Alberta · Receivership (court-appointed)
20230619 - 1761112 Receiver's 2nd Report (FINAL COMBINED)
Court officer report · 19 June 2023
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What we verified from this filing11 verified
- cash on handnote: Figure from Receiver's Proposed Distribution schedule, representing cash on hand prior to proposed distributions. · as at: 2023-06-18 · amount: 415407.66 · currency: CAD
- closing confirmedscope: the Building · outcome: completed · effective: 2023-04-28 · purchaser: 2218315 Alberta Ltd. · date basis: stated · approval order date: 2023-03-28
- disbursementsnote: From Receiver's Statement of Receipts and Disbursements for the period August 19, 2022 to June 18, 2023. · since: August 19, 2022 (onset of receivership proceedings) · amount: 203880.13 · currency: CAD
- operational summaryThe Receiver completed the sale and transfer of possession of the Building on April 28, 2023, and has since focused on winding up creditor matters (GST refund, property taxes), finalizing fees, and preparing a proposed distribution to RBC before seeking its discharge.
- professional feesnote: Includes $111,682.50 professional fees, $1,313.88 expenses, and $5,649.82 GST; Receiver's counsel (Witten LLP) separately invoiced $11,247.86 plus GST of $558.15 for a total of $11,806.01; Receiver estimates additional future fees of $15,750.00 (incl. GST) and counsel's future fees of $3,675.00 (incl. GST). · party: Receiver (Ernst & Young Inc.) · amount: 118646.2 · period: August 19, 2022 to May 18, 2023 (invoice date May 29, 2023) · currency: CAD
- purchaser2218315 Alberta Ltd.
- receipts cumulativenote: From Receiver's Statement of Receipts and Disbursements for the period August 19, 2022 to June 18, 2023. · since: August 19, 2022 (onset of receivership proceedings) · amount: 619287.79 · currency: CAD
- recovery outcomeentries: basis: estimated · quote: For the Court's ease of reference, the Receiver's Proposed Distribution provides for a payment to RBC in the amount of $390,982.66. · pct of: unstated · outcome: distribution · currency: CAD · class key: secured · stated by: receiver · amount low: 390982.66 · amount high: 390982.66 · class label: RBC · creditor name: Royal Bank of Canada · interim final: unstated · currency quote: All references to dollars are in Canadian currency unless otherwise noted. · claims qualifier: unstated; basis: estimated · quote: Given the quantum of RBC's claim and considering the proposed distribution to RBC contemplated by the Receiver, RBC will experience a shortfall in relation to the Building and as such, the Receiver does not envision a scenario where there will be any distributions to the unsecured creditors of thisestate. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: RBC · creditor name: Royal Bank of Canada · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: Given the quantum of RBC's claim and considering the proposed distribution to RBC contemplated by the Receiver, RBC will experience a shortfall in relation to the Building and as such, the Receiver does not envision a scenario where there will be any distributions to the unsecured creditors of thisestate. · pct of: unstated · outcome: nil · class key: unsecured · stated by: receiver · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2023-06-19 · table missing:
- report date19 June 2023
- report noReceiver's Second Report
- sale outcometext: sale of the Building closed on April 28, 2023 · scope: whole_business · status: closed