Alberta · Receivership (court-appointed)
Supplement to Second Report of the Receiver dated November 19, 2024
Court officer report · 19 November 2024
Also filed as: Supplement to Second Report of the Receiver dated November 19, 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 filing5 verified
- courtCOURT OF KING’S BENCH OF ALBERTA
- court file no2301 - 13912
- secured creditorsnote: Deemed trust class (quasi-governmental); amount stated as approximately $175,000. The Bankruptcy Order against Genesis granted October 24, 2024 has, inter alia, the effect of reversing the priority of the Deemed Trust Claim; CRA's counsel attended the October 24, 2024 hearing and did not oppose (p. 4). The interim R&D for the period ending November 15, 2024 shows a disbursement of $101,713 for "CRA Deemed Trust Claim" (p. 10). · page: 3 · as of: deemed trust claim filed against Genesis, brought to the Receiver's attention immediately prior to the August 15, 2024 Discharge Hearing · amount: 175000 · debtor: Genesis Integration Inc. · creditor: Canada Revenue Agency · currency: CAD · security: Deemed trust claim (the Deemed Trust Claim)
- secured creditorsnote: The Receiver seeks authority to distribute approximately $110,000 of the approximately $131,000 in the Receiver's account to Sequent, retaining approximately $21,000 for final costs (a proposed distribution, not the debt balance). Sequent also funded the receivership: the R&D for the period ending November 15, 2024 shows Funding from Sequent AI Ltd. of $105,223 (receipt) and Repayment of Receivership Advances from Sequent of $124,459 (disbursement) — receivership-period funding, not pre-filing debt. Sequent was the applicant for the Bankruptcy Order against Genesis granted October 24, 2024. · page: 3 · debtor: Genesis Integration Inc. and Fusion Cine Sales & Rentals Inc. (the Companies) · creditor: Sequent AI Ltd. · currency: CAD · security: Described as the Companies' principal secured creditor; security details and outstanding balance not stated in this Supplemental Report.
- fee scheduleengagements: form: invoice_listing · rows: · money: tax: label: Taxes · quote: 29,030.54 · amount: 29030.54 · fees: quote: 219,468.87 · amount: 219468.87 · total: quote: 252,341.44 · amount: 252341.44 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: 3,842.03 · amount: 3842.03 · period: kind: cumulative · quote: Summary of Professional Fees · approval: state: unstated · averages: · currency: · invoices: tax: 12023.08 · date: 2023-12-12 · fees: 90811 · quote: December 12, 2023 | November, 2023 | 90,811.00 | 1,674.25 | 12,023.08 | 104,508.33 · total: 104508.33 · period end: 2023-11-30 · disbursements: 1674.25; tax: 2094.4 · date: 2024-01-16 · fees: 16109.5 · quote: January 16, 2024 | December 31, 2023 | 16,109.50 | 1.30 | 2,094.40 | 18,205.20 · total: 18205.2 · period end: 2023-12-31 · disbursements: 1.3; tax: 1483.85 · date: 2024-02-08 · fees: 9474.5 · quote: February 8, 2024 | January 31, 2024 | 9,474.50 | 1,939.75 | 1,483.85 | 12,898.10 · total: 12898.1 · period end: 2024-01-31 · disbursements: 1939.75; tax: 1458.44 · date: 2024-03-07 · fees: 11218.75 · quote: March 7, 2024 | February 28, 2024 | 11,218.75 | - | 1,458.44 | 12,677.19 · total: 12677.19 · period end: 2024-02-28; tax: 2546.11 · date: 2024-04-05 · fees: 19437.5 · quote: April 5, 2024 | March 31, 2024 | 19,437.50 | 147.97 | 2,546.11 | 22,131.58 · total: 22131.58 · period end: 2024-03-31 · disbursements: 147.97; tax: 1643.14 · date: 2024-05-10 · fees: 12639.5 · quote: May 10, 2024 | April 30, 2024 | 12,639.50 | - | 1,643.14 | 14,282.64 · total: 14282.64 · period end: 2024-04-30; tax: 1634.98 · date: 2024-06-06 · fees: 12576.75 · quote: June 6, 2024 | May 31, 2024 | 12,576.75 | - | 1,634.98 | 14,211.73 · total: 14211.73 · period end: 2024-05-31; tax: 1454.41 · date: 2024-07-08 · fees: 11186.87 · quote: July 8, 2024 | June 30, 2024 | 11,186.87 | - | 1,454.41 | 12,641.28 · total: 12641.28 · period end: 2024-06-30; tax: 2781.58 · date: 2024-08-08 · fees: 21396.75 · quote: August 8, 2024 | July 31, 2024 | 21,396.75 | - | 2,781.58 | 24,178.33 · total: 24178.33 · period end: 2024-07-31; tax: 1910.55 · date: 2024-11-14 · fees: 14617.75 · quote: November 14, 2024 | October 31, 2024 | 14,617.75 | 78.76 | 1,910.55 | 16,607.06 · total: 16607.06 · period end: 2024-10-31 · disbursements: 78.76 · firm text: KSV Restructuring Inc. · firm quote: KSV RESTRUCTURING INC., IN ITS CAPACITY AS COURT APPOINTED RECEIVER AND MANAGER OF GENESIS INTEGRATION INC. AND FUSION CINE SALES & RENTALS INC. AND NOT IN ITS PERSONAL CAPACITY · context quote: KSV RESTRUCTURING INC., IN ITS CAPACITY AS COURT APPOINTED RECEIVER AND MANAGER OF GENESIS INTEGRATION INC. AND FUSION CINE SALES & RENTALS INC. AND NOT IN ITS PERSONAL CAPACITY; form: invoice_listing · rows: · money: tax: label: Taxes · quote: 2,662.89 · amount: 2662.89 · fees: quote: 52,258.50 · amount: 52258.5 · total: quote: 56,269.69 · amount: 56269.69 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: 1,348.30 · amount: 1348.3 · period: kind: cumulative · quote: Summary of Professional Fees · approval: state: unstated · averages: · currency: · invoices: tax: 141.38 · date: 2023-11-22 · fees: 2827.5 · quote: November 22, 2023 | October 31, 2023 | 2,827.50 | - | 141.38 | 2,968.88 · total: 2968.88 · period end: 2023-10-31; tax: 669.73 · date: 2023-12-13 · fees: 13333.5 · quote: December 13, 2023 | November 30, 2023 | 13,333.50 | 61.19 | 669.73 | 14,064.42 · total: 14064.42 · period end: 2023-11-30 · disbursements: 61.19; tax: 15.54 · date: 2023-12-31 · fees: 217.5 · quote: December 31, 2023 | December 31, 2023 | 217.50 | 183.34 | 15.54 | 416.38 · total: 416.38 · period end: 2023-12-31 · disbursements: 183.34; tax: 323.9 · date: 2024-04-10 · fees: 6466 · quote: April 10, 2024 | March 31, 2024 | 6,466.00 | 54.00 | 323.90 | 6,843.90 · total: 6843.9 · period end: 2024-03-31 · disbursements: 54; tax: 316.76 · date: 2024-05-09 · fees: 5668.5 · quote: May 9, 2024 | April 30, 2024 | 5,668.50 | 765.00 | 316.76 | 6,750.26 · total: 6750.26 · period end: 2024-04-30 · disbursements: 765; tax: 63.8 · date: 2024-06-12 · fees: 1276 · quote: June 12, 2024 | May 31, 2024 | 1,276.00 | - | 63.80 | 1,339.80 · total: 1339.8 · period end: 2024-05-31; tax: 93.32 · date: 2024-07-11 · fees: 1809 · quote: July 11, 2024 | June 30, 2024 | 1,809.00 | 86.00 | 93.32 | 1,988.32 · total: 1988.32 · period end: 2024-06-30 · disbursements: 86; tax: 254.53 · date: 2024-08-15 · fees: 5090.5 · quote: August 15, 2024 | July 31, 2024 | 5,090.50 | - | 254.53 | 5,345.03 · total: 5345.03 · period end: 2024-07-31; tax: 487.24 · date: 2024-09-09 · fees: 9680.5 · quote: September 9, 2024 | August 31, 2024 | 9,680.50 | 64.39 | 487.24 | 10,232.13 · total: 10232.13 · period end: 2024-08-31 · disbursements: 64.39; tax: 21.59 · date: 2024-10-10 · fees: 387.5 · quote: October 10, 2024 | September 30, 2024 | 387.50 | 134.38 | 21.59 | 543.47 · total: 543.47 · period end: 2024-09-30 · disbursements: 134.38; tax: 275.1 · date: 2024-11-11 · fees: 5502 · quote: November 11, 2024 | October 31, 2024 | 5,502.00 | - | 275.10 | 5,777.10 · total: 5777.1 · period end: 2024-10-31 · firm text: McMillan LLP · firm quote: RECEIVER'S COUNSEL McMillan LLP · context quote: RECEIVER'S COUNSEL McMillan LLP