Alberta · Receivership (court-appointed)
Fourth and Final Report of the Receiver - Westmount Projects Inc.
Court officer report · 15 April 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 filing8 verified
- cash on handnote: Estate balances as at April 15, 2024: Total $3,645,996 (Mortgaged Property $3,658,560; Serial Number Property/general administration $(12,564)). Estimated estate fund available for distribution after net auction proceeds ($55,651) and holdback ($163,801) is $3,537,846. · as at: 2024-04-15 · amount: 3645996 · currency: CAD · qualifier: estate balance per the Statement of Receipts and Disbursements, before accruals and distributions
- disbursementsnote: Through April 15, 2024: Mortgaged Property $319,567; Serial Number Property/general administration $12,564. · since: May 15, 2023 (Date of Receivership) · amount: 332131 · currency: CAD
- fee scheduleengagements: form: invoice_listing · rows: · money: tax: label: GST · quote: 8,284.50 · amount: 8284.5 · fees: quote: 183,209.09 · amount: 183209.09 · total: quote: 193,974.43 · amount: 193974.43 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: 2,480.84 · amount: 2480.84 · period: end: 2024-04-12 · kind: cumulative · quote: Summary of Receiver's Fees As at April 15, 2024 · start: 2023-05-15 · approval: state: unstated · averages: · currency: · invoices: tax: 2364.79 · fees: 46790.92 · quote: 8003785882 | May 15, 2023 to June 23, 2023 · total: 49660.5 · period end: 2023-06-23 · period start: 2023-05-15 · disbursements: 504.79; tax: 3098.28 · fees: 60470.17 · quote: 8004021636 | June 25, 2023 to September 26, 2023 · total: 65063.83 · period end: 2023-09-26 · period start: 2023-06-25 · disbursements: 1495.38; tax: 1922.41 · fees: 37967.5 · quote: 8004491085 | September 27, 2023 to November 24, 2023 · total: 40370.58 · period end: 2023-11-24 · period start: 2023-09-27 · disbursements: 480.67; tax: 899.03 · fees: 17980.5 · quote: WORK-IN-PROGRESS | November 25, 2023 to April 12, 2024 · total: 18879.53 · period end: 2024-04-12 · period start: 2023-11-25 · firm text: Deloitte Restructuring Inc. · firm quote: Deloitte Restructuring Inc. (' Deloitte ') was appointed by an Order · context quote: In the Matter of the Receivership of Westmount Projects Inc. Summary of Receiver's Fees As at April 15, 2024; form: prose · rows: · money: fees: quote: totalling approximately $104,200 (excluding GST) · amount: 104200 · approximate: true · period: kind: final · quote: for the period of June 25, 2023 through to the Receiver's discharge and completion of its administration of the Debtors' estates · start: 2023-06-25 · approval: quote: The Receiver is also seeking approval of Dentons' fees · state: sought · averages: · currency: · invoices: · firm text: Dentons · firm quote: The Receiver is also seeking approval of Dentons' fees · context quote: The Receiver is also seeking approval of Dentons' fees for the period of June 25, 2023 through to the Receiver's discharge and completion of its administration of the Debtors' estates, totalling approximately $104,200 (excluding GST).
- operational summaryThe three mortgaged residential properties were sold, with sales closing in December 2023, and the repossessed serial number equipment was sold at public auction in February and March 2024. The Receiver proposes final distributions to BMO and Horizon, with Horizon facing a shortfall, and seeks its discharge after remaining administrative matters are completed.
- professional feesnote: Approximately $138,400 excluding GST: two interim invoices (June 25 to Nov 24, 2023) approx. $100,400, unbilled WIP to April 12, 2024 approx. $18,000, plus estimated $20,000 to complete. Receiver's counsel Dentons: approx. $104,200 excluding GST (interim invoices approx. $62,600, WIP approx. $25,600, estimated to complete $15,000). Fees for May 15 to June 23, 2023 were previously approved by the August 4 Order. · party: Deloitte Restructuring Inc. (the Receiver) · amount: 138400 · period: June 25, 2023 to discharge · currency: CAD
- receipts cumulativenote: Statement of Receipts and Disbursements for May 15, 2023 to April 15, 2024. Consists of sale of assets $3,808,609, rental income $159,445 and interest $10,074. All attributed to the Mortgaged Property; net auction proceeds of $55,651 on the Serial Number Property are accrued separately. · since: May 15, 2023 (Date of Receivership) · amount: 3978127 · currency: CAD
- recovery outcomeentries: basis: estimated · quote: | Estimated Distribution to BMO | 2,873,220 | 836,516 | 836,516 | 1,200,189 | · pct of: unstated · outcome: distribution · currency: CAD · class key: secured · stated by: receiver · amount low: 2873220 · amount high: 2873220 · class label: BMO - Mortgaged Property · creditor name: BMO · interim final: unstated · related party: false · currency quote: (All amounts in $CAD) · claims qualifier: unstated; basis: estimated · quote: | Estimated shortfall in Horizon mortgage payout | (580,172) | (120,328) | (266,101) | (193,743) | · pct of: unstated · outcome: shortfall · currency: CAD · class key: secured · stated by: receiver · class label: Horizon - Mortgaged Property · creditor name: Horizon · interim final: unstated · related party: false · currency quote: (All amounts in $CAD) · claims qualifier: unstated · shortfall amount: 580172 · table missing:
- report noFourth Report