British Columbia · Receivership (court-appointed)
Receiver's Report - Fernando Claim
Court officer report · 21 March 2019
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
- cash on handnote: Closing cash position at end of the receipts and disbursements period (Nov 21, 2018 to Mar 18, 2019). The text also states the net amount transferred from REM's four RBC accounts was $1,327.17, while the table's opening cash position is 1,323.17. · as at: 2019-03-18 · amount: 1314.11 · currency: CAD
- disbursementsnote: Bank service charges only. · since: November 21, 2018 (Date of Receivership) · amount: 11.4 · currency: CAD
- operational summaryREM was a holding company with no active operations; production at the Colombian gold mine run by subsidiary REMDC SAS (not in receivership) was stopped in July 2018 for lack of funding. The Receiver is helping seek a capital injection to restart the mine, and expects the receivership to be completed by the end of March 2019.
- receipts cumulativenote: Interest received on funds on deposit; the report states the receipts consist solely of interest payments. · since: November 21, 2018 (Date of Receivership) · amount: 2.34 · currency: CAD
- recovery outcomeentries: basis: estimated · quote: The Secured Creditors' will suffer a significant shortfall on their secured claim. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: Secured Creditors · creditor name: Orion Fund JV Limited and Liberty Metals and Mining Holdings LLC · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: Accordingly, there will be no funds available for unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: receiver · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2019-03-19 · table missing:
- report date19 March 2019
- report noFirst Report of the Receiver