Alberta · Receivership (court-appointed)
First Report of the Court Appointed Receiver
Court officer report · 26 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 filing17 verified
- unsecured creditorsnote: Deemed trust claim; additional liabilities may be assessed as CRA audit not yet conducted. · page: 6 · as of: approximate, as at date of First Report · basis: Receiver's estimate of unremitted source deduction arrears · amount: 47000 · debtor: Eaglesmed Group Inc. · creditor: Canada Revenue Agency · currency: CAD
- unsecured creditorsnote: Deemed trust claim; CRA audit not yet conducted, additional liabilities may be assessed. · page: 6 · as of: approximate, as at date of First Report · basis: Receiver's estimate of outstanding GST amounts owed by the Debtors · amount: 9800 · debtor: Eaglesmed Group Inc. and Chris Musah Professional Corporation · creditor: Canada Revenue Agency (GST) · currency: CAD
- unsecured creditorsnote: Preferred claim; claimants may be eligible for WEPPA advance from Service Canada, which could create a potential priority claim by Service Canada of up to $2,800. · page: 8 · as of: Date of Receivership (February 12, 2021) · basis: Receiver's estimate of outstanding vacation pay, severance and termination pay · amount: 3000 · debtor: Eaglesmed Group Inc. · creditor: Employees (two claimants) · currency: CAD
- unsecured creditorsnote: Preferred claim (municipal taxes); aggregate across three municipalities, not itemized individually. · page: 8 · as of: Date of Receivership (February 12, 2021) · basis: Receiver's estimate of property taxes owing · amount: 4400 · debtor: Chris Musah Professional Corporation · creditor: City of Calgary, County of Red Deer, and Town of Peace River (property taxes) · currency: CAD
- financial positionnote: Table shows Eaglesmed $1,137,498 and CMPC $1,438,004 totaling $2,575,502 (secured creditors only, per components: BMO $2,501,760, RCAP $46,123, CWB $27,619, Iris Khumalo Musah nil/unknown); unsecured trade creditor line is 'Unknown' and excluded from total. Separately, Notice and Statement of the Receiver (page 50) reports total net book value of assets: Eaglesmed $221,812 (as at Sept 30, 2020) and CMPC $4,512,542 (as at July 31, 2020), unaudited, compiled by Debtors' management. · page: 9 · as at: Date of Receivership (February 12, 2021) · basis: Receiver's Summary of Primary Liabilities table, unaudited, based on management-prepared information · scope: Combined entity totals for Eaglesmed Group Inc. and Chris Musah Professional Corporation, secured and unsecured (unsecured trade creditor amount unknown so not included in total) · currency: CAD · total liabilities: 2575502
- secured creditorsnote: Approx. $2.5 million total per prose; table gives exact figures. Eaglesmed Indebtedness guaranteed by CMPC, Yetunde Kasumu Medical Professional Corporation and CFJPC each to limit of $2.35 million, and by Charles F. Johnson, Dr. Musah and Yetunde Kasumu (individuals - personal guarantors) each to limit of $1.175 million; CMPC Indebtedness guaranteed by Dr. Musah (individual - personal guarantor) to limit of $2.181 million. Counsel opinion confirms BMO Security valid and enforceable including against a trustee in bankruptcy. · page: 9 · as of: Date of Receivership (February 12, 2021) · amount: 2501760 · debtor: Eaglesmed Group Inc. and Chris Musah Professional Corporation · creditor: Bank of Montreal · currency: CAD · security: BMO GSAs (general security agreements over all present and after-acquired personal property) and BMO Mortgages registered against the Canadian Properties; Eaglesmed portion $1,063,756, CMPC portion $1,438,004
- secured creditorsnote: Equipment released to CWB; potential equity in equipment, full accounting requested. · page: 9 · as of: Date of Receivership (February 12, 2021) · amount: 27619 · debtor: Eaglesmed Group Inc. · creditor: CWB National Leasing Inc. · currency: CAD · security: PPSA registration/lease; Receiver's preliminary view is that CWB lease constitutes a financing lease
- secured creditorsnote: Amount unknown per summary table; related to Dr. Musah's spouse. · page: 9 · debtor: Chris Musah Professional Corporation · creditor: Iris Khumalo Musah · currency: CAD · security: Certificate of Lis Pendens pursuant to the Matrimonial Property Act registered July 13, 2018 against Unit 702, Unit 703 and Pine Lake Property
- secured creditorsnote: Equipment (RCAP Equipment) not in Receiver's possession; reported lost or stolen by Debtors. · page: 9 · as of: Date of Receivership (February 12, 2021) · amount: 46123 · debtor: Eaglesmed Group Inc. · creditor: RCAP Leasing Inc. · currency: CAD · security: PPSA registration/lease; Receiver's preliminary view is that RCAP lease constitutes a true lease
- secured creditorsnote: Registration identified but no amount stated. · page: 10 · debtor: Eaglesmed Group Inc. and/or Chris Musah Professional Corporation · creditor: 10460010 Canada Inc. ("104") · currency: CAD · security: PPSA registration per Alberta Personal Property Registry search
- unsecured creditorsnote: Quantum unknown; books and records do not include an accounts payable listing. Document names no individual creditors and states amount unknown. · page: 11 · as of: date of First Report (April 26, 2021) · basis: Receiver identified approximately 37 unsecured trade creditors with potential unsecured claims · debtor: Eaglesmed Group Inc. and Chris Musah Professional Corporation · creditor: Unsecured trade creditors (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Classified by document under 'Amount owed to each creditor who holds a security'; amount listed as Unknown for both debtors. · page: 51 · basis: Listed in Notice and Statement of the Receiver as a creditor holding security · debtor: Eaglesmed Group Inc. and Chris Musah Professional Corporation · creditor: ECN Business Management Inc. · currency: CAD
- unsecured creditorsnote: Amount listed as Unknown. · page: 51 · basis: Listed in Notice and Statement of the Receiver as a creditor holding security · debtor: Chris Musah Professional Corporation · creditor: Enmax Power Corporation · currency: CAD
- purchaserAyman Tadros Professional Corporation
- recovery outcomeentries: basis: estimated · quote: The Receiver anticipates that the Debtors' secured creditors will suffer shortfalls on recovery of amounts due and owing under the various loan agreements and that there will be no funds available for distribution to any unsecured creditors of the Debtors after settlement of the Receiver's Borrowings (as defined later in this First Report), CRA claims, and ongoing carrying costs of the Canadian Properties. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: secured creditors · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: The Receiver anticipates that the Debtors' secured creditors will suffer shortfalls on recovery of amounts due and owing under the various loan agreements and that there will be no funds available for distribution to any unsecured creditors of the Debtors after settlement of the Receiver's Borrowings (as defined later in this First Report), CRA claims, and ongoing carrying costs of the Canadian Properties. · pct of: unstated · outcome: nil · class key: unsecured · stated by: receiver · class label: unsecured creditors · interim final: unstated · conditional on: after settlement of the Receiver's Borrowings, CRA claims, and ongoing carrying costs of the Canadian Properties · claims qualifier: unstated · stated on: 2021-04-26 · table missing:
- sale advisorREMAX; Royal LePage Valley
- sale outcometext: Marketing and Sale Process proposed for Canadian Properties; APA with ATPC awaiting Court approval · scope: whole_business · status: pending_approval