Alberta · Receivership (court-appointed)

Receiver's First Report filed November 26, 2018.pdf

Court officer report · 26 November 2018

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courtCOURT OF QUEEN'S BENCH OF ALBERTA
court file no1803 17931
appointeeGrant Thornton Limited
appointee roleReceiver
commencement date18 September 2018
proceeding typereceivership_court
secured creditorsnote: Floor financier; Receiver has not received information from Wells Fargo as to their security or balance outstanding · page: 11 · debtor: Power Merchants Ltd. · creditor: Wells Fargo Capital Finance Corporation · currency: CAD · security: Secured claim against inventory
secured creditorsnote: Floor financier; Receiver working with Honda Canada to reconcile accounts as floor-financed MUI were retrieved prior to Receiver's appointment; balance not yet determined · page: 11 · debtor: Power Merchants Ltd. · creditor: Honda Canada Finance Inc. · currency: CAD · security: Secured claim against inventory (Honda Collateral)
secured creditorsnote: Estimated amount owed; legal opinion received that ATB security is properly perfected, valid and enforceable; described as senior secured lender · page: 11 · amount: 421526.65 · debtor: Power Merchants Ltd. · creditor: ATB Financial · currency: CAD
secured creditorsnote: Related party (Mr. Jerry Bidulock's ex-wife with beneficial interest in the Company); Receiver contacting her counsel to ascertain nature of registration · page: 11 · as of: 2018-08-29 · debtor: Power Merchants Ltd. · creditor: Geraldine Bidulock · currency: CAD · security: Security interest registered at Alberta Personal Property Registry
secured creditorsnote: Floor financier; Receiver working with TCF to reconcile accounts as floor-financed MUI were retrieved prior to Receiver's appointment; balance not yet determined · page: 11 · debtor: Power Merchants Ltd. · creditor: TCF Commercial Finance Canada, Inc. · currency: CAD · security: Secured claim against inventory