British Columbia · NOI
Campbell Strata Management Ltd. - First Report of the Proposal Trustee FILED 26 July 2024
Court officer report · 26 July 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 filing10 verified
- courtIN THE SUPREME COURT OF BRITISH COLUMBIA
- court file noB-240343
- appointeeErnst & Young Inc.
- appointee roletrustee under the NOI and as proposal trustee
- commencement date23 July 2024
- statutory basissection 50.4(1) of the Bankruptcy and Insolvency Act
- financial positionnote: As at the date of the NOI Filing, liabilities broken down as: secured debt of approximately $1,060,000; unsecured trade creditor debt of $39,163.44. Only significant asset stated is the 83 Management Contracts generating annual management fees of $1,170,939.84 (not a balance-sheet asset value). Trustee notes accounting records were updated since NOI filing and current estimate may differ slightly. · basis: unaudited, CSM's books and records / management estimate · scope: entity - Campbell Strata Management Ltd. · currency: CAD · total liabilities: 1100000
- operational summaryCSM continues to operate as a strata management company during the NOI proceedings while pursuing a sale of its management contracts to Pacific Quorum Properties Inc., following losses driven by staff shortages, wage inflation, and loss of contracts.
- report date26 July 2024
- report noFirst Report