Manitoba · Receivership (court-appointed)
Affidavit of Ed Barrington – Filed Feb 12, 2024
Affidavit · 12 February 2024
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 filing8 verified
- secured creditorsnote: Plus interest from 2023-06-08 at BMO prime +3.5% per annum, plus legal fees/disbursements. Under Inter-Creditor Priority Agreement dated 2011-04-04, BMO's security ranks ahead of FCC re intangibles/accounts receivable/inventory/proceeds; FCC ranks ahead of BMO re realty and equipment. · page: 4 · as of: 2023-06-08 · amount: 7109715.78 · debtor: Genesus Inc. · creditor: Bank of Montreal · currency: CAD · security: General Security Agreement (2011-03-22); General Assignment of Debts (2011-03-10); Section 427 Bank Act Security (2011-03-07); Standby Letter of Credit (2018-07-04); Guarantees from Can-Am (limits $600K, $1.1M, $2.1M, and unlimited) and GGI (limits $600K, $1.1M, $2.1M, $4.1M, plus Payment Guaranty Agreement) supported by GSA from GGI; EDC Guarantee Approval in favour of BMO to a maximum of $2,000,000 (third-party credit support, not a debtor obligation); Mortgage $8,000,000.00 registered 2023-10-12 against Genesus Property (Titles 2698800/1, 2316076/3, 2712003/5) - registered principal amount, not a separate balance; PPSA registrations (2011-02-22, 2018-04-09) granting blanket security in all present and after-acquired personal property of Genesus.
- secured creditorsnote: Plus interest from 2023-06-08 at BMO prime +4.5% per annum, plus legal fees/disbursements. · page: 5 · as of: 2023-06-08 · amount: 400891.06 · debtor: Can-Am Genetics Inc. · creditor: Bank of Montreal · currency: CAD · security: General Security Agreement (2011-03-29); General Assignment of Debts (2011-03-29); Section 427 Bank Act Security (2011-03-07); Guarantee from Genesus (limit $400,000) with Priority Agreement (2018-04-09); Guarantee from GGI (2011-02-23); PPSA registration (2011-02-22) granting blanket security in all present and after-acquired personal property of Can-Am.
- secured creditorspage: 14 · as of: 2022-07-12 · debtor: Genesus Inc. · creditor: Masterfeeds Inc. · currency: CAD · security: PPSA registration - blanket security interest in all current and future assets acquired by Genesus, plus insurance claims/rights related to its real or personal property.
- secured creditorsnote: Jointly registered with James Ronald Long (individual; capacity not specified in document). · page: 15 · as of: 2019-10-30 · debtor: Can-Am Genetics Inc. · creditor: PPSA equipment financiers (PMSI class) - Kubota Canada Ltd. · currency: CAD · security: Purchase-money security interest in serialized equipment: 2019 Kubota #L4060HSTRC 42589; 2019 Kubota LA805 A6971; 2019 Kubota RCR1272.
- secured creditorsnote: Property tax arrears/lien; dollar amount not stated in the document. · page: 17 · as of: 2023-12-13 · debtor: Genesus Inc. · creditor: City of Winnipeg · currency: CAD · security: Tax Sale-First Return registration (Series 128, Tax Years 2020, 2021, 2022, 2023) against Title 2698800/1.
- secured creditorsnote: Multiple separate instruments; amounts not aggregated per reporting rule. Under Inter-Creditor Priority Agreement dated 2011-04-04 between BMO and FCC, FCC's security ranks ahead of BMO in respect of realty and equipment; BMO ranks ahead of FCC in respect of intangibles, accounts receivable, inventory and proceeds. · page: 18 · debtor: Genesus Inc. · creditor: Farm Credit Canada · currency: CAD · security: Mortgage $1,400,000.00 registered 2013-12-03 against Title 2698800/1; Mortgage $450,000.00 registered 2014-03-13 against Title 2712003/5, amended to $3,000,000.00 by Amending Agreement registered 2020-04-21; PPSA registrations (2008-09-15, renewed 2023-05-16) granting FCC a blanket security interest in all present and future indebtedness of Can-Am Genetics Inc. to Genesus Inc.
- secured creditorsnote: Judgment creditor with registered lien against real property; not a consensual secured creditor. · page: 18 · as of: 2023-12-15 · amount: 321066.33 · debtor: Genesus Inc. · creditor: Sea Air International Forwarders Limited · currency: CAD · security: Certificate of Judgment registered against Genesus Property (Titles 2698800/1, 2316076/3, 2712003/5).
- secured creditorsnote: Judgment creditor with registered lien against real property; not a consensual secured creditor. · page: 18 · as of: 2023-12-29 · amount: 800815.19 · debtor: Genesus Inc. · creditor: Fermes Durand Farms Ltee. · currency: CAD · security: Certificate of Judgment registered against Genesus Property (Titles 2698800/1, 2316076/3, 2712003/5).