Saskatchewan · NOI
First Report of the Proposal Trustee .pdf
Court officer report · 2 April 2018
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 filing7 verified
- courtIN THE COURT OF QUEEN'S BENCH FOR SASKATCHEWAN
- court file noBK 22-2353460
- commencement date9 March 2018
- financial positionnote: Company's declared creditors as at the NOI Filing Date totaled approximately $6.4 million, an approximate $0.8 million increase from the liabilities disclosed as at February 15, 2018 (para 22). · page: 6 · as at: 2018-02-15 · basis: unaudited/net book value, internally prepared, not verified by Proposal Trustee · scope: S. Wilson Construction Ltd. (entity only, not consolidated with related companies 881 SK Ltd. or 883 SK Ltd.) · currency: CAD · total assets: 6884758 · total liabilities: 5627396
- secured creditorsnote: Approximate figure stated in report; Roynat and Bank of Nova Scotia collectively 'the Lenders' owed ~$6.4 million by 883 SK Ltd., a related holding company (100% owned, common parent 881 SK Ltd.); Lenders terminated forbearance and issued demand/notice of intention to enforce security on Jan 26, 2018 but had not enforced as of NOI Filing Date. · page: 7 · amount: 4700000 · debtor: 101292883 Saskatchewan Ltd. ("883 SK Ltd.") · creditor: Roynat Capital · currency: CAD · security: Security over all assets of 883 SK Ltd. (heavy equipment transferred from S. Wilson under Feb 1, 2016 Transfer Agreement)
- secured creditorsnote: Approximate figure stated in report; part of 'the Lenders' collectively owed ~$6.4 million by 883 SK Ltd.; Scotia separately provided a Restructuring Advance and holds a revolving operating line owing by S. Wilson itself (bank indebtedness $822,266 as at Feb 15, 2018 / ~$0.7 million as at NOI Filing Date), security status of that operating line not stated. · page: 7 · amount: 1700000 · debtor: 101292883 Saskatchewan Ltd. ("883 SK Ltd.") · creditor: Bank of Nova Scotia ("Scotia") · currency: CAD · security: Security over all assets of 883 SK Ltd. (heavy equipment transferred from S. Wilson under Feb 1, 2016 Transfer Agreement)
- secured creditorsnote: Deemed trust class - payroll source deduction remittance arrears; Scotia consented to payment from the Restructuring Advance. · page: 9 · as of: NOI filing date · amount: 53000 · debtor: S. Wilson Construction Ltd. · creditor: Canada Revenue Agency (CRA) · currency: CAD