Ontario · Receivership (court-appointed)
Motion Record returnable June 04, 2019.pdf
Application / notice of application · 24 May 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 filing15 verified
- applicantROYAL BANK OF CANADA
- commencement date24 May 2019
- courtSUPERIOR COURT OF JUSTICE
- court file noCV-19-620550-00CL
- proceeding typereceivership_court
- appointeeGRANT THORNTON LLP
- appointee roleReceiver
- secured creditorsnote: Notice of Motion states RBC 'is owed approximately $1 million' (round prose figure, undated; no exact balance on these pages). Guarantee limits and facility limits are not balances. Revolving Demand Facility stated to be out of margin by well over $500,000 per the Kennedy affidavit. · page: 10 · debtor: Alaskan Water Seafood Inc.; Alaskan Cold Inc. · creditor: Royal Bank of Canada · currency: CAD · security: General Security Agreements (RBC Form 924) from each debtor, first ranking security interest in all personal property; Revolving Demand Facility and Visa Business Facility, repayable on demand; guarantees of Alaskan Cold ($1,000,000 limit) and individuals Ian Roberts and Lewis Baus ($520,000 limit each, per Loan Agreement and guarantee forms); postponements of claim
- secured creditorsnote: Related party: stated to be an officer and director of the Debtors per corporate profile reports. Amount not stated. · page: 21 · as of: 2019-03-21 · debtor: Alaskan Water Seafood Inc. · creditor: Anthony Michael Capin · currency: CAD · security: One PPSA registration over inventory, equipment, accounts and other personal property of the Company, registered after RBC's registrations
- secured creditorsnote: Amount not stated. PPSA equipment/vehicle financier; registration order is not priority. · page: 21 · as of: 2019-03-21 · debtor: Alaskan Water Seafood Inc. · creditor: Mercedes-Benz Financial Services Canada Corporation · currency: CAD · security: Eight PPSA registrations against the Company, registered after RBC's registrations (PPSA search currency to March 21, 2019)
- secured creditorsnote: Related party: officer and director of the Debtors. Amount not stated. · page: 22 · as of: 2019-04-01 · debtor: Alaskan Cold Inc. · creditor: Anthony Michael Capin · currency: CAD · security: One PPSA registration over inventory, equipment, accounts and other personal property of Alaskan Cold (PPSA search currency to April 1, 2019), in addition to RBC's registrations
- financial positionnote: No total assets or total liabilities for the Company are stated on these pages. The affidavit refers to Alaskan Cold's intercompany debt exceeding its total assets (text calls it 'Alaskan Gold'). · page: 29 · as at: 2019-03-31 · basis: Balance sheet of Alaskan Cold Inc. as at March 31, 2019 as summarized in the affidavit of David R. Kennedy (RBC) from financial information provided by the Company; unaudited. Affidavit also reports a loss of $96,000 on sales of $558,000 (period not stated) · scope: Alaskan Cold Inc. only (not the Company or consolidated). For Alaskan Water Seafood Inc., only partial figures stated: interim net loss of $83,000 to Feb 28, 2019 (vs profit $52,000 in 2018 and $340,000 in 2017); accounts receivable $1,480,204 at Feb 28, 2019, of which $1,090,305 is due from Alaskan Cold and $42,730 from Robaus Foods Inc. (related), leaving arm's-length receivables of $343,169, of which $223,300 is over 90 days · currency: CAD · total assets: 776650 · total liabilities: 1813395
- unsecured creditorsnote: Related-party intercompany balance, not a third-party claim. Affidavit also cites $1,090,305 as due from Alaskan Cold in the Company's receivables at Feb 28, 2019; discrepancies noted between the Company's receivable and Alaskan Cold's payable. · page: 29 · as of: 2019-03-31 · basis: Kennedy affidavit review of financial information provided by the Company: inter-company book debt due to the Company · amount: 1090305 · debtor: Alaskan Cold Inc. · creditor: Alaskan Water Seafood Inc. (as creditor of Alaskan Cold Inc.) - intercompany · currency: CAD
- unsecured creditorsnote: No individual creditors named. Includes $272,000 (61%) over 90 days. · page: 29 · as of: 2019-02-28 · basis: Accounts payable total per Company financial information reviewed by RBC (unaudited interim) · amount: 448000 · debtor: Alaskan Water Seafood Inc. · creditor: Alaskan Water Seafood Inc. - accounts payable (aggregate, trade) · currency: CAD
- unsecured creditorsnote: No individual creditors named; $189,000 (71%) over 90 days; reflects only one trade supplier, the Company (so likely overlaps with the intercompany balance). Date not stated beside this figure. · page: 29 · basis: Accounts payable per Company financial information reviewed by RBC (the affidavit names it 'Alaskan Gold' in this passage) · amount: 265000 · debtor: Alaskan Cold Inc. · creditor: Alaskan Cold Inc. - accounts payable (aggregate, trade) · currency: CAD