British Columbia · Receivership (court-appointed)
Receiver's First Report
Court officer report · 3 September 2026
A plain-language read of this filing opens with a subscription.
What we verified from this filing6 verified
- secured creditorsnote: Legal opinion confirms Roynat's security is valid and enforceable. Roynat will continue to suffer a significant deficiency in amounts owing under its credit facilities even after completion of the 26899 and 26963 Transactions. EFP and 133 (1337073 B.C. Ltd.) guaranteed the Borrower's obligations to Roynat; Mr. Chimayt is a personal guarantor (individual guarantor, not a corporate entry). · page: 6 · debtor: 1385954 B.C. Ltd. (138) · creditor: Roynat Inc. · currency: CAD · security: General security agreement (first-ranking, all present/after-acquired personal and real property); mortgage registered against the Lands (reg. no. CB405345, registered Dec 22, 2022); assignment of rents (reg. no. CB405346, registered Dec 22, 2022); general assignment of leases and rents; assignment of life insurance on Mr. Chimayt's life; assignment of insurance with Roynat as first loss payee. Term loan facility principal amount of $7.0 million (original advance/facility limit, not a balance).
- secured creditorsnote: Legal opinion confirms RBC's security is valid and enforceable, subject to customary assumptions and qualifications. After accounting for costs of realization on limited personal property assets (auction proceeds of $2,513), no proceeds remain available for distribution to RBC. · page: 16 · debtor: Elykwood Forest Products Ltd. (EFP) · creditor: Royal Bank of Canada (RBC) · currency: CAD · security: General security agreement over EFP's present and after-acquired personal property. Does not hold any registered charges against title on the Lands.
- unsecured creditorsnote: CRA confirmed these claims are unsecured and do not give rise to any priority claim ranking ahead of Roynat's secured claim. · page: 17 · as of: 2026-08-12 · basis: CRA letters dated August 12, 2026 advising the Receiver of unsecured claims · amount: 146309.46 · debtor: 1385954 B.C. Ltd. · creditor: Canada Revenue Agency (CRA) · currency: CAD
- unsecured creditorsnote: CRA confirmed these claims are unsecured and do not give rise to any priority claim ranking ahead of Roynat's secured claim. · page: 18 · as of: 2026-08-12 · basis: CRA letters dated August 12, 2026 advising the Receiver of unsecured claims · amount: 1849525.41 · debtor: Elykwood Forest Products Ltd. · creditor: Canada Revenue Agency (CRA) · currency: CAD
- secured creditorsnote: No enforcement proceedings commenced within time prescribed by the Builders Lien Act; Receiver's counsel advised the lien is no longer enforceable and does not impede the 26963 Transaction. Effectively discharged/unenforceable security. · page: 19 · as of: 2024-10-23 · debtor: 1385954 B.C. Ltd. (registered owner of 26963 Old Yale Road) · creditor: Customline Homes Ltd. · currency: CAD · security: Claim of builders' lien registered against title to 26963 Property, registered October 23, 2024.
- recovery outcomeentries: basis: estimated · quote: Based on the estimated realizations and claims known to the Receiver, Roynat will continue to suffer a significant deficiency on the amounts owing under its credit facilities. · pct of: unstated · outcome: shortfall · currency: CAD · class key: secured · stated by: receiver · class label: Roynat · creditor name: Roynat Inc. · interim final: unstated · currency quote: all monetary amounts contained herein are expressed in Canadian Dollars · claims qualifier: unstated; basis: estimated · quote: Accordingly, the Receiver does not anticipate any recovery for unsecured creditors of the Debtors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: receiver · class label: unsecured creditors of the Debtors · interim final: unstated · claims qualifier: unstated; basis: actual · quote: After accounting for costs associated with realizing on the equipment, there will be no funds available for distribution to RBC. · pct of: unstated · outcome: nil · class key: secured · stated by: receiver · class label: RBC · creditor name: RBC · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: The Receiver has received notices of unsecured claims from certain creditors; however, given that Roynat, as the senior secured creditor, will suffer a significant shortfall on the amounts owing to it, there is no anticipated distribution to the Debtors' unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: receiver · class label: the Debtors' unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2026-09-03 · table missing: