Alberta · Receivership (court-appointed)
Trustee's Preliminary Report
Court officer report · 27 November 2023
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 filing3 verified
- financial positionnote: The report refers to the reported book values of the Company's potential realizable assets as at November 30, 2022, but the figures are not included in the text provided (the table appears omitted), so no total is stated. Known creditor claims: four secured claims of approximately $3.1 million and two unsecured proofs of claim of approximately $281,000; deemed trust/contingent and preferred unsecured claims still to be confirmed. The Trustee cannot yet determine the estimated recovery on remaining assets or whether unsecured creditors will receive a distribution. · basis: The Trustee relied on unaudited financial information and the books and records of the Company; the records received from December 1, 2022 to bankruptcy appear incomplete, lack original source documents and cannot be relied upon. · scope: Westmount Projects Inc. (the bankrupt entity only) · currency: CAD
- recovery outcomeentries: basis: unstated · quote: The Trustee is currently unable to determine the estimated recovery on the remaining assets of the Company and if there will be any distributions to the unsecured creditors. · pct of: unstated · outcome: undetermined · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2023-11-27 · table missing:
- sale outcometext: the Receiver obtained sale and vesting orders with respect to the Receivership Property and the sales for those three (3) properties are anticipated to close on or before December 7, 2023 · scope: parcel · status: approved