Alberta · Receivership (court-appointed)
Receiver's Second Report Dated September 23, 2019
Court officer report · 23 September 2019
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What we verified from this filing10 verified
- cash on handnote: Represents excess of receipts over disbursements per the Consolidated Statement of Receipts and Disbursements for the period May 18, 2018 to September 17, 2019, held by the Receiver. · as at: 2019-09-17 · amount: 4820222.5 · currency: CAD
- closing confirmedscope: Crossline's remaining vehicle inventory · outcome: completed · purchaser: Maynards Industries Canada Ltd. · date basis: unstated · approval order date: 2018-07-11
- operational summaryThe Receiver continued winding down Crossline's operations, completing vehicle sales, pursuing collection of disputed accounts receivable, investigating a suspected fraudulent scheme involving 138 vehicles, and marketing the Company's real estate for sale.
- process resultsnote: Colliers marketing efforts contacting prospective purchasers and brokerage community · solicited: 400
- purchaserprice: note: Purchase price reduced by amendment agreement dated September 4-5, 2019 to reflect environmental issues; price details contained in sealed Confidential Appendix G · sealed: true · scope: the Property · status: proposed · name note: unnamed prospective purchaser of the Property, referred to as "the Purchaser" · structure: real_property · name source: recital · relationship: unstated · agreement date: 2019-05-15; Maynards Industries Canada Ltd.
- recovery outcomeentries: basis: estimated · quote: The Receiver notes that ATB is owed in excess of $22.3 million and will suffer a significant shortfall in respect of the Company's indebtedness to ATB, and all priority creditors ranking ahead of ATB have been paid in full. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: ATB · creditor name: ATB · interim final: unstated · claims qualifier: unstated; basis: actual · quote: The Receiver notes that ATB is owed in excess of $22.3 million and will suffer a significant shortfall in respect of the Company's indebtedness to ATB, and all priority creditors ranking ahead of ATB have been paid in full. · pct of: unstated · outcome: paid_in_full · stated by: receiver · class label: priority creditors ranking ahead of ATB · interim final: unstated · claims qualifier: unstated; basis: actual · quote: Receiver notes that all creditors ranking in priority to ATB (e.g. CRA trust claims, S. 81(4) priority, property taxes, etc.) have been paid in full. · pct of: unstated · outcome: paid_in_full · stated by: receiver · class label: creditors ranking in priority to ATB · interim final: unstated · claims qualifier: unstated · stated on: 2019-09-23 · table missing:
- report date23 September 2019
- report noSecond Report
- sale advisorColliers; Maynards Industries Canada Ltd.
- sale outcometext: Receiver seeks court approval of the sale of the Property to the Purchaser · scope: parcel · status: pending_approval