British Columbia · Receivership (court-appointed)
Petition to the Court for the Receivership Order
Application / notice of application · 31 August 2026
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
- secured creditorsnote: Stated redemption amount for the Novo Textile and Zanatta facilities, as the document states it (paras 22-23); components: Novo Textile Line of Credit, Special Credit and Mastercard $6,354,963.01; Zanatta Term Loan $1,201,147.31; Zanatta 2 Term Loan $1,999,096.92. Para 23 states the same $9,555,207.24 figure for the Zanatta 2 redemption amount (apparent overlap with para 22 total; not reconciled in the document). Interest continues from Aug 29, 2026 at stated rates (4.95%, 5.15%, 20.99%, 5.65%, 5.65%). Facility limits are not balances: Novo Textile Line of Credit limit $2,800,000; Special Credit original principal $3,870,000; derivatives line limit $20,000; Mastercard limit $50,000; Zanatta Term Loan original principal $1,201,000; Zanatta 2 Term Loan original principal $1,985,000. Petitioner also claims costs on an indemnity basis. Guarantee limits by Trust/Jason are caps, not balances. · page: 9 · as of: 2026-08-28 · amount: 9555207.24 · debtor: Novo Textile Company Ltd., Novo Holdings Co. Ltd., Zanatta Seaborne Holdings Ltd. (combined, with Zanatta Seaborne 2 Holdings Ltd. separately stated below) · creditor: National Bank of Canada · currency: CAD · security: First-position mortgages and assignments of rents on the Zanatta Lands (PID 031-181-368) and Zanatta 2 Lands (PID 031-906-630); GSAs (all present and after-acquired personal property) from Novo Textile, Novo Holdings, Zanatta and Zanatta 2; crystallized charges on the Lands registered Aug 14, 2026; cross-guarantees among the Borrowers and Novo Holdings (unlimited); guarantees from Zanatta Family Trust and Jason Zanatta limited to $1,610,000 (Novo Textile), $300,500 (Zanatta), $496,500 (Trust) / $498,500 (Jason) (Zanatta 2), plus interest from July 6, 2026
- unsecured creditorsnote: Taxing authority not named; statutory property tax arrears (regulatory/statutory class). Interest and penalties continue to accrue. · page: 17 · as of: 2026-06-05 · basis: Arrears of 2025 and 2026 property taxes for the Lands as stated by the petitioner · amount: 80471.17 · debtor: Zanatta Seaborne Holdings Ltd. and Zanatta Seaborne 2 Holdings Ltd. · creditor: Municipal property tax authority (property taxes on the Lands) · currency: CAD
- secured creditorsnote: Amount not stated. Registered without National Bank's consent; National Bank claims priority for its security. · page: 18 · debtor: Zanatta Seaborne Holdings Ltd. and Zanatta Seaborne 2 Holdings Ltd. · creditor: Vancouver City Savings Credit Union · currency: CAD · security: General security agreement registered in the Personal Property Registry against present and after-acquired personal property (reg. no. 568718R)
- unsecured creditorsnote: Regulatory/statutory Crown claim for employer health tax; earlier demand of $65,967.75 received around April 8, 2025 (relationship between the two demands is not stated). Registered as a Crown charge on Novo Textile's personal property. · page: 22 · as of: 2026-05-13 · basis: Second demand notice received by National Bank on or around May 13, 2026; Crown charge registered in the Personal Property Registry (reg. no. 143178S, Receivables Management Office) · amount: 53517.66 · debtor: Novo Textile Company Ltd. · creditor: His Majesty the King in right of the Province of British Columbia (Ministry of Finance, employer health tax) · currency: CAD
- unsecured creditorsnote: Not a stated debt: the Borrowers refused to confirm whether CRA amounts are current, so any amount is unknown/unconfirmed. Any such deemed trust claims would rank in priority to National Bank's security. · page: 22 · basis: Possible CRA deemed trust claims (source deductions, GST) · debtor: Novo Textile Company Ltd. and other Borrowers · creditor: Canada Revenue Agency · currency: CAD