Manitoba · Receivership (court-appointed)
Receiver's First Report dated June 6, 2022
Court officer report · 6 June 2022
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 filing4 verified
- financial positionnote: No total stated; components only: accounts and other amounts receivable - $1,006,251; inventory and equipment - $489,199. No total liabilities stated; TD Bank (primary secured creditor) was owed approximately $290,764 plus accruing interest and costs as at the date of the Receivership Order. · as at: 2022-04-25 · basis: Assets as disclosed in the Company's Statement of Affairs dated April 25, 2022; information not audited or verified by the Receiver · scope: Modern Acrylic Systems Ltd. (single entity) · currency: CAD
- operational summaryThe Company ceased operations on April 22, 2022 and assigned itself into bankruptcy on April 25, 2022. The Receiver is removing property from rented locations, preparing a public auction of equipment, and seeking to sell the Day Street property quickly so the leased premises can be returned to the landlord.
- report date6 June 2022
- report noReceiver's First Report