Alberta · Receivership (court-appointed)
First Report to Court
Court officer report · 4 June 2018
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What we verified from this filing12 verified
- commencement date17 May 2018
- courtCOURT OF QUEEN'S BENCH OF ALBERTA
- court file no1801-02453
- cash on handnote: Figure pertains to GAP Electric Ltd. only, not the consolidated Company. · as at: 2018-05-17 · amount: 54277.39 · currency: CAD · qualifier: Opening cash on hand recorded as a receipt line in the Interim Statement of Receipts and Disbursements for GAP Electric Ltd.
- disbursementsnote: Figure is for GAP Electric Ltd. per the Interim Statement of Receipts and Disbursements for the period May 17, 2018 to June 4, 2018. · since: May 17, 2018 (date of Receiver's appointment) · amount: 86180.9 · currency: CAD
- financial positionnote: Asset components per Notice and Statement table: Accounts Receivable 336,970; Equipment and Machinery 46,356; Real Property 565,705; Total (approximation) 949,031. A separate table lists amounts owed to secured creditors only: RBC Royal Bank $835,150, National Leasing Group Inc. $1.00 (unknown), Total (Approximation) $835,150 — this is not a full liabilities figure (excludes unsecured/priority claims). Elsewhere the Receiver states total secured and priority claims of the Company are approximately $895,000 (RBC ~$835,000 plus accrued interest/fees, and Administration Cost of $60,000), and separately notes GAP unsecured creditors of ~$56,000 and Westridge unsecured creditors of ~$121,000. · basis: Values have been obtained from the Internal financial statements of the Company and are not necessarily representative of liquidation or sale values. · scope: Combined property of the Company (Westridge Electric Ltd., GAP Electric Ltd. and 1880489 Alberta Ltd.) as described in the Receiver's Notice and Statement · currency: CAD · total assets: 949031
- operational summaryWestridge had ceased operations prior to the receivership, 1880489 Alberta Ltd. is a non-operating holding company, and GAP continued limited operations under the Receiver's authorization while pursuing refinancing to exit receivership.
- professional feesnote: Receiver anticipates further costs of approximately $30,000 to complete administration, for a total Administration Cost of $60,000. · party: Receiver, MNP Ltd. · amount: 30000 · period: Accrued to date as at June 4, 2018 · currency: CAD
- receipts cumulativenote: Figure is for GAP Electric Ltd. per the Interim Statement of Receipts and Disbursements for the period May 17, 2018 to June 4, 2018. · since: May 17, 2018 (date of Receiver's appointment) · amount: 113802.3 · currency: CAD
- recovery outcomeentries: basis: plan · quote: The proposed refinancing would not result in a distribution to the unsecured creditors of 188 and Westridge, however, the estimated net realization value of the assets of 188 and Westridge (in the absence of the GAP guarantee) would not provide for a distribution to the unsecureds. · pct of: unstated · outcome: nil · class key: unsecured · stated by: receiver · class label: unsecured creditors of 188 and Westridge · interim final: unstated · claims qualifier: unstated · stated on: 2018-06-04 · table missing:
- report date4 June 2018
- report noFirst Report