Ontario · Receivership (court-appointed)
Notice & Statement of Receiver – dated June 10, 2024
Notice to creditors · 10 June 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 filing3 verified
- financial positionnote: Receiver states that as at May 30, 2024 'the Company did not owe any money to unsecured creditors' (p.2, para 6); no total liabilities figure is stated. Estimated realizable value of the business and assets is stated to be 'currently unknown'. Schedule A lists only one creditor (Siena, secured). · page: 1 · as at: 2024-03-30 · basis: Company's most current internal, unaudited financial statements; book values that 'do not represent the realizable value of the Property' · scope: Entity-level (Global Food and Ingredients Ltd., parent company only; assets comprise prepaid expenses and deposits $8K and investment in subsidiary $26,747K, stated in $000's CAD) · currency: CAD · total assets: 26755000
- secured creditorsnote: Estimated claim per Receiver's Notice and Statement, p.2: $4,185K (CAD, rounded); exact figure $4,184,515.26 per Creditor Mailing List (Schedule A, p.5), listed as 'SIENA LENDING GROUPE CANADA LLC'. Inclusive of closing fees and early termination fees of $600K owing pursuant to the loan agreement in connection with the ABL Priority Collateral. Stated as at the Appointment Date (May 30, 2024), based on the Company's books and records. · page: 5 · as of: 2024-05-30 · amount: 4184515.26 · debtor: Global Food and Ingredients Ltd. · creditor: Siena Lending Group Canada LLC · currency: CAD · security: Charge over ABL Priority Collateral (certain assets of the Company) under the loan agreement; Siena applied for the Receivership Order pursuant to its security
- unsecured creditors