Ontario · Receivership (court-appointed)
First Report of the Receiver dated April 1, 2021
Court officer report · 1 April 2021
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 filing4 verified
- secured creditorsnote: No dollar amount of BDC's secured claim stated in the pages provided. · page: 5 · debtor: Aluminart Products Limited, Arcor Windows & Doors Inc. and N.A.P. Windows & Doors Ltd. (the Companies) · creditor: Business Development Canada (BDC) · currency: CAD · security: Security interest in certain assets specifically excluded from the Receivership Order (the 'BDC Assets')
- secured creditorsnote: Lessor/secured party under vehicle leases; no outstanding balance stated in these pages. · page: 57 · debtor: Aluminart Products Limited · creditor: Mercedes-Benz Financial Services Canada Corporation · currency: CAD · security: Closed-End Lease Agreements (Nov 2019, Nov 2020, Dec 2020) between Star One Motors Inc. and Aluminart, assigned to Mercedes-Benz Financial Services Canada Corporation, over three identified Mercedes-Benz vehicles; vehicles specifically excluded from the Receivership
- unsecured creditorsnote: Aggregate figure only; the document names no individual creditors. Prior monthly aged-payables totals were also reported (e.g., $913,515 at Jul 31/2020; $1,112,199 at Aug 31/2020; $930,330 at Oct 31/2020; $1,170,752 at Nov 30/2020). Separately, an RBC internal compliance email (reporting period Jan 31, 2021) noted the client declared $0 for 'Unpaid 30 day Supplier Payables' on its Borrowing Limit Certificate, which RBC compliance flagged as possibly inaccurate ('I have a funny feeling they submitted incorrect information'). · page: 92 · as of: 2020-12-31 · basis: Stated Total Aged Payables reported to RBC in Comprehensive Results (borrowing base collateral reporting) · amount: 1243111 · debtor: Aluminart Products Limited · creditor: Trade payables (aggregate as reported) · currency: CAD
- secured creditorsnote: Loan/account no. 47155270-001; amount is the exact 'Loan Balance' shown in the Borrowing Base Calculation as at December 31, 2020 (Appendix 6, Comprehensive Results). RBC described in the First Report (para 7) as the Companies' 'general secured creditor'. An internal RBC compliance email dated March 30, 2021 refers only approximately to a 'Max outstanding balance during period $5,000,000' / 'outstanding loan amount is $5,000,000' for the reporting period ended January 31, 2021 (rounded to the commitment/facility limit, not an exact dated balance). · page: 103 · as of: 2020-12-31 · amount: 5168043 · debtor: Aluminart Products Limited, Arcor Windows & Doors Inc. and N.A.P. Windows & Doors Ltd. (the Companies) · creditor: Royal Bank of Canada · currency: CAD · security: General security interest over all Property, assets and undertakings of the Companies, excluding the BDC Assets and the Mercedes-Benz leased vehicles