British Columbia · Receivership (court-appointed)
First Report of the Receiver (July 9, 2025)
Court officer report · 9 July 2025
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 filing13 verified
- secured creditorsnote: No apparent equity; Receiver has released its interest in the vehicle to Ford Credit; vehicle location unknown · page: 6 · amount: 109630.48 · debtor: Briere Production Group Inc. · creditor: Ford Credit · currency: CAD · security: Lease financing / security interest over 2023 Ford F450
- secured creditorsnote: Location of asset unknown; no apparent equity; Receiver intends to release its interest in the asset to Scotiabank · page: 7 · amount: 119944.33 · debtor: Briere Transportation Ltd. · creditor: Bank of Nova Scotia (Scotiabank) · currency: CAD · security: Registered security interest over 2020 Grand Design Momentum 3 trailer
- secured creditorsnote: No apparent equity; Receiver has released its interest in these assets to Ocean Trailer · page: 7 · amount: 240888 · debtor: Briere Transportation Ltd. · creditor: Ocean Trailer · currency: CAD · security: Specific security registered over four leased 2024 53-foot commercial trailers (Ocean Trailers)
- secured creditorsnote: Also subject to an unnamed possessory garage-keeper's lien of approximately $20,000 which would rank ahead; no equity in the asset; Receiver has released its interest in the asset to BMO · page: 8 · amount: 27070 · debtor: Briere Transportation Ltd. · creditor: Bank of Montreal (BMO) · currency: CAD · security: Registered security interest over 2018 Kenworth T680 tractor
- secured creditorsnote: Statutory super-priority claims for unpaid wages/payroll source deductions, capped at $2,000 per employee; 12 claims filed; ranks in priority to RBC's secured claim; regulatory/statutory priority class · page: 9 · amount: 24000 · debtor: Briere Production Group Inc. · creditor: WEPP (Wage Earner Protection Program) claimants · currency: CAD
- secured creditorsnote: Receiver's counsel confirmed valid and perfected purchase money security interest; to be paid on closing of the asset sale · page: 9 · amount: 35000 · debtor: Briere Production Group Inc. · creditor: Meridian Onecap Credit Corp. · currency: CAD · security: Specific/PMSI security interest over certain inventory assets
- secured creditorsnote: Receiver's counsel confirmed valid and perfected purchase money security interest; to be paid on closing of the asset sale · page: 9 · amount: 20000 · debtor: Briere Production Group Inc. · creditor: Vault Credit Corporation · currency: CAD · security: Specific/PMSI security interest over certain inventory assets
- secured creditorsnote: First-ranking general secured creditor (together with BDC); distribution subject to prior payment of CRA deemed trust claims, Meridian and Vault; RBC also holds a GSA against Transportation, ranking behind TD's security on that entity · page: 9 · as of: 2025-05-01 · amount: 1588479.71 · debtor: Briere Production Group Inc. and Briere Transportation Ltd. (joint and several) · creditor: Royal Bank of Canada (RBC) · currency: CAD · security: General security agreement(s); cross-collateralized security and cross-guarantees between the Companies
- secured creditorsnote: Deemed trust claim; ranks in priority to RBC's secured claim; CRA has commenced a further trust examination for the period to May 1, 2025, with an estimated additional $88,000 that may become owing (forecast, unconfirmed); Priority Liabilities table figure of $687,000 reflects this combined estimate · page: 9 · as of: 2024-12-31 · amount: 598545.88 · debtor: Briere Production Group Inc. · creditor: Canada Revenue Agency (CRA) - Payroll Source Deductions · currency: CAD
- secured creditorsnote: Deemed trust claim; ranks in priority to RBC's secured claim (subject to bankruptcy); Priority Liabilities table shows rounded figure of $104,000 · page: 9 · as of: 2024-12-31 · amount: 104124.29 · debtor: Briere Production Group Inc. · creditor: Canada Revenue Agency (CRA) - GST · currency: CAD
- secured creditorsnote: Receiver's estimate ('approximately'); first-ranking general secured creditor together with RBC; pro-rata allocation of 14.08% of inventory proceeds proposed · page: 9 · amount: 325000 · debtor: Briere Production Group Inc. · creditor: Business Development Bank of Canada (BDC) · currency: CAD · security: Priority security interest over certain specified assets pursuant to a priority agreement with RBC
- secured creditorsnote: Interest accruing at 9.85% per annum; Receiver's counsel confirmed TD's security valid and ranking in priority to RBC's GSA over Transportation; personal guarantee exists (guarantor not named in this excerpt); minimal/no recovery expected for TD after Receiver's fees · page: 10 · as of: 2025-07-07 · amount: 43930.14 · debtor: Briere Transportation Ltd. · creditor: Toronto-Dominion Bank (TD) · currency: CAD · security: Security agreement over assets of Transportation pursuant to a business line of credit; also secured by a personal guarantee
- recovery outcomeentries: basis: estimated · quote: The Receiver estimates that the first-ranking general secured creditors, RBC and BDC, will realize approximately $481,000 to $663,000 on their loans of $1.6 million and $325,000, respectively. · pct of: unstated · outcome: shortfall · currency: CAD · class key: secured · stated by: receiver · amount low: 481000 · amount high: 663000 · class label: RBC and BDC (first-ranking general secured creditors) · creditor name: RBC and BDC · interim final: unstated · currency quote: All references to dollars are in Canadian currency unless otherwise noted. · claims qualifier: unstated; basis: estimated · quote: It's estimated that they will collectively incur a shortfall of approximately $1.3 million to $1.4 million. · pct of: unstated · outcome: shortfall · currency: CAD · class key: secured · stated by: receiver · class label: RBC and BDC (first-ranking general secured creditors) · creditor name: RBC and BDC · interim final: unstated · currency quote: All references to dollars are in Canadian currency unless otherwise noted. · claims qualifier: unstated · shortfall amount: 1400000; basis: unstated · quote: With respect to the other secured creditors, the Receiver intends to pay Meridian approximately $35,000 on account of its secured claim, and $20,000 to Vault in satisfaction of its secured claim, based on the Receiver's assessment of the value of the assets subject to their respective security interests. · pct of: unstated · outcome: distribution · currency: CAD · class key: pmsi_lessor · stated by: receiver · amount low: 35000 · amount high: 35000 · class label: Meridian · creditor name: Meridian · interim final: unstated · currency quote: All references to dollars are in Canadian currency unless otherwise noted. · claims qualifier: unstated; basis: unstated · quote: With respect to the other secured creditors, the Receiver intends to pay Meridian approximately $35,000 on account of its secured claim, and $20,000 to Vault in satisfaction of its secured claim, based on the Receiver's assessment of the value of the assets subject to their respective security interests. · pct of: unstated · outcome: distribution · currency: CAD · class key: pmsi_lessor · stated by: receiver · amount low: 20000 · amount high: 20000 · class label: Vault · creditor name: Vault · interim final: unstated · currency quote: All references to dollars are in Canadian currency unless otherwise noted. · claims qualifier: unstated; basis: estimated · quote: Consequently, no recovery is expected for any unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: receiver · class label: Unsecured creditors · interim final: unstated · claims qualifier: unstated · table missing: A summary of the estimated recovery to the first general secured creditors is presented in the table below.