Ontario · Receivership (court-appointed)
First Report of the Receiver dated July 30, 2015 (1 of 2)
Court officer report · 30 July 2015
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What we verified from this filing8 verified
- secured creditorsnote: Ranks 2nd on real property (behind Township of Brock) but confirmed by Legal Opinions to rank in priority to HHSL and CRA against Assets/Premises. Personally guaranteed by George Tripp and the late Barbara Tripp (related parties/directors). · page: 3 · as of: 2015-07-16 · amount: 638606.28 · debtor: Beaverton Lumber Inc. · creditor: The Toronto-Dominion Bank · currency: CAD · security: General security agreement executed August 25, 1995; mortgage registered on the Premises (488 Mara Road, Beaverton) August 29, 1995; PPSA registrations against inventory, equipment, accounts, other and motor vehicle dated August 29, 1995, March 31, 2010 and October 5, 2001 (accounts and other). Debt comprised of operating loan $74,095.21, demand loan $557,321.64, credit cards $7,189.43.
- secured creditorsnote: Receiver contacted National Leasing, which advised it was no longer a creditor of Beaverton and had not been since October 2014 — registration is stale/discharged, not a current secured claim. · page: 8 · debtor: Beaverton Lumber Inc. · creditor: National Leasing Group Inc. · currency: CAD · security: PPSA registration dated March 30, 2009 against equipment (specifically telephone system equipment).
- secured creditorsnote: Ranks 3rd, subordinate to TD per Third Legal Opinions. HHSL separately holds 'Outside Security' (cash withheld $105,320; common shares valued $88,432; term notes payable $70,114 = $263,866 total) which exceeds the $207,005 secured debt, so Receiver does not anticipate HHSL will claim or receive distribution from sale proceeds. HHSL supports the Purchase Agreement. · page: 9 · as of: claim filed with Trustee May 2, 2015 · amount: 207005 · debtor: Beaverton Lumber Inc. · creditor: Home Hardware Stores Limited (HHSL) · currency: CAD · security: Charge registered against the Premises; also PPSA registration (April 13, 2010) against inventory, equipment, accounts, other and motor vehicle.
- secured creditorsnote: Ranks 4th, subordinate to both TD and HHSL per Third Legal Opinions. Regulatory/deemed-trust class quasi-governmental claim. As of the report date it is uncertain whether this claim will be satisfied from sale proceeds. Distinct from a separate DAS deemed-trust claim of $20,725 which the Receiver already remitted to CRA (satisfied/discharged, not outstanding). · page: 9 · as of: claim filed with Trustee May 27, 2015 · amount: 95153 · debtor: Beaverton Lumber Inc. · creditor: Canada Revenue Agency (unremitted HST) · currency: CAD · security: Secured claim against the Premises for unremitted HST, plus accruing interest.
- secured creditorsnote: Ranks 1st. Amount represents past arrears plus installment payments of $7,450 due July 24 and September 24, 2015 for the 2015 tax year; subject to adjustment at closing. · page: 9 · as of: 2015-09-24 · amount: 154616 · debtor: Beaverton Lumber Inc. · creditor: The Corporation of the Township of Brock · currency: CAD · security: Statutory lien for unpaid property tax arrears against the Premises, ranking ahead of all other security interests.
- unsecured creditorsnote: Related parties (directors/officers of Beaverton); represents 64% of total unsecured claims filed. · page: 12 · as of: as of the date of this report (July 30, 2015) · basis: Unsecured Claims Filed in Bankruptcy Estate (claims filed with the Trustee in Bankruptcy) · amount: 248424 · debtor: Beaverton Lumber Inc. · creditor: George Tripp and the late Barbara Tripp · currency: CAD
- unsecured creditorsnote: Represents 21% of total unsecured claims filed; represented by Inspector Dianne Hawtin. · page: 12 · as of: as of the date of this report (July 30, 2015) · basis: Unsecured Claims Filed in Bankruptcy Estate (claims filed with the Trustee in Bankruptcy) · amount: 80968 · debtor: Beaverton Lumber Inc. · creditor: The late Tom Hawtin · currency: CAD
- unsecured creditorsnote: Document does not itemize the individual creditors comprising this 15% 'Other' category; total unsecured claims filed approximate $388,000 in prose (exact figure $388,023 per the table, used as the sum of the three lines above). · page: 12 · as of: as of the date of this report (July 30, 2015) · basis: Unsecured Claims Filed in Bankruptcy Estate (claims filed with the Trustee in Bankruptcy) · amount: 58631 · debtor: Beaverton Lumber Inc. · creditor: Other unsecured creditors (aggregate as reported) · currency: CAD