British Columbia · CCAA
Affidavit #1 of Jeanette Volturno
Affidavit · 14 May 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 filing6 verified
- financial positionnote: Value of Petitioner's assets cannot be quantified at this time as many are contingent (claims to Film/Production and against Studio); liabilities total comprises obligations to secured creditors, unsecured creditors, trade creditors and real property licensee (MBSV) · page: 7 · basis: affidavit-stated summary of outstanding liabilities (no specific balance date tied to this total); separately, compiled financial statements for year ended March 31, 2025 exist as Exhibit '5' but are not reproduced in extracted pages · scope: Mercy Falls BC Inc. (Petitioner), entity-level · currency: USD · total liabilities: 6698382
- secured creditorsnote: Deemed trust class (source deductions); Petitioner stated to be up to date on GST/HST remittances · page: 7 · amount: 17500 · debtor: Mercy Falls BC Inc. · creditor: Canada Revenue Agency · currency: CAD
- secured creditorsnote: Plus $120,965.82 in accrued interest continuing to accrue as of April 30, 2025; demand loan callable at any time · page: 9 · as of: 2025-04-30 · amount: 3018214 · debtor: Mercy Falls BC Inc. · creditor: National Bank of Canada · currency: CAD · security: General Security Agreement dated November 22, 2024 granting first-ranking security interest in all present and after-acquired real and personal property; registered in BC PPR and ON PPR on November 25, 2024; secures demand 'Tax Credit Facility' with a facility ceiling (not a balance) of 90% of earned tax credits up to $4,413,000
- secured creditorsnote: Effectively discharged/satisfied: on May 12, 2025 the Petitioner paid $705.72, satisfying the remaining outstanding indebtedness to UBCP; Bond expected to be returned to Petitioner · page: 9 · debtor: Mercy Falls BC Inc. · creditor: Union of B.C. Performers (UBCP) · currency: CAD · security: Security interest registered in BC PPR (February 19, 2025) over all present and after-acquired personal property, securing a $35,000 bond posted for UBCP Master Production Agreement obligations
- secured creditorsnote: Amount stated as approximate, no specific balance date given in affidavit · page: 9 · amount: 17024 · debtor: Mercy Falls BC Inc. · creditor: Fraser River Paint & Body Ltd. · currency: CAD · security: Security interest registered at BC PPR over two specified motor vehicles (2008 Chevrolet G3500 Chevy Express LT, VIN 1GAHG39K981155519; 2008 Chevrolet G3500, VIN 1GAZGZF02C1146466), and attachments, accessories, accessions and proceeds thereof
- secured creditorsnote: Related party: Interim Lender is Petitioner's parent, holding all 10 common shares of Petitioner. Affidavit lists this claim under an 'Unsecured Claims' heading despite the existence of a GSA; it is not among the 'three secured creditors' whose interests are registered in the BC/ON PPR searches (paras 41-43), suggesting the GSA post-dates or was unregistered as of those searches. Original loan advanced was stated as $674,000 (pre-filing, for Nov/Dec 2024 payroll); balance stated plus interest and fees continuing to accrue · page: 10 · as of: 2025-05-08 · amount: 341000 · debtor: Mercy Falls BC Inc. · creditor: Nuts & Bolts Productions, LLC (Interim Lender) · currency: CAD · security: General Security Agreement granted in favour of the Interim Lender, given concurrently with the Interim Financing Term Sheet, securing the pre-filing 'Nuts & Bolts Loan'