Alberta · Receivership (court-appointed)
Receiver's Second and Final Report to the Court dated September 30, 2022
Court officer report · 30 September 2022
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What we verified from this filing1 verified
- recovery outcomeentries: basis: estimated · quote: As all assets of Concrete Services have now been realized on by the Receiver and all creditors ranking in priority to Liberty have been paid in full, the Receiver is seeking approval to make a distribution of the balance of the proceeds held in its trust account to Liberty in the approximate amount of $18,620 to be applied against Liberty's claim of $20,599.30, leaving a shortfall of approximately $1,980. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · amount low: 18620 · amount high: 18620 · class label: Liberty · claims amount: 20599.3 · creditor name: Liberty · interim final: unstated · claims qualifier: proven · shortfall amount: 1980; basis: unstated · quote: As all assets of Management have now been realized on by the Receiver and all creditors ranking in priority to the secured claim Zapisocky have been paid in full, the Receiver is seeking approval to make a distribution of the balance of the proceeds held in its trust account to Zapisocky in the approximate amount of $86,360. · pct of: unstated · outcome: distribution · class key: secured · stated by: receiver · amount low: 86360 · amount high: 86360 · class label: Zapisocky · creditor name: Zapisocky · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: The Receiver's view is that a distribution to 285 in the approximate amount of $31,380 is warranted despite the issues noted above. · pct of: unstated · outcome: distribution · class key: secured · stated by: receiver · amount low: 31380 · amount high: 31380 · class label: 285 (Philips Indebtedness) · creditor name: 285319 Alberta Ltd. · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: Had 285 not paid the Philips, the Receiver would, at this time, be seeking approval of a distribution to the Philips in the approximate amount of $31,000, resulting in an approximate shortfall of $89,000 to the Philips. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · amount low: 31000 · amount high: 31000 · class label: Philips (Philips Indebtedness, if no assignment to 285) · creditor name: Michelle and Jason Philips · interim final: unstated · claims qualifier: unstated · shortfall amount: 89000; basis: estimated · quote: Taking into consideration the cost estimate above, it appears the net amount that may be available for distribution to the unsecured creditors is approximately $5,400, as illustrated below, or two-tenths of a cent on the dollar ($0.002). · pct of: unstated · outcome: distribution · pct low: 0.2 · pct high: 0.2 · class key: unsecured · stated by: receiver · amount low: 5400 · amount high: 5400 · class label: Unsecured Creditors of Construction Products · claims amount: 2500000 · interim final: unstated · conditional on: In the event the Receiver's costs are more, it is likely there will be no funds available for the unsecured creditors. · cents on dollar: 0.2 · claims qualifier: listed; basis: estimated · quote: The Receiver anticipates that creditors will receive in the range of $0.002 to $0.03 per dollar of their claim. · pct of: unstated · outcome: distribution · pct low: 0.2 · pct high: 3 · class key: unsecured · stated by: receiver · class label: Unsecured Creditors of Construction Products (claims procedure notice range) · interim final: unstated · claims qualifier: unstated · stated on: 2022-09-30 · table missing: Set out below is a table summarizing the distributions the Receiver proposes to make, net of the Fee and Cost Provision (as defined further in this report).