British Columbia · Receivership (court-appointed)

Petition

Application / notice of application · 18 January 2024

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What we verified from this filing1 verified

secured creditorsnote: Amount excludes accruing fees and costs including legal and financial advisor fees. A demand letter dated September 13, 2023 stated outstanding amount under the Credit Facilities (inclusive of accrued interest, fees, indemnities and legal fees) of $13,644,811.74 (prose/earlier dated figure). Personal guarantees held from individuals Gurmeet Mann and Komalpreet Mann (related parties, Mann family). · page: 5 · as of: 2023-11-30 · amount: 13761823.37 · debtor: 1326 Mann Farm Inc. (borrower); K P Drywall Ltd., 13 Mann Farms B.C. Ltd. and Dyke Valley Berry Farms Ltd. (guarantors/co-debtors) · creditor: National Bank of Canada · currency: CAD · security: First-ranking collateral mortgage on the Farm (8201 Dyke Road, Abbotsford, BC) granted by Dyke Valley Berry Farms Ltd.; General Security Agreements (GSAs) granted by Mann Farm, K P Drywall, 13 Mann Farms and Dyke Valley; unlimited guarantees (2022 Guarantees) from K P Drywall, 13 Mann Farms, Gurmeet Mann and Komalpreet Mann, and Dyke Valley Guarantee re 125 Ltd. obligations. Facility limits (not balances): Line of Credit $300,000; Property Term Loan (2022) $11,492,000 (assumed balance of 2020 term loan originally $11,970,000/$11,979,000); Shares Term Loan $2,500,000; Mastercards $50,000.