sought an increase in its borrowing charge from $17 million to $39.743 million to fund these activities to March 31, 2022, and court approval of the sale of the Misty Manor condo for $97,500.
- process resultsbids: 2 · note: two bona fide offers received for the Condo · qualified bids: 2
- professional feesnote: Total includes fees of $3,322,406.50 (approx. 9,244 hours), disbursements of $122,166.50 and taxes of $172,228.66. Receiver's counsel Fasken Martineau DuMoulin LLP invoiced fees of $180,002.00 (approx. 420 hours), disbursements of $1,436.89 and taxes of $21,648.81, for a total of $203,087.70, for the period February 20, 2020 to March 31, 2021. · party: PricewaterhouseCoopers Inc. (Receiver) · amount: 3616801.66 · period: 2020-04-14 to 2021-03-31 · currency: CAD
- purchaserSharon Emily Spiteri
- receipts cumulativenote: Stated as $16.97 million, comprising receiver borrowings of $16.955 million, cash seized from a Company bank account of $6.2K, interest earned of $6.3K and miscellaneous receipts of $4.3K. · since: 2020-04-14 (start of receivership), to 2021-03-31 · amount: 16970000 · currency: CAD
- report date13 May 2021
- report noSecond Report
- sale outcometext: Receiver seeking approval of the Condo sale and vesting order · scope: parcel · status: pending_approval